How does the brokerage cash sweep program work?

Once you enroll in the brokerage cash sweep program, any uninvested cash in your SoFi Invest brokerage account is automatically moved, or “swept,” into a separate, FDIC-insured account, which is managed by our clearing firm, Apex Clearing, at one or more program banks. The uninvested cash that's swept into these program bank(s) will be covered by up to $250,000 in FDIC insurance per program bank. Apex Clearing earns interest on the uninvested cash at these program bank(s) too, and shares a portion of that interest with SoFi.

You can find more detailed disclosures about the brokerage cash sweep program here and can see a list of participating program banks here.