An interest-bearing home for federal advances, with a Fund per award.
Hold each award in its own Fund at 2.00% APY*, with interest reported by Fund so your team can work out what goes back to HHS. Deposits are spread across multiple insured institutions.
*APY as of November 6, 2026. Variable and may change.
Advances must earn interest, and we send it back
Working out the interest per award takes a day every year.
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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.
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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What 2 CFR 200.305 asks
Advances generally must sit in interest-bearing accounts, and interest above $500 a year goes to HHS PMS. Award terms can differ; confirm with your auditor.
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A Fund per award
Hold each award in its own Fund, with approval on releases and dual approval on transfers. If an award needs a separate account, open one under the same EIN and confirm with the grantor.
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Interest reported by Fund
Reports show interest by Fund, which helps your team compute what goes back to PMS.
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What Devote does not do
Devote does not calculate or remit the interest you owe, and does no grant management. Your team makes the PMS return.
How the $500 rule works
Federal advances generally must earn interest. Most of that interest goes back.
Under 2 CFR 200.305(b)(9), your organization may keep up to $500 a year of interest earned on federal advances for administrative costs. Interest above $500 is remitted at least once a year to the HHS Payment Management System (PMS).
Devote reports interest by Fund, so with one Fund per award your team can see what each award earned. Your team calculates and sends the remittance; Devote doesn't.
Award terms can differ. Confirm your process with your grantor or auditor.
When you need more than one account
If an award's terms require a separate account, open one for that award under the same EIN, and confirm with your grantor that it qualifies.
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 Devote send the excess interest to PMS?
No. You remit it. Our reports show interest by Fund to help you compute it.
Who keeps interest over $500?
The federal government, through HHS PMS. Not your organization, and not Devote.
Our award requires a separate account. Can we use Devote?
You can open a separate Devote account for that award under the same EIN. Confirm with your grantor that it qualifies.
Does this meet our Uniform Guidance duties?
No product can promise that. Confirm your process with your auditor.
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 each federal award its own Fund.
Apply now and set up a Fund for each award.
- 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.
