Deposit insurance disclosure

Last updated November 6, 2026

Devote is not a bank

Devote is a financial technology company, not a bank, credit union or other depository institution. Devote is not FDIC- or NCUA-insured, and is not affiliated with the FDIC or NCUA.

Where your deposits are held

Through our deposit program partner, your organization's deposits are placed at participating FDIC-insured banks and NCUA-insured credit unions, held for your organization's benefit. Deposits are FDIC- or NCUA-insured once they are deposited at a participating institution. The Devote Savings account itself is not insured or guaranteed by the FDIC or NCUA.

What deposit insurance covers

FDIC insurance only covers the failure of an FDIC-insured bank. NCUA insurance only covers the failure of an NCUA-insured credit union. Neither covers the failure of Devote or its service providers. If an institution fails, FDIC or NCUA procedures may delay access to the deposits held there.

How coverage reaches up to $50 million

Federal deposit insurance covers up to $250,000 per depositor, per insured institution, for each ownership category. No more than $250,000 of your organization's deposits is placed at any one participating institution, which gives access to up to $50 million of federal deposit insurance coverage per tax ID, subject to the savings account terms and applicable law. Certain conditions must be satisfied for pass-through deposit insurance coverage to apply, including accurate records of your organization's ownership of the deposits.

Deposits you already hold

Deposits your organization holds at a participating institution outside Devote, directly or through another provider, are added to the deposits placed there through Devote and count toward that institution's $250,000 limit. Devote does not monitor those other deposits, so review them against the list of institutions holding your money.

Which institutions hold your deposits

Your monthly statements list the institutions holding your organization's deposits and the amount at each as of the statement date. The institutions and amounts can change during a statement period.

Funds and additional accounts

Funds are labels inside your account and do not add insurance coverage. Additional Devote accounts under the same tax ID do not add coverage either; all of your organization's deposits at an institution are added together.

Rates

APY is variable and may change at any time.

This is a summary. The savings account terms your organization accepts when it applies govern the account, including deposit insurance, interest and access to funds.