SoFi savings accounts are FDIC insured up to $250,000 per depositor, per bank, per ownership category
Yes. SoFi (Social Finance) holds FDIC insurance on savings accounts through its partner banks. When you open a SoFi savings account, your money is insured by the Federal Deposit Insurance Corporation up to the standard limit of $250,000 per depositor. This means if the bank fails, the FDIC will return your deposits up to that amount.
SoFi itself is not a bank—it is a financial technology company. Your actual deposits sit at partner banks that hold FDIC insurance. The most common partner is Axos Bank, though SoFi may use other FDIC-insured institutions. The insurance follows your money to whichever bank holds it, not the platform you use to access it.
The $250,000 limit applies per ownership category. If you hold a savings account in your name alone and also own a joint savings account with someone else at the same bank, each account is insured separately up to $250,000. If you have multiple accounts in your own name at the same bank—say, a savings account and a money market account—they are added together and the combined total is insured up to $250,000.
Key Takeaways
- SoFi savings accounts are FDIC insured through partner banks up to $250,000 per depositor per ownership type.
- SoFi is not itself a bank; it is a technology platform that holds your money at FDIC-insured partner institutions like Axos Bank.
- The $250,000 limit resets for each ownership category, so a personal account and a joint account are insured separately.
- You can verify FDIC insurance status by checking the FDIC's BankFind tool or asking SoFi customer service which bank holds your deposits.
How FDIC insurance works at SoFi
FDIC insurance is a federal may provide, not a feature SoFi adds on top. When a bank fails, the FDIC steps in and returns insured deposits to customers. The insurance is automatic—you do not need to sign up for it or pay a fee. It covers deposits held at the bank on the date the bank closes, regardless of whether you have accessed your account recently.
The coverage applies to the balance in your account, not to earnings or interest. If your account holds $200,000 and earns $500 in interest before the bank fails, the FDIC insures the full $200,500 (up to the $250,000 limit). Interest accrued but not yet credited to your account is also covered.
The FDIC does not cover investment products, even if you buy them through SoFi. If SoFi offers stocks, bonds, or mutual funds through a brokerage arm, those are not FDIC insured. Only deposits held in savings accounts, checking accounts, money market accounts, and certificates of deposit (CDs) at FDIC-insured banks receive coverage.
What happens if you exceed the $250,000 limit
If your SoFi savings account balance exceeds $250,000, only the first $250,000 is insured. The amount above that is uninsured and at risk if the bank fails. For example, if you hold $300,000 in a SoFi savings account in your name alone, $250,000 is covered and $50,000 is not.
If you have more than $250,000 to deposit, you have options. You can open accounts at multiple FDIC-insured banks, and each bank's $250,000 limit is separate. You can also open a joint account with another person—that account gets its own $250,000 coverage. A revocable trust account (a savings account held in trust for beneficiaries) also receives separate $250,000 coverage. Each ownership type is insured independently.
Some people use a service called IntraFi (formerly Coop) to spread deposits across multiple FDIC-insured banks automatically while keeping one login. This is not a SoFi product, but it is a way to keep balances above $250,000 fully insured across the banking system.
Checking which bank holds your SoFi deposits
You can find out which FDIC-insured bank holds your SoFi savings account by logging into your SoFi account and looking at account details, or by contacting SoFi customer service directly. SoFi's website also lists its banking partners. As of recent updates, Axos Bank is the primary partner for SoFi savings accounts, but this can change.
To verify that the bank is actually FDIC insured, use the FDIC's BankFind tool at banks.fdic.gov. Search for the bank name and confirm it appears in the FDIC's list of insured institutions. This is a public database and takes seconds to check.
If you want to confirm your specific account is covered, you can also use the FDIC's Electronic Deposit Insurance Estimator (EDIE) tool. Enter your bank name, account type, and balance, and EDIE will calculate exactly how much of your deposit is insured. This is especially useful if you have multiple accounts or ownership types.
FDIC insurance does not cover all SoFi products
SoFi offers products beyond savings accounts—including investing, lending, and insurance products. FDIC insurance covers only deposit accounts. If you use SoFi to buy stocks, ETFs, or other securities, those holdings are not FDIC insured. They may be protected by SIPC (Securities Investor Protection Corporation) insurance instead, which covers up to $500,000 per customer per brokerage firm, but that is a different protection.
SoFi loans, credit products, and insurance are also not FDIC insured. FDIC insurance applies only to money you deposit and hold in a savings, checking, money market, or CD account at an FDIC-insured bank.
What FDIC insurance does and does not cover
| Covered | Not Covered |
|---|---|
| Savings account balances | Stocks, ETFs, mutual funds |
| Checking account balances | Bonds |
| Money market account balances | Cryptocurrency |
| Certificates of deposit (CDs) | Safe deposit box contents |
| Interest accrued on deposits | Loans or credit products |
| Cashier's checks held by the bank | Insurance products |
What to do if you have concerns about FDIC coverage
If you are unsure whether your SoFi account is fully insured, contact SoFi customer service and ask which bank holds your deposits and confirm the current FDIC insurance status. Then verify the bank's FDIC status using BankFind. This takes a few minutes and removes doubt.
If your balance is above $250,000, consider splitting deposits across multiple FDIC-insured banks or opening a joint account to increase coverage. You can also ask SoFi if it offers sweep features or partnerships that automatically spread large deposits across multiple insured banks.
Keep records of your account statements and balances. If a bank failure occurs, the FDIC uses account records to determine what you are owed. Having documentation of your balance on the date the bank closes helps if there are any disputes.
Frequently Asked Questions
Is SoFi itself FDIC insured, or just the banks it uses?
Only the banks that hold your money are FDIC insured. SoFi is a technology platform, not a bank, so it does not hold FDIC insurance itself. Your deposits are insured because they sit at FDIC-insured partner banks like Axos Bank. The insurance protects you if the bank fails, not if SoFi fails.
If I have $300,000 at SoFi, how much is protected?
Only $250,000 is FDIC insured. The remaining $50,000 is uninsured. To protect the full amount, you could open a joint account with another person (which gets separate $250,000 coverage) or split the money across multiple FDIC-insured banks.
Does FDIC insurance cover my SoFi investments or brokerage account?
No. FDIC insurance covers only deposit accounts like savings and checking. Stocks, ETFs, and other securities held through SoFi are not FDIC insured. They may be covered by SIPC insurance instead, which is a different protection with different limits.
What if SoFi goes out of business?
If SoFi fails as a company, your deposits are still protected because they are held at FDIC-insured banks, not at SoFi itself. The FDIC would return your insured deposits. If the bank that holds your SoFi deposits fails, the FDIC covers you up to $250,000 per ownership type.
Can I check my FDIC coverage before opening a SoFi account?
Yes. Use the FDIC's BankFind tool to confirm that SoFi's partner bank is FDIC insured. Then use the EDIE tool to estimate coverage based on your planned balance and account type. This tells you exactly how much would be protected before you deposit money.