Deposits are swept daily to one or more banks (the “Program Banks”) where they earn a variable rate of interest and are eligible for FDIC insurance. Once your deposits reach one of the Program Banks (typically within 2 business days), they are FDIC insured. FDIC Insurance is not provided until the funds arrive at Program Bank. Funds in the SoFi Money Sweep Program are eligible for up to $1.5 million of FDIC insurance through the Program Banks.
If the number of Program Banks changes, or you elect not to use, and/or have existing assets at, one or more of the available banks, the actual amount of FDIC coverage will change.
For more information on FDIC insurance coverage, please visit www.FDIC.gov. Customers are responsible for monitoring their total assets at each of the Program Banks to determine the extent of available FDIC insurance coverage in accordance with FDIC rules. The SoFi Money deposits are not covered by SIPC.
Here is the full list of program banks:
● MetaBank – Sioux Falls, SD
● HSBC Bank USA, National Association
● EagleBank – Bethesda, MD
● East West Bank- Pasadena, CA
● TriState Bank Capital Bank – Pittsburgh, PA
● Wells Fargo Bank, N.A – Sioux Falls, SD