SoFi Bank deposits are FDIC insured up to $250,000 per depositor, per account category, at each bank.

SoFi Bank, a subsidiary of SoFi (Social Finance), is a federally chartered bank with FDIC insurance. This means your money in checking accounts, savings accounts, and money market accounts at SoFi Bank receives the same federal protection as deposits at any other FDIC-insured bank.

The FDIC—the Federal Deposit Insurance Corporation—is an independent agency of the federal government. It does not insure investments, brokerage accounts, or cryptocurrency held through SoFi Invest or other investment products. It covers only deposit accounts: checking, savings, money market, and certificates of deposit (CDs).

The standard coverage limit is $250,000 per depositor, per account category. If you have $300,000 in a SoFi savings account, the FDIC covers $250,000. The remaining $100,000 is not covered. If you also have a SoFi checking account, that account is a separate category and receives its own $250,000 coverage.

Key Takeaways

  • SoFi Bank is FDIC insured, meaning deposit accounts are protected up to $250,000 per account category per depositor.
  • Checking, savings, money market, and CD accounts each count as separate categories for FDIC coverage purposes.
  • SoFi's investment products, brokerage accounts, and cryptocurrency holdings are not FDIC insured.
  • If you have a joint account at SoFi Bank, each account holder receives their own $250,000 coverage limit.

How FDIC Coverage Works at SoFi Bank

The FDIC insures deposits, not accounts. This distinction matters. If you have $250,000 in a SoFi savings account and $250,000 in a SoFi checking account, both are fully covered because they are separate account categories. If you have $500,000 in a single savings account, only $250,000 is covered.

Coverage applies per depositor at each bank. If you have accounts at SoFi Bank and also at another FDIC-insured bank, each bank's coverage is separate. A $250,000 deposit at SoFi Bank and a $250,000 deposit at another bank are both fully covered.

Joint accounts receive special treatment. If you and another person own a joint account at SoFi Bank, the FDIC covers up to $250,000 for each account holder. A joint savings account with $500,000 would be covered as $250,000 for you and $250,000 for the other person, for full coverage of the entire balance.

What SoFi Products Are Not FDIC Insured

SoFi offers investment and brokerage services through separate subsidiaries. Money in SoFi Invest, SoFi's stock and ETF trading platform, is not FDIC insured. Cryptocurrency holdings through SoFi are not FDIC insured. Stocks, bonds, mutual funds, and exchange-traded funds held at SoFi are not FDIC insured.

These products have different protections. SoFi Invest is a member of SIPC—the Securities Investor Protection Corporation—which covers brokerage accounts up to $500,000 per customer if the brokerage fails. SIPC does not protect against investment losses; it protects against the loss of your securities or cash if the firm itself goes under. Cryptocurrency is not covered by SIPC or FDIC.

Loans and credit products at SoFi are not deposit accounts and receive no FDIC protection. If you have a personal loan, student loan, or mortgage through SoFi, those balances are not insured by the FDIC.

SoFi Bank's FDIC Charter and History

SoFi Bank received its federal banking charter in 2018 and began accepting deposits in 2019. As a federally chartered bank, it is required to carry FDIC insurance. The bank's FDIC certificate number is 58102, and you can verify this on the FDIC's official bank search tool at banks.fdic.gov.

Before SoFi Bank opened, SoFi held deposits through partner banks. Those deposits were also FDIC insured through the partner institutions. The move to SoFi's own bank charter gave the company direct control over deposit products and removed the intermediary.

Checking Your Coverage Limit

The FDIC provides an online tool called the FDIC Coverage Calculator at fdic.gov. You can enter your account balances and ownership type (individual, joint, trust, etc.) and the calculator shows exactly how much is covered. This is useful if you have multiple accounts or unusual ownership structures.

You can also contact SoFi directly to ask about your specific account's FDIC coverage. SoFi's customer service can confirm your account category and coverage limit. For accounts over $250,000, knowing the exact coverage prevents surprises if the bank fails.

What Happens If SoFi Bank Fails

If SoFi Bank were to fail, the FDIC would step in. The FDIC would either arrange for another bank to assume your deposits or pay you directly up to your coverage limit. This process typically takes a few business days. You would not lose access to your money; you would straightforward be transferred to another institution or receive a check.

The FDIC has never allowed a depositor to lose a single dollar of insured deposits since the agency was created in 1933. Bank failures are rare in the modern era, and when they occur, FDIC insurance works as designed.

Frequently Asked Questions

Does FDIC insurance cover my SoFi savings account if I have more than $250,000?

No. The FDIC covers up to $250,000 per account category per depositor. If you have $300,000 in a SoFi savings account, $250,000 is covered and $50,000 is not. If you also have a SoFi checking account, that account is a separate category with its own $250,000 limit.

Are my SoFi investments and cryptocurrency holdings FDIC insured?

No. Only deposit accounts—checking, savings, money market, and CDs—are FDIC insured at SoFi Bank. Stocks, ETFs, and cryptocurrency through SoFi Invest are not FDIC insured. Brokerage holdings are covered by SIPC, a different insurance program, if the brokerage fails.

If I have a joint account at SoFi, how much FDIC coverage do I get?

Each account holder in a joint account receives their own $250,000 coverage limit. If you and another person own a joint savings account with $500,000, the FDIC covers $250,000 for you and $250,000 for the other person, protecting the full balance.

Can I verify that SoFi Bank is actually FDIC insured?

Yes. Visit the FDIC's bank search tool at banks.fdic.gov and search for SoFi Bank. The search will confirm the bank's FDIC certificate number (58102) and show that it is insured. You can also contact SoFi customer service to request written confirmation of your coverage.

What happens to my money if SoFi Bank fails?

The FDIC would either transfer your insured deposits to another bank or pay you directly. This process typically takes a few business days. You would not lose any insured funds. The FDIC has protected all insured deposits since 1933.