Ryan Scribner is an angel investor in Yotta.
If you're considering opening a savings account with Yotta, you may be wondering if your funds will be safe and federally insured.
After all, protecting your money is of utmost importance.
So, is Yotta federally insured?
The short answer is yes, your funds are FDIC insured, fully backed by the U.S government, up to $250,000.
It's important to note that while Yotta is not a bank, it partners with an FDIC-insured bank that has been in business for decades.
This means that the funds you deposit with Yotta are held in an account with its partner bank, Evolve Bank & Trust, member FDIC, and are subject to FDIC insurance coverage.
This coverage protects your funds in case the bank were to fail, up to $250,000 per depositor, per insured bank, for each account ownership category.
FDIC insurance is an important safety net for consumers, as it ensures that your funds are protected no matter what happens to the bank holding your account.
In other words, if the bank were to go out of business, the FDIC would step in to cover your insured funds. This means that you can have peace of mind knowing that your money is safe with Yotta.
If you want to confirm Yotta's partnership with Evolve Bank & Trust and its FDIC insurance coverage, you can email [email protected].
Synapse is the company that connects Yotta with Evolve Bank, and they can provide verification of the FDIC insurance coverage.
Be sure to read our full Yotta review here for more info!
This article was generated using automation technology, and thoroughly edited and fact-checked by an editor on our editorial staff.