SoFi Offers Increased FDIC Insurance Up To $2 Million Through Partner Bank Network

SoFi has announced that it will be offering increased FDIC insurance coverage for its Checking and Savings members, allowing them to protect their deposits with access to up to $2 million of insurance coverage, an increase from the industry standard of $250,000 per account.

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Details

SoFi, a digital personal finance company, is rolling out a new option for its account holders to increase their FDIC insurance coverage from the standard $250,000 per account to up to $2 million by distributing their funds across multiple partner banks. Eligible SoFi customers will receive an email invitation to enroll in this new program with just one click. However, it’s important to note that if the account holder already has funds in one of SoFi’s partner banks, their insurance coverage will not exceed $250,000 for all their combined balances.

This enhanced insurance coverage is made possible through the SoFi FDIC Insurance Network, a partnership with multiple banks designed to provide the best benefits to SoFi members. By allowing SoFi to seamlessly place their deposits beyond the standard insurance coverage with specifically identified FDIC insured partner banks, members can enjoy the benefits of multiple accounts while having uninterrupted access to all their funds within SoFi Checking and Savings.

To enroll in the program, SoFi members can simply opt-in through the SoFi app or website with just one click. New members will also have the opportunity to enroll when completing their sign up for Checking and Savings. The 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.

SoFi Checking and Savings offers an award-winning member experience, including a 4.00% savings account APY for members with direct deposit, up to 2-day early paychecks, and no fee Overdraft Coverage, with the goal of making managing money easier than ever. With the addition of enhanced deposit insurance coverage, SoFi members can have confidence in the safety and security of their funds, giving them the peace of mind to focus on achieving their financial goals.

Overall, the rollout of increased FDIC insurance coverage for SoFi Checking and Savings members is a significant step towards providing enhanced financial security and peace of mind for SoFi customers. By partnering with multiple banks to provide the best benefits to members, SoFi is able to offer an innovative solution that empowers its customers to get their money right, all in one app. As SoFi continues to drive innovation in the personal finance space, customers can expect to see more exciting developments and features that help them achieve financial independence and realize their ambitions.

See the full announcement here.

Read about SoFi Checking & Savings current promotions here.

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