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. The standard protection is $250,000 per depositor at each bank. This means if SoFi's banking partner fails, the Federal Deposit Insurance Corporation will cover your balance up to that limit.

SoFi itself is not a bank—it is a financial technology company. Your money sits at one of SoFi's partner banks, which currently include Axos Bank and Cross River Bank. Both are FDIC members. When you open a SoFi savings account, your deposit is insured under that partner bank's FDIC coverage, not under a separate SoFi policy.

The $250,000 limit applies to each ownership category separately. This means you can hold up to $250,000 in a personal account and another $250,000 in a joint account at the same bank and remain fully covered. Retirement accounts (IRAs) have their own $250,000 limit, separate from personal accounts.

Key Takeaways

  • SoFi savings accounts are FDIC insured through partner banks Axos Bank and Cross River Bank, with coverage up to $250,000 per depositor per ownership category.
  • The $250,000 limit resets for each account type—personal, joint, and retirement accounts are insured separately.
  • FDIC insurance protects your balance if the bank fails, but it does not cover losses from fraud, unauthorized transfers, or investment losses.
  • You can verify FDIC coverage for any account by checking the FDIC's BankFind tool with your bank's name and routing number.

How FDIC insurance works at SoFi

FDIC insurance is a federal may provide, not a service SoFi provides. The FDIC is an independent agency of the federal government that insures deposits at member banks. When a bank becomes insolvent and cannot pay depositors, the FDIC steps in and reimburses account holders up to the insured amount.

At SoFi, this protection is automatic. You do not need to register, pay a fee, or take any action. The moment your money lands in a SoFi savings account, it is covered. The FDIC does not insure the account itself—it insures your balance at that specific bank under that specific ownership structure.

If you hold more than $250,000 at one SoFi partner bank in the same account type, the amount over $250,000 is not insured. For example, if you deposit $300,000 in a personal savings account at Axos Bank through SoFi, only $250,000 is covered. The remaining $50,000 would be at risk if the bank failed.

What FDIC insurance does and does not cover

FDIC insurance covers your balance if the bank fails. It does not cover losses from fraud, unauthorized transfers, investment losses, or errors on your part. If someone steals your login credentials and drains your account, FDIC insurance will not restore the money—you would need to file a dispute with SoFi and the bank.

The insurance also does not cover money held in investment products. If you use SoFi's brokerage services to buy stocks or mutual funds, those holdings are not FDIC insured. They may be protected under SIPC (Securities Investor Protection Corporation) coverage instead, which is a different may provide with different limits.

Interest earned on your savings account is covered by FDIC insurance as long as the total (principal plus accrued interest) does not exceed $250,000. The FDIC counts interest as part of your insured balance.

Multiple accounts and ownership categories at SoFi

If you have more than one account at the same SoFi partner bank, the insurance limit depends on how the accounts are titled. A personal account and a joint account are separate for FDIC purposes, even if they are at the same bank. You can hold $250,000 in your personal savings account and $250,000 in a joint account with your spouse and both are fully insured.

Retirement accounts (traditional IRA, Roth IRA, SEP IRA) have their own $250,000 limit, separate from personal and joint accounts. If you have a Roth IRA and a personal savings account at the same SoFi partner bank, each is insured to $250,000.

Accounts held in trust (such as a revocable living trust) may have separate coverage, but the rules are complex and depend on how the trust is structured and who the beneficiaries are. If you hold money in trust at SoFi, contact the bank directly to confirm your coverage amount.

Checking your FDIC coverage

You can verify that your SoFi account is FDIC insured by checking the FDIC's BankFind tool online. Search for the name of SoFi's partner bank (Axos Bank or Cross River Bank) and your account's routing number. The tool will show you the bank's FDIC membership status and the coverage limits for each account type.

SoFi also discloses FDIC insurance information in its account terms and on its website. When you open an account, you should receive documentation stating which partner bank holds your deposits and confirming FDIC coverage. Keep this information for your records.

If you move money between SoFi and another bank, remember that FDIC coverage is per bank, not per institution. Money at SoFi's partner bank is insured separately from money at your checking account bank, even if both are FDIC members.

What happens if a SoFi partner bank fails

If Axos Bank or Cross River Bank were to fail, the FDIC would take control of the bank's assets and begin paying depositors. The FDIC typically transfers insured deposits to another bank within a few business days, so you would regain access to your money quickly. You would not lose any insured balance.

The FDIC has a track record of resolving bank failures without depositors losing insured funds. Since the FDIC was created in 1933, no depositor has lost a single dollar of insured deposits. However, uninsured amounts (anything over $250,000 in the same account type at the same bank) would be at risk and might not be recovered in full.

SoFi itself cannot fail in a way that would affect FDIC coverage, because SoFi does not hold your deposits. If SoFi as a company were to shut down, your money would remain at the partner bank and would still be FDIC insured. You might lose access to the SoFi app or website, but the bank would continue to honor your account.

Frequently Asked Questions

Does SoFi savings account insurance cover fraud or unauthorized transfers?

No. FDIC insurance only covers bank failure. If someone gains unauthorized access to your account and transfers money out, you would file a dispute with SoFi and the bank, not claim FDIC coverage. Most banks and financial institutions have fraud protection policies that may restore your money, but this is separate from FDIC insurance.

Can I get more than $250,000 insured at SoFi?

Yes, by using multiple ownership categories. A personal account, a joint account, and a retirement account at the same SoFi partner bank each have their own $250,000 limit. You could hold $750,000 total and be fully insured. You cannot exceed $250,000 in a single account type and remain fully covered.

If I have money at two different SoFi partner banks, am I insured for more?

Yes. FDIC coverage is per bank, not per company. If SoFi uses two different partner banks and you hold $250,000 at each one, both amounts are fully insured because they are at different banks. However, SoFi typically uses one primary partner bank for most customers, so confirm which bank holds your deposits.

What if SoFi goes out of business?

Your deposits would remain at the partner bank and would still be FDIC insured. You might lose access to the SoFi app or website, but the bank would continue to manage your account. You could contact the partner bank directly to access your money or transfer it elsewhere.

Is my SoFi money market account FDIC insured?

SoFi's money market accounts are FDIC insured under the same terms as savings accounts—up to $250,000 per depositor per ownership category at the partner bank. Money market accounts are deposit accounts, not investment accounts, so they receive full FDIC coverage.