A diversified account for nonprofits that choose not to earn interest
Devote spreads your balance across multiple insured institutions under one sign-in, with Funds and two-person approval on every release. This account doesn't earn interest for your organization.
Diversified coverage, without the interest
For organizations that want their balance spread out but don't want to earn interest.
How it compares
$50MDevote
$250KStandard FDIC Limit
Standard FDIC limit: $250,000 per depositor, per bank, per ownership category.
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How Devote spreads your deposits
One sign-in, while Devote spreads your deposits across multiple insured institutions so more of a large balance can be covered.
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Funds and approvals
Set up Funds for building, operations and reserves. Releases need review and approval, and every transfer needs two approvers.
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What "no interest" means
This account pays your organization no interest.
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Money that belongs elsewhere
Don't use it for federal grant advances, endowments, money held for others, gifts whose terms call for interest, or money you must pay out promptly.
When you need more than one account
Keep this account for money that shouldn't earn interest, and open a second, interest-bearing account under the same EIN for the rest.
Open another account from the account menu in Devote, and switch between accounts without signing out. Each new account has its own short application.
Each account has its own Funds, members, approval rules, linked banks and monthly statements.
Accounts under the same EIN don't add insurance coverage. Deposits at each institution are added together.
FAQs
Does this account earn interest?
No. This account doesn't earn interest for your organization.
Can we use this for grant advances or endowment cash?
Usually not. Federal advances generally must be in interest-bearing accounts. Ask your auditor or grantor.
Can we earn interest on other money?
Yes. You can open a second, interest-bearing Devote account under the same EIN. A second account doesn't add insurance coverage.
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.
Diversify without earning interest
Apply for an account in minutes.
- 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.
