How does AngelList’s sweep account program work?

AngelList’s networked banking is a sweep account program where AngelList works with banking partners to spread your deposits across a network of other FDIC insured partner banks, providing added FDIC insurance coverage for each additional account opened at a partner bank. These accounts will be opened in your investing entity's name. Capital in AngelList’s sweep account program remains liquid and is generally available to deploy within one business day. 

Currently, AngelList’s networked banking can provide up to $2.75M in FDIC insurance coverage per investing entity. Please note that while we strive for complete FDIC coverage for deposits in this program up to $2.75M, we cannot guarantee full coverage at all times. For example, your deposits may not have 100% FDIC coverage while they are being moved for investment or while new banking partners are being added. We expect that total FDIC coverage will increase over time as we add additional banking partners.

Our current sweep account program uses the following partner banks as receiving banks:

  • Grasshopper Bancorp, Inc. (d.b.a Grasshopper Bank) N.A. Member FDIC
  • Fifth Third Bank, National Association, Member FDIC
  • Piermont Bank, Member FDIC

AngelList is not a bank and any banking services are offered only through our licensed banking partners. For more information about AngelLIst’s networked banking, please see here.

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