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

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.

“It’s our goal to help people get their money right, which we know goes hand in hand with feeling good about the safety of their funds,” said Anthony Noto, CEO of SoFi. “By offering access to up to $2 million in FDIC insurance, we are making sure our members have peace of mind about their money at SoFi. We know the last few weeks have been unnerving for many consumers, and we hope this helps. We will keep pushing ourselves to drive innovation to better meet our members' needs and ensure they have complete trust in us.”

SoFi members will be able to opt in to increased FDIC insurance through the SoFi app or website with one click. New members will have the opportunity to enroll when completing their sign up for Checking and Savings.

The SoFi FDIC Insurance Network is a network of partner banks that allows SoFi to offer additional insurance seamlessly. The network will functionally allow members the benefits of multiple accounts by offering enhanced insurance, while providing uninterrupted access to all their funds within SoFi Checking and Savings.

SoFi Checking and Savings offers an award-winning member experience, including a 4.00% savings account APY (Annual Percentage Yield)² for members with direct deposit, up to 2-day early paychecks³ and no fee Overdraft Coverage⁴, with the goal of making managing money easier than ever. Offering enhanced deposit insurance is the next phase of how SoFi Checking and Savings is offering members extra security for their funds and empowering them to get their money right.