FDIC Insurance

SoFi Insured Deposit Program

SoFi Checking and Savings members can access up to $3M 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 3.80% 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 $3M. 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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Participating Banks

Bell Bank

BOKF, National Association

Bravera Bank

Citibank, N.A.

Citizens Bank, National Association

City National Bank

Comerica Bank

HSBC Bank USA, National Association

Metropolitan Commercial Bank

Morgan Stanley Bank, N.A.

Morgan Stanley Private Bank, National Association

Peapack-Gladstone Bank

Renasant Bank

Sallie Mae Bank

The Huntington National Bank

Western Alliance Bank

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 with direct deposit whether you enroll in the SoFi Insured Deposit Program or not. That means direct deposit members earn 3.80% 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 your access to FDIC insurance from the standard $250K of FDIC coverage to up to $3M 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 participating banks as this may affect your coverage with that participating bank.
For purposes of insurance, the FDIC aggregates deposit balances of each customer held in the same legal ownership category at a particular bank (e.g., individual, joint, IRA, corporate). If you have an outside account with one of SoFi’s participating banks, the funds in that account will also count towards your total maximum eligible FDIC insurance at that particular bank ($250K for individual accounts, $500K for joint accounts). You can review SoFi’s current participating bank list above to determine whether you have any outside funds at these banks.

If you are not comfortable with placing your funds in any of the participating banks, you are solely responsible for withdrawing your funds from the Program by opting out of the Program.
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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