SoFi Checking and Savings to Offer Access to Up to $2 Million in FDIC Insurance

Mar 22, 2023

SoFi Technologies, Inc. (“SoFi”), the digital personal finance company, announced that its SoFi Checking and Savings members will be able to protect their deposits with access to up to $2 million of FDIC insurance¹, increased from the industry standard $250,000 per account. SoFi Checking and Savings is able to offer additional FDIC insurance through the SoFi FDIC Insurance Network, a newly created partnership with multiple banks designed to provide the best benefits to SoFi members. All SoFi Checking and Savings members will be eligible to increase their FDIC insurance coverage, by allowing SoFi to seamlessly place their deposits beyond the standard insurance coverage with specifically identified FDIC insured partner banks. This benefit is now available for new SoFi Checking and Savings members and, over the next week, existing members will be notified via email when they become eligible.

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