SoFi Checking and Savings to offer up to $2M in FDIC insurance

SoFi Technologies announced that its SoFi Checking and Savings members will be able to protect their deposits with access to up to $2M of FDIC insurance, increased from the industry standard $250,000 per account. SoFi Checking and Savings is able to offer additional FDIC insurance through the SoFi FDIC Insurance Network, a newly created partnership with multiple banks designed to provide the best benefits to SoFi members. "It’s our goal to help people get their money right, which we know goes hand in hand with feeling good about the safety of their funds," said Anthony Noto, CEO of SoFi. "By offering access to up to $2 million in FDIC insurance, we are making sure our members have peace of mind about their money at SoFi. We know the last few weeks have been unnerving for many consumers, and we hope this helps. We will keep pushing ourselves to drive innovation to better meet our members’ needs and ensure they have complete trust in us."