How FDIC insurance secures your Save Market Savings deposits*

Market Savings program has the security of FDIC insurance.

Your financial security is of utmost importance. An FDIC-insured account keeps your deposits safe in the unlikely event that a bank fails.

FDIC insurance is one of the major benefits of keeping your money in Save’s Market Savings program.* The Federal Deposit Insurance Corporation (FDIC) is an independent government agency that protects deposits in a US bank account in case your bank fails and is forced to close down. 

Bank failures are usually rare, but times of economic uncertainty can change that. While only seven have failed since 2020, the aftermath of the 2008 financial crisis saw hundreds of banks shut their doors, including Washington Mutual Bank and the Citizens National Bank. 

In these situations, the protection extended by the FDIC becomes a lifesaver for your money. 

The standard amount covered by the FDIC is $250,000 per depositor, per ownership category, per FDIC-insured bank. This means that if you have $250,000 or less in an FDIC-insured account, all your money is fully protected. If you have $500,000 in a joint account, your deposits would still be fully insured as each owner is entitled to $250,000 worth of coverage.

Fortunately, some fintech companies offer FDIC insurance due to their partnerships with Member FDIC-insured banks. 

Among them, includes Save®, which combines the safety of an FDIC-insured bank account with the return potential that traditional savings accounts don’t offer. All Save customers’ deposits are 100% FDIC-insured* to the maximum amount allowed by law.

This security guarantee is made possible through the innovative partnership between Save and Webster Bank N.A., Member FDIC. Webster Bank is a leading bank in the Northeast that offers digital and traditional financial services to customers and commercial clients. 

While Save’s growth-focused savings approach gives your money a real chance to grow, FDIC-insured Webster Bank keeps your deposits safe. 

For example, Save’s Market Savings program offers a potential average annual return between 8.26% and 9.18%** as of March 2023. Customers can watch their wealth grow while having peace of mind their money is 100% insured. 

Market Savings. FDIC inured.
Deposit into your Market Savings term today.

Unlike Save, not all emerging fintech companies can promise FDIC insurance. 

Recently, Toronto-based cryptocurrency firm, Voyager Digital, claimed that all its customers were covered by FDIC insurance. After investigating these claims, the FDIC determined they were false and misleading and demanded that Voyager take immediate action to address these false statements. If Voyager failed, its customers would not be protected by FDIC coverage, and their hard-earned money would be at risk. 

Voyager is not the only startup that doesn’t offer its customers guaranteed protection. On its company website, high-yield app Fair says it “will make its best efforts to not transfer losses to Fair members on their initial investment.”

In a recent interview with Bloomberg, Fair’s founder, Khalid Parekh, further explains that a private holding company he owns valued at $350 million would be able to cover customer losses. 

While this may be the case, it’s not a legally binding guarantee. When you entrust an institution with your money, you deserve guaranteed protection and peace of mind. 

People are increasingly choosing emerging fintech companies and digital banks over traditional banks because they’re more accessible, convenient, and offer better returns. However, customers shouldn’t have to compromise the safety of their money to get higher returns or more convenience. 

The safety of your deposits is just as important as the return they generate. If you’re looking for an account with high-growth potential, choose one that will keep your money safe. 

FDIC protection is just one of the many benefits offered by Save. Learn more about the perks of banking with Save here.  

* To obtain FDIC insurance coverage, customer funds provided will be deposited into non-interest-bearing accounts at Webster Bank. FDIC insurance coverage for funds deposited at Webster Bank is limited to not more than $250,000 per depositor, per FDIC-insured bank, per ownership category. Actual deposit insurance coverage may be lower if you have other funds deposited at Webster Bank, N.A. Customers are responsible for determining the amount deposited in each account at Webster Bank, N.A., and for monitoring the total amount of their deposits at Webster Bank, N.A., to determine the extent of available FDIC insurance coverage in accordance with FDIC rules. Learn more at: Only the funds customers provide and deposit with Webster Bank, N.A. will be eligible for FDIC insurance.  Webster Bank is not providing any investment advice or responsible for the purchase or performance of any investment contracts. The funds held in the Apex Clearing Corporation accounts are not FDIC-insured, are not bank guaranteed, and may lose value with a minimum return of zero. Maximum balance and transfer limits apply. Neither Save Advisers, LLC, nor its affiliates, are a bank. Apex Clearing Corporation is a member of the Securities Investor Protection Corporation (“SIPC”), formed by Congress to protect “customers” of broker-dealers and to promote public confidence in the U.S. securities markets. Customers of a SIPC Member that fails financially are afforded certain benefits under the Securities Investor Protection Act (“SIPA”). These benefits are relevant only if the broker-dealer that “carries” a customer’s account fails and is liquidated under SIPA. At Apex Clearing Corporation, your investments are protected by SIPC up to a maximum of $500,000 total, including $250,000 in cash balances. Coverage limitations apply. To learn more about SIPC coverage, visit the SIPC website at 

** APY, or annual percentage yield, is the yearly return on a bank or investment account.  Save ‘Market Savings’ offers the potential to earn an APY with a variable rate (Variable APY).  APY is derived from the investments made by Save on behalf of the customer within Save’s portfolio of strategies over the duration of term length selected by the customer.  The Variable APY will never be less than the Minimum APY of  0% per annum but could be equal to the minimum APY of 0% per annum.  The APY is equal to the cumulative return for the term selected on the applicable maturity date.  Assuming a minimum APY of 0% per annum, if the APY applicable to a particular maturity date is less than or equal to the Minimum 0%, the customer will not receive any APY return for that investment upon maturity.  Variable APY’s are subject to change at any time.  APY is not guaranteed.  The APY presented is hypothetical in nature and reflects the potential growth that could accrue if the investment is held for the entire term selected. Minimum deposit is $1,000. The deposit account portion of the Save Market Savings product and service is provided by Webster Bank, N.A., Member FDIC; and is non-interest bearing with a 0% APY.  Management Fees associated with the investments may reduce earnings on the account.  Customer withdrawal prior to maturity could result in additional associated costs.


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