Sofi FDIC
From 250k to 2M. Is there a catch? 180
New
riskmgrBBQ Jul 11, 2023Limit is still $250k per account per bank. SoFi has partner banks. links in the fine print will take you to a page that lists the partner banks. I recommend you look up the OCC/OTS MRAs at these banks. Very colorful read. Your $2m bank balance is shown in aggregate on the SoFi app but it's divided up. You don't get to choose concentration among which partner bank you like over the other.
They possibly partner with multiple banks to hold your cash. 2M would be split in 8 accounts across 8 separate banks. Robinhood does this
That^. A number of companies are now doing that
I’m sure FDIC will change the rule to individual rather than account lol. Completely defeats purpose of the 250k rule