Devote is a financial technology company, not a bank. Deposits are held at FDIC-insured banks and NCUA-insured credit unions through our deposit program partner. Federal deposit insurance protects deposits only if an insured institution fails, up to $250,000 per depositor, per institution, per ownership category, and certain conditions must be met for pass-through coverage. Coverage up to $50 million per tax ID comes from placing deposits across multiple institutions and is subject to the savings account terms. APY is variable and may change at any time. Read the deposit insurance disclosure.