Earn on tuition before you spend it
Hold prepaid tuition and deposits in their own Funds, release them monthly on a schedule, and earn 2.00% APY*.
*APY as of November 6, 2026. Variable and may change.
Our August balance looks big
But most of it is next year's tuition, and we owe refunds if families withdraw.
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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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See what's tuition and what's yours
Hold prepaid tuition, enrollment deposits and refund reserves in their own Funds, so your August balance shows what's already owed.
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Monthly scheduled releases
Schedule monthly withdrawals to match payroll, approved by two people, up to $1M a day. QuickBooks sync connects them to your books.
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Coverage for August peaks
Seasonal peaks can be spread across multiple insured institutions so more of the balance can be covered.
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Refund reserve Fund
Set aside a Fund for refundable enrollment deposits. Your enrollment contract sets the refund terms; ask counsel how they apply.
FAQs
Is prepaid tuition our money?
It's owed service to families until earned. Ask your auditor how to record it.
Can we fund payroll monthly?
Yes, with scheduled withdrawals approved by two people, up to $1M a day.
Can a Catholic school use Devote?
Check your diocese's deposit policy first.
Is there a minimum deposit?
The first deposit must be at least $1,000.
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.
Put tuition to work before it's spent
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.
