@robeverydayfinance: 🏦 Not all HYSAs are treated equal, this is how you can fully protect yourself 🕵️‍♂️ Financial Technology companies mention that they have FDIC insurance, and usually in the fine print, will disclose that it’s through their partner banks. What does this mean? 
 In order to have FDIC insurance, it needs to be a chartered bank, and most FinTech companies operating HYSAs aren’t. That doesn’t mean they’re doing anything nefarious, it just means you need to be careful and know the risks involved. 

An actual chartered bank is a member of the FDIC, meaning if they go bankrupt, the Federal Government will cover up to $250,000 of your money directly. 

A FinTech using partner banks doesn’t have that same privilege. Your money is still covered, but you instead have to go to that partner bank to get your money, which is a hassle. Know your risks! Before opening a HYSA, make sure you know whether it’s an actual bank or not!

Follow me @robeverydayfinance for more personal finance you weren’t taught growing up! #PersonalFinance #personalfinancetips #financialliteracy #hysa #fdic

Rob | Everyday Finance

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Monday 05 October 2026 19:28:05 GMT