$250,000 FDIC,
bank by bank.
Which of the 13 US neobanks we follow are chartered banks with direct FDIC cover, and which use the partner-bank pass-through model. Same legal ceiling, different structural risk.
Hold their own OCC national-bank charter. Customer deposits sit on the bank's balance sheet — direct FDIC member, no sponsor in the chain.
Fintechs holding deposits at sponsor banks (Bancorp, Stride, Sutton, Choice, Evolve). FDIC cover comes via the sponsor.
Per depositor, per insured bank, per ownership category. Statutory FDIC limit.
Mercury extends pass-through to $5M via Sweep across a network of FDIC-insured partner banks. Other banks: standard $250K.
All 13, by structure.
| Bank | Structure | Ceiling | Scheme / Sponsor | Regulator | Status |
|---|---|---|---|---|---|
| Chime United States · since 2013 | Partner-bank model | US$250,000 Per depositor (direct) | Federal Deposit Insurance Corporation US · FDIC | Bancorp / Stride (sponsor) | Pass-through |
| Varo Money United States · since 2015 | Chartered bank | US$250,000 Per depositor (direct) | Federal Deposit Insurance Corporation US · FDIC | OCC + FDIC | Direct FDIC |
| SoFi United States · since 2011 | Chartered bank | US$250,000 Per depositor (direct) | Federal Deposit Insurance Corporation US · FDIC | OCC + FDIC | Direct FDIC |
| Cash App United States · since 2013 | Partner-bank model | US$250,000 Per depositor (direct) | Federal Deposit Insurance Corporation US · FDIC | Sutton Bank (sponsor) | Pass-through |
| Mercury United States · since 2017 | Partner-bank model | US$250,000 Per depositor (direct) | Federal Deposit Insurance Corporation US · FDIC | Choice / Evolve (sponsor) | Pass-through |
| Ally Bank United States · since 2009 | Payment institution | $250,000 Pass-through via sponsor | Federal Deposit Insurance Corporation US · FDIC | OCC + FDIC | Other |
| Discover Bank United States · since 1911 | Payment institution | $250,000 Pass-through via sponsor | Federal Deposit Insurance Corporation US · FDIC | OCC + FDIC | Other |
| Marcus by Goldman Sachs United States · since 2016 | Payment institution | $250,000 Pass-through via sponsor | Federal Deposit Insurance Corporation US · FDIC | OCC + FDIC | Other |
| Brex United States · since 2017 | Partner-bank model | US$250,000 Per depositor (direct) | Federal Deposit Insurance Corporation US · FDIC | Sutton Bank (sponsor) | Pass-through |
| Bluevine United States · since 2013 | Partner-bank model | US$250,000 Per depositor (direct) | Federal Deposit Insurance Corporation US · FDIC | FDIC sponsor bank | Pass-through |
| Lili United States · since 2018 | Partner-bank model | US$250,000 Per depositor (direct) | Federal Deposit Insurance Corporation US · FDIC | Choice / Evolve (sponsor) | Pass-through |
| Found United States · since 2019 | Partner-bank model | US$250,000 Per depositor (direct) | Federal Deposit Insurance Corporation US · FDIC | FDIC sponsor bank | Pass-through |
| Novo United States · since 2018 | Partner-bank model | US$250,000 Per depositor (direct) | Federal Deposit Insurance Corporation US · FDIC | FDIC sponsor bank | Pass-through |
Direct charter vs. partner-bank pass-through.
The structurally clean model.
A national-bank charter (OCC) means the fintech itself is the FDIC-insured deposit-taking entity. Customer deposits sit on its balance sheet. In a failure scenario, the FDIC pays out directly — no sponsor in the legal chain.
Within our US set, 2 banks qualify: Varo Money, SoFi .
The dominant US neobank model.
Fintech holds customer deposits at one or more FDIC-insured sponsor banks. The cover is real — pass-through FDIC insurance to the standard $250,000 ceiling — but the legal claim path runs through the sponsor, not directly to the fintech.
Within our US set, 8 banks fall here: Chime, Cash App, Mercury, Brex, Bluevine, Lili, Found, Novo.