Expanded FDIC coverage and increased amount in our top-tier rate
April 17, 2023
Estimated reading time: 3 minutes
Recent events in the banking sector have demonstrated the importance of advisors having solutions to help clients with held-away cash. To provide advisors and clients with even more support, we're excited to announce enhancements to the Flourish Cash1 program: more security, and room for more cash to earn our top-tier rate.
As of Monday, April 17, we have:
- Increased FDIC coverage through our Program Banks2
- Doubled the amount of money available to receive our current top rate of 4.40% APY3
- Added two new banks to the program
1. Increased FDIC insurance coverage
We have increased FDIC coverage across all account types:
- $1.5MM for individual accounts
- $3MM for joint accounts
- $1.5MM for business accounts
Two-person households are eligible to receive up to $6MM in FDIC insurance by opening a joint account and two individual accounts. Existing clients can simply log in and click "Create New Account" on the center-left of the main dashboard.
This additional protection – far exceeding the coverage of a typical bank account – gives clients assurance that their funds are safe, secure, and backed by the U.S. government.
2. Earn more on double the cash
We have doubled the amount of money eligible to receive our top-tier rate of 4.40% APY to help you deliver even more interest to clients with higher balances. Clients earn up to 4.40% APY on:
- Individual accounts up to $500k
- Joint accounts up to $1MM
- Business accounts up to $500k
Two-person households that open a joint account and two individual accounts are able to earn the top rate on up to $2MM. Remaining balances will earn our second-tier rate of 4.00% APY.
Existing clients can simply log in and click "Create New Account" on the center-left of the main dashboard.
3. Adding Program Banks
We have added two banks, TriState Capital Bank and Associated Bank, to the Flourish Cash Program Banks. As always, new and existing clients can easily opt out of having their funds deposited at any particular Program Bank(s).
TriState Capital Bank is a commercial and private bank headquartered in Pittsburgh, PA that serves middle market businesses and high-net-worth individuals. TriState has $14B in assets and an A3 credit rating.
Associated Bank is the largest bank holding company based in Wisconsin with $39B in assets and an A3 credit rating. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from more than 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois, and Minnesota.
For more information about how banks are added to the program, we have created an overview of our bank due diligence and risk monitoring process.
We are excited to help Flourish Cash customers earn even more while being assured of the continued safety and security of their assets. If you have any questions, please contact our Support team. We’re always happy to help.
Flourish builds technology that empowers financial advisors, improves financial lives and retirement outcomes, and delivers new and innovative investment options to advisors. Today, the Flourish platform is used by more than 500 wealth management firms representing more than $1.5 trillion in assets under management. Flourish is wholly-owned by MassMutual. For more information, visit www.flourish.com.