Are Novo accounts FDIC insured?

Yes. The money in your Novo accounts is FDIC insured through our partner bank, Middlesex Federal Savings, F.A., Member FDIC.

Deposits that you make through the Novo Platform are generally held at Novo’s partner bank, Middlesex Federal Savings, F.A. (“Middlesex”). Your deposits at Middlesex are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000 per depositor, per account ownership category, in accordance with FDIC rules

Through a deposit network arrangement between Middlesex and Cambr Solutions, LLC (“Cambr”, and such arrangement, the “Cambr Network”), your deposits at Middlesex may temporarily be placed at other insured depository institutions, without any further action by or notice to you. This arrangement is designed to allow continuous access to the funds that you have deposited at Middlesex, even while those funds are temporarily placed at one or more other insured depository institutions that participate in the Cambr Network (collectively, “Network Institutions”).

Through Middlesex’s participation in the Cambr Network, your deposits may become eligible for up to $5,000,000 in total FDIC deposit insurance. This is accomplished by deposits being placed at one or more Network Institutions, in increments not exceeding $250,000 per depositor, per Network Institution.

You should be aware, however, that deposits are placed at Network Institutions without regard to any existing depositor relationship between the applicable customer and Network Institution. If, separate from your relationship with Novo, you have funds on deposit at a Network Institution, Middlesex’s participation in the Cambr Network could cause your total deposits at such Network Institution to exceed FDIC insured limits. You may obtain a current list of Network Institutions from Novo at any time here.

The availability of the Cambr Network to Middlesex is subject to change. In the event that the Cambr Network becomes unavailable to Middlesex, the maximum amount of FDIC deposit insurance available for deposits that you make through the Novo Platform will revert to $250,000 per depositor, per account ownership category.