Yes, your high-yield cash account at Public is insured for up to $5 million in the aggregate or $250,000 per Partner Bank, inclusive of any other deposits you may hold at each bank in the same ownership capacity. Public Investing is not responsible for monitoring whether your total aggregate deposits at a Program Bank exceed FDIC coverage limits. If you already hold funds at any Partner Bank, you may notify us to exclude such bank so that no additional funds are allocated through this program to that bank. This should help prevent deposits at that bank from exceeding the FDIC limit. Note that you are solely responsible for monitoring the total amount of deposits you have at any one of the Partner Banks.
Before funds are deposited with Partner Banks, they sit in your High-Yield Cash Account, which is a brokerage account with Public Investing, and are protected by SIPC. Once funds are deposited at a Partner Bank, they are no longer held in your brokerage account and are not protected by SIPC, but instead eligible for FDIC insurance as described above.
For international members, there is no local insurance within your specific region, but international members have full US Federal Deposit Insurance Corporation (‘FDIC’) coverage, and funds held under High Yield cash account are insured as detailed above.
For further questions please contact Member Support via in-app chat or email at firstname.lastname@example.org.