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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Network of Participating Banks

Banc of California, National Association

Bell Bank

Centennial Bank

Citizens Bank, National Association

Enterprise Bank & Trust

First Western Trust Bank

HSBC Bank USA, National Association

Luther Burbank Savings

Metropolitan Commercial Bank

Sallie Mae Bank

Third Coast Bank, SSB

Wintrust Bank, National Association

FAQs


FDIC is an abbreviation for the Federal Deposit Insurance Corporation. It is an independent agency of the United States government that protects bank depositors against the loss of their insured deposits.
There is no cost for FDIC Insurance. Bank members don’t need to purchase deposit insurance; it is automatic for any deposit account opened at an FDIC-insured bank such as SoFi. SoFi Members are NOT charged for increasing their FDIC insurance.
No. You will continue to earn SoFi’s high APY whether you enroll in Enhanced Deposit Insurance or not. As of October 24, that means direct deposit members earn 4.00% APY on all your savings balances and 0.50% APY on all your checking balances.
SoFi partners with multiple banks to provide the best benefits to our members. By enrolling you can increase the standard $250k of FDIC coverage to up to $2M of coverage. This works the same way it would if you manually opened accounts with different banks. We just do it seamlessly and automatically and you can still access all your cash through SoFi. It is important that you maintain awareness of any deposits you might maintain at one of the other network banks as this may affect your coverage with that network bank.
For purposes of insurance, the FDIC aggregates deposit balances of each customer held in the same insurable capacity at a particular bank (e.g., individual, joint, IRA, corporate). If you have an outside account with one of SoFi’s network of participating banks, the funds in that account will also count towards your total eligible FDIC insurance at that particular bank ($250K for individual accounts, $500K for joint accounts). You can review SoFi’s current bank list above to determine whether you have any outside funds at these banks.
Please click on the email you received to opt into the program or log in to the SoFi app where you will see a card in your banking tab that you can click to enroll. You will receive a confirmation email within 48 hours indicating that you have been enrolled.
No, SoFi Invest deposits are covered by SIPC insurance but not FDIC.
No, the program is administered by a technology service provider to SoFi Bank — R&T Deposit Solutions.

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