SoFi Bank

Is SoFi Bank safe?

For deposits, yes. Your money sits at SoFi Bank, N.A., a national bank supervised by the Office of the Comptroller of the Currency, and it is insured by the FDICDeposit insuranceA government-backed scheme that repays bank customers up to a set limit if their bank fails, such as the FDIC in the US or the FSCS in the UK.More in the glossary up to $250,000 per depositor per ownership category. SoFi's Insured Deposit Program raises that to $3 million by placing larger balances at partner banks. The bank's CET1 ratioCET1 ratioA bank's highest-quality capital (mainly shares and retained profits) as a share of its risk-weighted assets. Higher means more room to absorb losses.More in the glossary of 15.2% in June 2026 is more than twice its 7.0% requirement. What keeps the score down is the business: a young bank whose loans are mostly unsecured personal loans, plus a list of smaller regulatory fines. We score it 72/100, just above Ally Bank at 70 and well above Chime, which is not a bank, at 62.

Which SoFi company holds your money

Unlike Chime, SoFi is the bank itself, not an app in front of a partner bank. The Federal Reserve supervises the parent, SoFi Technologies, as a bank holding company, and since January 2024 the Consumer Financial Protection Bureau supervises the bank too.

How the $3 million cover works

FDICDeposit insuranceA government-backed scheme that repays bank customers up to a set limit if their bank fails, such as the FDIC in the US or the FSCS in the UK.More in the glossary insurance stops at $250,000 per depositor, per bank, per ownership category. SoFi's 10-K describes how it goes further: amounts above that are moved into deposit accounts at other FDIC-insured banks through a reciprocal deposit network, so that no single bank holds more than the insured limit for you. Each slice is a real deposit at that bank and is insured there.

Two catches. If you already have money at one of the partner banks, the two balances are added together and part may be uninsured, so check the list and exclude that bank. And during a failure, getting money back from several banks may take a little longer than from one. Still, the effect is visible in the data: FDIC call report figures put uninsured deposits at only $2.3 billion of $46.8 billion in June 2026, about 5%, far below the levels that hurt Silicon Valley Bank in 2023.

Capital and the loan book

The buffers are thick. They need to be: SoFi's core product is the unsecured personal loan, which loses more in a downturn than mortgages. SoFi says its charge-off rates fell year on year in the first half of 2026 after peaking in early 2024. Net loans of $46.7 billion almost match deposits, so the bank lends out nearly everything it takes in, and $4.5 billion of deposits came through brokers, a less loyal source. SoFi also sells loans to investors and had $3.1 billion of cash, $3.5 billion of available-for-sale securities and $1.2 billion of untapped Federal Home Loan Bank capacity at the end of June. The group made $323 million of net income in the first half of 2026.

Fines and complaints on record

None of SoFi's cases involved customer deposits being lost, but there are several. The Federal Trade Commission's 2018 order over exaggerated savings claims in student loan refinancing adverts still binds the company. FINRA fined SoFi Securities $1.1 million after weak identity checks in the old SoFi Money cash accounts let fraudsters open accounts and move stolen money. SoFi's own 10-K says state regulators have fined it for lending or servicing before it held the right licence. In June 2026 a customer filed a proposed class action in California alleging SoFi Securities paid little or no interest on cash in a brokerage sweep programme; SoFi says it will fight it.

How to keep your money safe at SoFi

1. Keep checking and savings at SoFi Bank under $250,000, or enrol in the Insured Deposit Program for more and exclude any partner bank where you already have money.
2. Treat SoFi Invest, crypto and the SoFiUSD stablecoin as investments, not insured savings.
3. Turn on two-step verificationTwo-factor authenticationSigning in with a second proof of identity on top of your password, such as a code from an app, a security key or a passkey.More in the glossary and use the app to lock your card when you are not using it.
4. Be wary of calls or texts claiming to be SoFi's fraud team that ask you to move money. Hang up and call the number in the app.

How we scored it

Deposit protectionDeposit insuranceA government-backed scheme that repays bank customers up to a set limit if their bank fails, such as the FDIC in the US or the FSCS in the UK.More in the glossary (85) is the strongest factor, thanks to FDIC cover and a deposit base that is about 95% insured. Capital (72) is well above the minimum but backs a riskier loan book and comes without published ratings. Stability history (60) is the weakest: SoFi has only been a bank since 2022 and has not yet lived through a recession as one.