Yes. Although Save® is not a Bank, the funds that you deposit through the Save Platform are deposited directly with Webster Bank N.A., Member FDIC; and insured up to the maximum limits allowed by law.3
FDIC insurance coverage is limited to $250,000 per qualified customer account per banking institution. 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.
You can find out more at www.fdic.gov/deposit/deposits.