FDIC Insurance
SoFi Insured Deposit Program
SoFi Checking and Savings members can earn up to $2M of additional FDIC insurance by enrolling in the SoFi Insured Deposit Program.**
There are no fees to boost your insurance and direct deposit members will earn 4.00% APY1 on all their savings balances and 0.50% APY on all their checking balances too.
How It Works
Funds participating in the SoFi Insured Deposit Program are deposited into deposit accounts at banks which are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000 for each category of legal ownership (individual and joint), including any other balances you may hold directly or through other intermediaries, including broker-dealers. The total amount of FDIC insurance for your account under this program is limited to $2 million. Review the Program Terms and Conditions carefully before enrolling in the program and for other important disclosures and information. To assure your FDIC coverage, regularly review banks in which your funds have been deposited and you may be required to take appropriate action to ensure you retain full insurance coverage at each participating bank. The program is administered by a technology service provider to SoFi Bank.
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