Empower Personal Cash is a program that offers you the ability to earn a higher interest rate on your cash than you might earn in a traditional Checking or Savings account.
At the same time, the Empower Personal Cash Program offers up to an aggregate of $5,000,000* in FDIC insurance coverage, which is greater than the standard $250,000 any single bank can offer.
The aggregate FDIC insurance coverage for a Joint Cash account is up to $10,000,000 ($5,000,000 per owner).
*FDIC insurance up to $250,000 (including principal & interest) per depositor per program bank. The cash balance you place through the program is swept to one or more program banks where it earns a variable rate of interest and is eligible for FDIC insurance. If the number of program banks changes, the aggregate amount of available FDIC insurance could be higher or lower. If you have deposits at a program bank, you should consider electing not to use that bank by following the opt out instructions we provide. If you do so, the aggregate amount of FDIC insurance available to you will be lower. If you do not do so, your existing deposits and deposits through Empower Personal Cash™ at that program bank will be combined for the purposes of FDIC coverage, which could result in some of your funds at that program bank being uninsured. You can find a list of the program banks here: https://docs.empower.com/PDF/p/cash/program-banks.pdf
For more information on FDIC insurance coverage, please visit www.FDIC.gov. Customers are responsible for monitoring their total assets at each of the program banks to determine the extent of available FDIC insurance coverage in accordance with FDIC rules. Funds you place in the Empower Personal Cash™ Program are not covered by SIPC insurance.
For full disclosures click here.