Frequently Asked Questions About Flourish: What is It and How Does It Work

Flourish is an incredibly user-friendly account that is specifically designed to provide you with a competitive interest rate on your cash savings. With Flourish Cash, you can enjoy the benefits of having no minimum balance requirements, unlimited transfers, and a high annual percentage yield (APY). Flourish can help you maximize your earnings and achieve your financial goals with ease and convenience.

What is Flourish?

Before we answer the question “What is Flourish”, we first have to understand what a High Yield Savings Account (HYSA) is. Simply put, HYSA’s differ from traditional savings accounts by offering higher interest rates while you park your cash in the HYSA. While rates may fluctuate, you will never lose money in the account (inflation is a topic for another day). In today’s economic climate, anything above 4% interest is good.

Flourish is an HYSA that not only offers daily liquidity and Federal Deposit Insurance Corporation (FDIC) coverage, but also simplifies your banking needs by consolidating multiple accounts into one. 

• No account fees or minimums to work with Flourish Cash. 
• Earn up to 5.00% interest with Flourish Cash. 
• Seamless connection and integrations with your current banking institution. 
• FDIC up to $3 million dollars (average checking/savings account is $250,000).
• Quick and easy account set up

How does it work?

Understanding how the Flourish Cash program works at a high level is actually pretty straightforward.

1. Money is deposited into a Flourish Cash account. 
2. Flourish then sweeps these deposits into their FDIC-member Program Banks, with whom they've negotiated higher interest rates. 
3. Flourish keeps a portion of the spread as revenue and passes along the vast majority of interest to the customers. 

Right now, Flourish is offering an awesome rate of 4.65% APY, which is 11x higher than the national savings account average. Keep in mind that their variable rate tiers may change at any time.

How are these funds FDIC insured?

FDIC regulations explicitly state that cash deposited at a bank (Flourish's Program Banks) by an agent (Flourish) on behalf of their customers (you) will be insured as if the customers deposited the cash directly with the banks themselves. Flourish shows you exactly which banks are holding your deposits on your monthly statement. For more details of FDIC coverage, visit www.fdic.gov.

Can I keep my existing bank accounts?

Yes. Flourish Cash was designed to work alongside your existing bank accounts. By connecting them to Flourish Cash, you can easily move money back and forth, earning the competitive rate offered by Flourish Cash, all while continuing to use your existing accounts exactly as you did in the past.

How do transfers work?

There are several ways of transferring funds into your Flourish Cash account. You can connect your external bank accounts directly to your Flourish Cash account by providing your bank login credentials or your bank account number and bank account routing number. Once connected, you can easily place transfers into or out of your Flourish Cash account through the "ACH system." These transfers typically arrive the next business day.

Alternatively, each Flourish Cash account has an account and routing number that can be used for externally-initiated ACH transfers—meaning you can use that information to initiate transfers from an existing bank or brokerage account, or even to direct deposit a paycheck or pay a mortgage or utility bill.

Finally, we provide support for wire transfers from existing Flourish Cash accounts to already-connected external bank accounts, as well as support for wire transfers sent directly to Flourish Cash accounts from external financial institutions.

What types of accounts does Flourish support?

Flourish supports five types of accounts:

1. Individual Accounts
2. Individual Revocable Trust Accounts
3. Joint Accounts
4. Joint Revocable Trust Accounts
5. Institutional Accounts

An Individual Revocable Trust Account is an account for a revocable living trust with one grantor who is also the sole trustee and beneficiary of the trust. A Joint Revocable Trust Account is an account for a revocable living trust with two grantors who are the only two trustees and beneficiaries of the trust. An Institutional Account is an account opened for a corporation, LLC, partnership, or charitable organizations

You may only establish either an individual account or an individual revocable trust account (but not both). You may also establish either a joint account or a joint revocable trust account (but not both). You can open as many institutional accounts for different organizations as you would like (although you can currently only create one institutional account per organization).

What information will I need to set up my Flourish Cash account?

Starting with the email invitation you receive, you'll input standard information about yourself—such as your name, date of birth, and home address—to verify your identity and establish your account. Make sure you have your existing bank information on-hand to link your accounts: preferentially, the login credentials for your online account or alternatively the account number and routing number, which you can find at the bottom of any check.

Ready to join Flourish?

Flourish Cash is available by invitation-only through financial advisors. Don't worry, we've made it easy for you - simply book a meeting with us and let's have a chat about all things Flourish. We'll guide you through the process and answer any questions you may have. 

Click here to get in touch with us and let’s talk Flourish!