Now with $12 Million in FDIC Insurance, Fintech Flourish Cash Offers Two Person Households Improved Savings Option

FDIC insurance is foundational to the US banking system. Accounts are insured against failure by the federal government. Yet this insurance only offers  $250,000 per deposit account in coverage – an amount that has not been changed in years. With the rapid rise of inflation, largely due to government spending, the value of a dollar has diminished dramatically.

In 2008, the amount of insurance was temporarily increased from $100,000 to $250,000. The amount was made permanent under Dodd-Frank. But a dollar in 2008 was worth quite a bit more back then ($1.41), meaning the FDIC insurance has lost almost half of its value.

Flourish, a Fintech that offers RIAs  [registered investment advisors] a cash management program to improve insurance, now offers individuals up to $6 million in coverage and shared or joint accounts $12 million in FDIC insurance.

The company reports that over 650 RIAs are now managing over $1.5 trillion in combined assets via Flourish.

The company says it continues to expand its bank network to further increase coverage for clients.

Max Lane, CEO of Flourish, says:

“By offering holistic financial planning, advisors get visibility into held-away assets and help their high net worth clients keep funds safe while also earning significantly higher yields than they would at big, money-center banks.”


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