Save is not a bank. Save is a new type of savings advisory program regulated by the SEC founded by senior members of the banking and investment industry with one common goal:
To create a platform that helps people save more through market investments without any risk to their capital while eliminating unnecessary advisor fees and placing the customer’s interests first.
Customer capital is always placed with partner banks such as LendingClub Bank and is FDIC/SIPC* insured.
* To obtain FDIC-insurance coverage on your behalf, Save Advisers partners with various FDIC-insured member banks. The funds you provide will be deposited into accounts at one or more FDIC-insured partner banks. FDIC insurance coverage is limited to not more than $250,000 per qualified customer account per bank. Actual deposit insurance coverage may be lower if you have other funds deposited at the partner bank. You are responsible for determining the amount deposited in each account at the partner banks, and for monitoring the total amount of your deposits at each partner bank, to determine the extent of available FDIC insurance coverage in accordance with FDIC rules. Learn more at: https://www.fdic.gov/deposit/deposits. Only the initial funds you provide will be deposited with the partner banks and will be eligible for FDIC insurance. Market returns are held in your Save account and are not FDIC-insured, are not bank-guaranteed, and may lose value. Maximum balance and transfer limits apply. Neither Save Advisers, nor its affiliates, is a bank. Apex Clearing Corporation is a member of Securities Investor Protection Corporation (“SIPC”), formed by Congress to protect “customers” of broker-dealers and to promote public confidence in the U.S. securities markets. Customers of a SIPC Member that fails financially are afforded certain benefits under the Securities Investor Protection Act (“SIPA”). These benefits are relevant only if the broker-dealer that “carries” a customer’s account fails and is liquidated under SIPA. At Apex, your investments are protected up to a maximum of $500,000 total, including $250,000 in cash balances. Coverage limitations apply. To learn more about SIPC coverage, visit the SIPC website at www.sipc.org.