A large gift arrived. Give it a home while the board decides.
Open a Fund for the gift, keep any donor terms attached, and spread it across multiple insured institutions. 2.00% APY*.
*APY as of November 6, 2026. Variable and may change.
A $600,000 estate check is sitting in checking
and the board won't decide what to do with it until spring.
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2.00%
APY
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0.01%
Standard rate
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0.01%
Standard rate
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0.01%
Standard rate
Standard business savings APYs as of October 2026. Rates vary by location and relationship tier.
*National average: FDIC national savings rate, October 19, 2026. Devote APY may change at any time. Estimate assumes the APY stays the same for 365 days.
How it compares
2%Devote
0.38%National Average
$50MDevote
$250KStandard FDIC Limit
National average: FDIC national savings rate, October 19, 2026. Standard FDIC limit: $250,000 per depositor, per bank, per ownership category.
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Restricted, endowed or designated?
Donor terms make a bequest restricted, a gift held in perpetuity is an endowment, and a gift the board sets aside is designated. Confirm with your counsel and auditor.
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A Fund for the gift
Open a Fund for the gift: restricted if the will or donor set terms, designated if the board does. Releases need approval.
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Spread a large gift out
A gift above $250,000 needn't sit at one bank. Devote spreads it across multiple insured institutions.
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Ready for the board meeting
Reports show the gift's balance and interest for the board meeting while you decide how to use it. Devote holds cash and does not invest an endowment.
Sample board resolution
Many boards pass a resolution before moving a large gift. Start from this sample.
FAQs
Is a $900,000 gift covered?
Devote spreads it across multiple insured institutions, each covering up to $250,000 per organization.
The will says "held in perpetuity." Is Devote right for it?
Devote can hold the cash while you set an investment plan; it doesn't manage endowments. Ask your counsel about UPMIFA duties.
How fast can we open an account?
The application takes about 10 minutes, and most accounts are approved and open within 24 hours. Many boards need a resolution first.
Is there a minimum deposit?
The first deposit must be at least $1,000.
How quickly can we withdraw?
Anytime. Requests before 3 p.m. Eastern on a business day are processed that day and typically reach your bank two business days later.
Devote is a financial technology company, not a bank. Deposits are placed at FDIC-insured banks and NCUA-insured credit unions through our deposit program partner. FDIC and NCUA insurance only cover the failure of an insured institution, and certain conditions must be met for pass-through coverage. Read the deposit insurance disclosure.
Give the gift a home while you decide.
Apply now. Many boards pass a resolution first.
- Apply in about 10 minutesTell us about your organization, including its address and EIN.
- Get approved, usually within 24 hoursWe review every application, and most accounts are open the next day.
- Link your checking and add moneyYour first deposit needs to be at least $1,000.
