What is FDIC insurance?

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.

How much does FDIC insurance cost?

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.

Does increasing my FDIC insurance change the APY I earn on my cash?

No. You can continue to earn SoFi’s high APY whether you enroll in the SoFi Insured Deposit Program or not. Earn 3.60% APY on all your savings balances by setting up eligible direct deposit (or depositing at least $5,000 every 30 days).

How can you offer more FDIC insurance than most banks?

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 [fdic_coverage_amt] 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.

What if I already have an account at one of SoFi’s network of participating banks?

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.

How do I opt into 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.

Are my SoFi Invest deposits covered by this FDIC insurance?

No, SoFi Invest deposits are covered by SIPC insurance but not FDIC.

Is SoFi partnering with the FDIC to provide this benefit?

No, the program is administered by a technology service provider to SoFi Bank — R&T Deposit Solutions.

SoFi Insured Deposit Program

SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC.

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Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at http://www.sofi.com/legal/banking-rate-sheet.

SoFi Bank assesses Eligible Direct Deposit or Qualifying Deposits based on a rolling 31-calendar day period and may request additional information for verification of eligibility. A rolling 31-calendar day period means that each time you receive an Eligible Direct Deposit or $5,000 in Qualifying Deposits, a new 31-day period begins, during which you will earn the interest rates and APYs for account holders with Eligible Direct Deposit or Qualifying Deposits. If you receive another Eligible Direct Deposit or $5,000 in Qualifying Deposits during the current 31-day period, the period will reset, and a new 31-day period will begin from the date the criteria are met. You can view the end date of your current 31-day period, based on your most recent deposit activity, by visiting the APY details page within your account.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Eligible Direct Deposit or Qualifying Deposit activity before adjusting interest rates and APYs. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Eligible Direct Deposit activity or $5,000 in Qualifying Deposits within a rolling 31-day period, or did not pay the SoFi Plus Subscription Fee every 30 days, and, if applicable, the grace period, then you will begin earning the interest rates and APYs earned by members without Eligible Direct Deposit, $5,000 in Qualifying Deposits or SoFi Plus Paid Subscription.

As long as you receive an Eligible Direct Deposit or $5,000 in Qualifying Deposits every 31 calendar days, or pay the SoFi Plus Subscription Fee every 30 calendar days, you will continue earning the interest rates and APYs earned by account holders with Eligible Direct Deposit, $5,000 in Qualifying Deposits or SoFi Plus Paid Subscription. See additional details at http://www.sofi.com/legal/banking-rate-sheet

This is not an offer, or solicitation of any offer to buy or sell any security, investment or other product.

SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. The SoFi® Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

^**SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.

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