Deposits are swept daily to SoFi Bank, N.A., where they earn a variable rate of interest and are eligible for FDIC insurance. Once your deposits reach SoFi Bank, N.A., they are FDIC insured. FDIC Insurance is not provided until the funds arrive at SoFi Bank, N.A.
For more information on the sweep program, please visit www.sofi.com/my/money/sweep.
For more information on FDIC insurance coverage, please visit www.FDIC.gov. Customers are responsible for monitoring their total assets at SoFi Bank, N.A. to determine the extent of available FDIC insurance coverage in accordance with FDIC rules. The SoFi Money deposits are not covered by SIPC.