Online account · FDIC insured through partner banks
Public
Your money is held at 24 banks. Based in New York, NY. It opens accounts online nationwide.
Rates
No Carrot Score: scores compare banks and credit unions, and Public holds your money at 24 banks. Its rates are below, with what each one takes.
- Savings—3.75%Needs Public Reserve ($20/mo)Savings rates →
Public isn’t a bank. Deposits are FDIC-insured through its 24 partner banks up to $5,000,000 per depositor, as Public states; that covers a bank failing, not Public. Cash not yet at a bank (up to $250,000) is covered by SIPC, not the FDIC.
About Public
Public's High-Yield Cash Account is a secondary brokerage account on Public.com that earns interest on cash while you decide how to invest it.
It is offered by Open to the Public Investing, Inc., the broker-dealer related to Public Holdings, Inc. (founded in 2019); it is not a bank.
Apex Clearing, Public's clearing firm, sweeps the cash into deposit accounts at participating partner banks, where it is eligible for FDIC insurance.
- Headquarters
- New York, NY
Eligibility
Who can open an account
From Public’s own terms and help pages. Check with Public before you apply.
- A Public Investing brokerage account is required: the High-Yield Cash Account is a second account alongside your primary Public brokerage account.
- No subscription is required; the paid Public Reserve subscription only raises the rate.
- To open a Public account (needed for this account): 18 or older.
- To open a Public account: a valid Social Security Number.
- To open a Public account: a legal US residential address.
- To open a Public account: US citizen, US permanent resident, or a valid visa (E1, E2, E3, F1, H1B, TN1 or O1).