FDIC SweepStandard

How does it work?

Evolve Bank & Trust has long history of innovation. That’s why we are proud of our Evolve Primary Deposit Sweep program. This program is designed for customers with deposits of over $250,000 who wish to only hold the Federal Deposit Insurance Corporation (FDIC) amount of $250,000 with Evolve.

The remaining funds are swept to Program Banks. These funds would not be backed by the FDIC but would remain accessible. Evolve partners with more than 30 trusted banks in this program. The Evolve Primary Deposit Sweep program gives customers the assurance of their funds being spread across multiple bank balance sheets.

Participating customers can opt out of the Evolve Primary Deposit Sweep program at any time.

What is a Program Bank?

A Program Bank is a bank partner of Evolve Bank & Trust (Evolve) that holds your deposits in an account opened at the bank on your behalf by Evolve. Evolve maintains the first $250,000 of your deposits at Evolve, and all funds in excess of $250,000 are deposited on your behalf with one or more Program Banks.

Deposits at a Program Bank do not increase your FDIC insurance coverage. Please see your Evolve deposit account terms for additional information.

The following are Evolve’s FDIC-Insured Program Banks as of April 25, 2025. Please note: Evolve may change the network of Program Banks at any time. Notice of material changes to Bank List will be communicated to customers in accordance with the applicable terms.

Program Banks

    • Axos Bank

    • Bank of New England

    • Bankwell Bank

    • Bell Bank

    • Bridgewater Bank

    • Enterprise Bank

    • Evolve Bank & Trust

    • First Western Trust Bank

    • Flagstar Bank, N.A.

    • Hiawatha Bank

    • IDB Bank

    • Main Street Bank

    • NexBank

    • Oakwood Bank

    • Old National Bank

    • Preferred Bank

    • Providence Bank

    • Quaint Oak Bank

    • ServisFirst Bank

    • State Bank of Texas

    • UBank

    • United Texas Bank

    • Webster Bank

    • Western Alliance Bank

How do I access my funds?

The Evolve Standard Deposit Program offers customers convenience to be able to access their money all in one place. Even though, some of your funds have been swept to other banks, you can access everything through Evolve Bank & Trust. No extra logins, no extra emails, or paper statements. Everything you need is with Evolve.

That convenience should make it easier to keep track of your funds and make transactions whenever you need to.

If you have questions about Evolve’s FDIC Sweep program, please click the button below to get in touch!

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