I just got the email today. It reads:

Hello (name),

This email is to inform you that we have added a new program bank (SoFi Bank, National Association) to our existing group of banks that support our SoFi Money® sweep program. We will keep you updated any time we add or remove a program bank, but rest assured no action is needed.

Thank you,

The SoFi Money Team

What is the sweep program?

For SoFi Money account holders we sweep balances to our program banks daily where balances earn a variable rate of interest and are eligible for FDIC insurance of up to $1,500,000.

Does this affect my interest rate?

Nope. As a SoFi Money member you will continue to earn your current interest rate on all your cash and you will be FDIC insured for up to $1,500,000 once your deposits arrive at the program bank. Note that members who upgrade to SoFi® Checking & Savings will earn up to 1.00% APY on their balances and will be FDIC insured for up to $250,000.We'll email you in the coming weeks when it's time to upgrade your account so you can take advantage of the higher interest rate.

Can I opt out?

You may elect at any time to not have funds swept to any of our program banks by contacting us via chat support. You can read more about our sweep program under SoFi Money “Are my deposits insured?” in our FAQ.