Rho Savings spreads your deposits across a network of 400+ FDIC- and NCUA-insured institutions (as of August 2026) through an administered sweep program. That is how a single Rho Savings account can carry up to $75 million in FDIC insurance — coverage no one bank could provide on its own.
How does the sweep work?
FDIC insurance covers up to $250,000 per depositor, per insured bank. The sweep works with that rule rather than against it:
You deposit funds into Rho Savings ($25,000 minimum). Transfers in come from your Rho Checking account.
Our sweep program administrator allocates your funds across the network institutions in increments below the $250,000 per-bank FDIC limit. The underlying structure is an administered money market deposit account: your funds sit in deposit accounts at the network institutions, deployed and managed on your behalf.
You see one account and one balance in your Rho dashboard. Allocation, rebalancing, and record-keeping are handled for you.
Is my money really FDIC-insured past $250,000?
Yes — because no single institution ever holds more than the insured limit. Compare what happens to $5 million:
$5 million at one bank: $250,000 is FDIC-insured. The remaining $4,750,000 is not.
$5 million in Rho Savings: the program spreads it across 20+ institutions, each holding less than $250,000. Every dollar sits under an FDIC limit.
The same math extends all the way to $75 million.
Does the $75 million cover Checking and Treasury too?
No — coverage depends on where your funds sit in Rho, and only Savings uses the sweep.
Account | How it's protected |
Rho Checking | FDIC-insured up to $250,000 through our partner bank, Webster Bank, N.A., Member FDIC |
Rho Savings | Up to $75 million in FDIC insurance via the sweep across 400+ FDIC- and NCUA-insured institutions |
Rho Treasury | Securities (U.S. Treasury Bills and money market funds), not bank deposits — SIPC-protected up to $500,000 (including $250,000 for cash) through our custodians. SIPC protects against custodial failure, not market loss |
Which banks hold my money?
The FDIC- and NCUA-insured institutions in the sweep network. The current list of network institutions is available through the program disclosures.
How do interest and transfers work?
Interest accrues daily and is paid monthly, posted on the 5th business day of each month. If the 5th falls on a weekend or holiday, it posts the next business day.
Your current APY is shown on the Savings page in your Rho dashboard.
Transfers into Savings can only come from a Rho Checking account. Checking → Savings typically settles the same business day if created before 1 PM ET. Savings → Checking typically settles the next business day.
There is no limit on transfers in. Transfers out are limited to six per month.
Large balances, fully insured, no extra work on your side — that is the point of the sweep.