Are online banks safe?

At SoFi, information security is our top priority. We offer SSL encryption, fraud protection, and FDIC insurance up to $3 million when you enroll in the SoFi Insured Deposits Program. Plus, biometric login and two-factor authentication provide additional security.

How do I keep my bank account secure?

From avoiding public wifi to using unique passwords, there are lots of ways you can help keep your bank information safe.

What is two-factor authentication (2FA)?

2FA is an increasingly common security measure to help keep sensitive data secure. When you log in to an account, you need to provide two pieces of unique information, such as: Your password or security questions; a passcode sent to your email address or phone; or your fingerprint or face for identification

What is biometric login?

Biometric login is when you use a physical feature—typically either your fingerprint or face—to log in to your account. With SoFi Checking and Savings, you can use your fingerprint or face to verify your identity when logging in to your account.

How do I contact SoFi's fraud department?

If you're concerned about any suspicious activity on your SoFi bank account, contact us at 844-945-SOFI (7634) and choose option 8. We're here to help.

Is SoFi insured by the FDIC?

Yes. All SoFi Checking and Savings accounts are FDIC insured up to $250,000 per member (joint accounts are insured up to $500,000).^ In addition, FDIC insurance of up to $3 million is available by enrolling in the SoFi Insured Deposits Program at no cost.

Secure Banking Features: SoFi Account Protection & Online Security

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

^§Awards or rankings are not indicative of future success or results. Neither SoFi Bank, N.A. nor its employees paid a fee in exchange for ratings. Awards and ratings are independently determined and awarded by their respective publications.

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Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 11/12/25. 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.

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at http://www.sofi.com/legal/banking-rate-sheet

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No Account Fee

We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.

^‡ 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.

^{^}Deposits in checking and savings accounts are insured up to $250,000 per depositor for each account ownership category under the FDIC’s general deposit insurance rules. For more information visit FDIC.gov

SoFi Bank, N.A., 2750 E Cottonwood Pkwy STE 300, Salt Lake City, UT 84121. Screen images simulated. BK21-68395

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