What’s the SoFi Insured Deposit Program (SIDP)?

How the SIDP works 

The SoFi Insured Deposit Program distributes your SoFi Checking & Savings balances across our network of participating banks to maximize your FDIC insurance. You’ll always have full access to your money directly through the SoFi app, without having to manually open new accounts or track them across multiple apps. 

Understanding FDIC insurance and the SoFi Insured Deposit Program (SIDP)

With the SIDP, you can increase your FDIC insurance coverage from $250K to $3M-at no extra cost.

Key benefits of the SIDP:

• Higher FDIC Insurance Coverage: With the SIDP, your deposits can be insured up to $3 million per account owner for each legal category of account ownership, significantly enhancing the safety of your funds.
• Network of participating banks: Your funds will be distributed across multiple FDIC-insured banks, helping maximize your coverage. You can see the latest list of participating banks by logging into your account, selecting the Gear icon from your homepage, and clicking in the ‘SoFi Insured Deposit Program’ section.
• No fees: You can enroll in the SIDP at no extra cost.
• Full access to your money: You can withdraw and use your funds at any time, just as you do today.
• Safe and secure: Your money remains protected within the FDIC insurance framework.
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If you are looking for FDIC insurance information for your SoFi Money or Samsung by SoFi account, please review: 

SoFI Money - Are my deposits insured? 

Samsung by SoFi - Are my deposits insured?

SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program.