Press Release

Flourish Cash Announces Significant Raise in FDIC Insurance Coverage and Elevated Interest Rate

Two-Person Households Now Eligible to Receive up to $10M in FDIC Insurance Through its Program Banks


New York, Sept. 08, 2023 (GLOBE NEWSWIRE) -- Flourish, a platform that provides innovative access to financial products that help registered investment advisors (RIAs) secure their clients’ financial futures, today announced that Flourish Cash, its cash management offering, has raised its already elevated FDIC insurance coverage through its Program Banks. The increased FDIC insurance coverage will allow two-person households to be eligible to receive up to $10M in FDIC insurance through a joint account and two individual accounts.

The company has also increased its top tier annual percentage yield (APY) interest rate to 5.00%.

Since the beginning of 2023, Flourish has added 8 additional banks to its Program Bank network to further increase the FDIC coverage offered to its clients, joining established names like Citibank, HSBC, and PNC Bank. Through these bank relationships, Flourish Cash clients will now be eligible to receive up to $2.5M for individual and business accounts and up to $5M for joint accounts.

“We’ve heard from our advisors that their higher net worth clients and business owners want the security of insured deposits for their non- portfolio cash assets. We’re pleased to be able to further meet that need with up to $10 million in FDIC insurance for a 2-person household–doubling our FDIC coverage since the beginning of the year,” said Max Lane, CEO of Flourish. “For financial advisors, ensuring the security of clients' investments and assets remains a paramount concern. Since inception in 1933, not a single penny of FDIC-insured money has ever been lost. Now more than ever, it's important to check in with clients: are their cash savings fully FDIC-insured? Are they earning a competitive rate?”

In addition to elevated FDIC insurance, Flourish Cash clients benefit from current interest rates that are more than 11x the national savings account average. As of September 7, 2023, clients now earn 5.00% APY on the first $500K in an individual or business account and the first $1M in a joint account, with a rate of 4.50% APY for the remaining balance (current rates can be found via

“This is a win for both clients and advisors. Clients benefit from growth and protection while advisors deliver on their commitment to holistic financial planning and get visibility into held-away assets–with a clear path to bringing them into the portfolio. With 75% of investors holding onto or increasing their cash holdings in the past year, every advisor needs a solution for their clients’ cash savings,” Lane continued. “Flourish Cash was built explicitly for RIAs to meet their unique needs. This year, over 150 new RIA firms have onboarded with us, and we have more than doubled assets under custody to over $3.4B. Additionally, Flourish Cash has paid out over $67 million in interest to clients in 2023.”

Over 600 RIAs managing over $1.5 trillion in combined assets trust Flourish to bring more assets into their orbit. The Flourish platform allows advisors to feature their firm’s branding, obtain visibility into balances, statements, and tax documents—as well as access client- friendly materials, robust and customizable compliance resources, white-glove support, and more. RIAs can also incorporate their clients’ cash holdings into their core technology systems.

About Flourish

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 supports more than $3.4 billion in assets under custody and is used by more than 600 wealth management firms representing more than $1.5 trillion in assets under management. Flourish is wholly-owned by Massachusetts Mutual Life Insurance Company (MassMutual). For more information, visit

Forward Looking Statements

This press release may contain forward looking statements that are subject to certain risks and uncertainties. Actual results, performance, or achievements may differ materially from those expressed or implied.

Flourish Cash currently has a tiered interest rate structure, as set forth in the rate tier summary. We deposit your cash with one or more of the Program Banks, subject to any Program Bank(s) you have excluded. You will earn the highest rate offered by Flourish up to the maximum deposit amount for each tier. Each annual percentage yield (APY) displayed here is effective as of 09/07/2023 and may change at any time. The Flourish Cash interest rate(s) could be lower than the rate that could be earned by opening a deposit account directly with a Program Bank.

The cash balance in a Flourish Cash account that is swept to one or more Program Banks is eligible for FDIC insurance, subject to FDIC rules, including aggregate insurance coverage limits. FDIC insurance will not be provided until funds arrive at the Program Bank. There are currently at least ten Program Banks available to accept deposits for business Flourish Cash accounts and personal Flourish Cash accounts, and we are not obligated to allocate customer funds across more than this number of Program Banks if there is a greater number of banks in the program. Customers are generally eligible for FDIC insurance coverage of $250,000 per customer, per Program Bank, for each account ownership category. Thus, business customers are eligible for up to $2,500,000 of FDIC insurance and personal customers are eligible for (i) up to $2,500,000 of FDIC insurance for an individual account or revocable living trust account and (ii) up to $5,000,000 of FDIC insurance for a joint account with two owners or joint revocable living trust(s). The total FDIC coverage for a two-person household is calculated assuming that each household member has an individual account and that both household members share a joint account. If the number of Program Banks decreases for a customer (for instance, because a customer chooses to exclude Program Banks from receiving their deposits), the amount of FDIC insurance through Flourish Cash could be lower. Typically, all of a customer’s deposits at a Program Bank in the same ownership category (including deposits held outside Flourish Cash or held through multiple Flourish Cash accounts with the same ownership category) count toward the FDIC insurance limit for deposits at that Program Bank. Customers are responsible for monitoring whether they maintain deposits at a Program Bank outside of Flourish Cash and should consider choosing to exclude that Program Bank from receiving their deposits to avoid exceeding FDIC insurance limits. Although Flourish Cash is offered through a brokerage account and cash held in brokerage accounts often has the benefit of SIPC protection, until such time as we offer securities products, customers likely will not have the benefit of SIPC protection. SIPC protection is not available for cash held at the Program Banks. Our current Program Banks can be found here. For additional information regarding FDIC coverage, visit