SoFi Vaults for Savings

Hope this is the right section for this.

Is anyone using SoFi Vaults for savings? Are you making separate categories for each vault? 

Or would you create unlinked accounts for this?

Just curious as to what might make more sense for keeping track of where the money is at SoFi.

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  • Hello, hspangler ! I'm also a SoFi Money customer, and as far as I can tell, SoFi's vaults are trying to solve the same problem as YNAB's budget categories, but (a) they're clunkier, and (b) you'll drive yourself up the wall trying to use two separate tools to give dollars jobs.

    If I were thinking about setting up a SoFi vault, I would just create a YNAB category with the same name, and budget the money there!

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  • In YNAB, money is saved when you allocate it to a particular category and then don't spend it. Which account you put it in is irrelevant to the budget. Outside YNAB, budgeting by account is pretty common and a person can be successful doing that. But in YNAB it creates extra work - 1) receive paycheck into checking account 2) allocate funds to Vacation category on budget page 3) transfer money from checking account to Vacation savings account 4) make sure account balance and YNAB category balance match.

    Whereas if you budget by category, that's the only step you have to do: budget funds to a category. You might look at your checking account and see $10,000 and think that in the next 60 days the maximum amount that will be outgoing from your checking account is $5000 so it's safe to move $4000 to a savings account with higher interest (always leave a cushion just in case!), but that has nothing to do with how much is in your car repair category or house down payment category and everything to do with cash flow and maximizing interest.

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  • When you're using YNAB, there's no longer any real need to have more than one savings "bucket".  The Categories in YNAB are what determine purpose, And they don't have to match up with a particular account in the real world.  

    I used to have a ton of savings accounts.  I started with ING DIrect, which got bought by Capital One 360, but they each allow for tons of savings accounts, which I used to use for defining the purpose of my money.  Now I have YNAB determine that by category, and my 12 savings accounts at Capital One are all (except for one) empty, because I just have one account to hold the money, and a bunch of categories to determine the purpose of the money.

    I guess what I'm saying is, don't try to make any category match any given vault in your account.  Just budget the amount that is in a particular vault into the corresponding category in your budget and let YNAB keep track for you.

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  • Thanks a lot for the insight! I've been using YNAB since August and I love it. Just did a fresh start to separate personal and business. Phasing out some bank accounts. I appreciate the responses. I just have to change the way think about using my accounts and let YNAB handle it.

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  • Yep. This and Ally’s buckets and the like are not necessary when using YNAB correctly. Sure, if you didn’t have YNAB they might be a good idea but YNAB does it much more elegantly without the need for multiple accounts or account subdivisions.

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