High-Yield Cash Accounts are operated by our clearing firm, Apex Clearing Corporation. Funds in your High-Yield Cash Account are swept to Partner Banks, where cash earns interest.

Cash swept into Partner Banks will be covered by FDIC-insurance of up to $5 million in the aggregate or $250,000 per Partner Bank (inclusive of deposits you may already hold at the bank in the same ownership capacity).

How does this work?

Your funds are allocated between the Partner Banks so that each bank provides FDIC insurance up to the $250,000 limit. If you have less than $250,000 in your High-Yield Cash Account, then your funds will only be swept to one Partner Bank. If you have more than $250,000 in your High-Yield Cash Account, then your funds will be swept to multiple Partner Banks, each with a cap of $250,000. By using multiple Partner Banks this enables the total coverage to be increased up to $5 million.

For further questions regarding how your high-yield cash account is insured please contact the Member Support team via in-app chat or email at support@public.com.