Extended deposit insurance
Access multi-million-dollar FDIC insurance at participating IntraFi network banks.
How does it work?
Standard Federal Deposit Insurance Corporation (FDIC) insurance provides protection of up to $250K per depositor, per insured bank, for each account ownership category. If you hold higher balances, you may want additional deposit insurance.
Increase connects to a deposit sweep network called IntraFi. This allows depositors to automatically sweep funds over $250K into multiple accounts with other institutions, which are each fully FDIC insured. You'll be able to take advantage of the FDIC insurance across multiple banks without needing to open or manage separate bank accounts.
For example, imagine a business with $1M in deposits. Standard FDIC insurance would only insure the first $250k, leaving $750k uninsured. IntraFi’s sweep network distributes funds across 4 or more institutions, each holding a balance less than the $250K FDIC insurance limit. In the unlikely case of a bank failure, the full $1M of deposited funds are safely insured.
How will my banking experience change?
Your banking experience will remain the same. You will not need to manage your funds with multiple institutions or experience any delays in accessing your funds.
Can I prevent IntraFi from sweeping funds to a specific bank?
Yes! You can manage which banks are ineligible to hold your swept funds using the settings in the Account Details tab. This is typically useful when you hold funds at a participating bank and want to remain under the FDIC limit.
Are there any fees?
Moving funds via IntraFi incurs a monthly fee equal to an annualized rate of 0.12% on your average monthly swept balance. Increase will charge this fee to your account at the end of each month.
How do I opt in?
If you're interested in participating, you can opt in via the Dashboard by navigating to Accounts. For each Account, you can configure the Extended Deposit Insurance in the Details tab. You can enroll as many Accounts as you'd like.
Once your Account(s) are enrolled, any funds above $250k will be swept into IntraFi's depository network and receive extended FDIC insurance.
Email us at support@increase.com if you have any questions!