SoFi Technologies Inc. SOFI said Wednesday that those with its checking or savings accounts will be able to access up to $2 million of Federal Deposit Insurance Corporation (FDIC) insurance, versus the standard $250,000 amount. “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,” the company said in a release. SoFi noted that for those who opt in to the increased coverage, SoFi will “seamlessly place their deposits beyond the standard insurance coverage with specifically identified FDIC insured partner banks.” The benefit is currently available to new members and will become available to existing members over the next week. “We know the last few weeks have been unnerving for many consumers, and we hope this helps,” Chief Executive Anthony Noto said in the release. Shares of SoFi are up more than 4% in morning trading Wednesday.
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