EliteFidelityMarket High-Yield Savings Account
vs.
EliteFidelityMarket High-Yield Cash Account 

Wondering about the difference between High-Yield Savings Accounts and High-Yield Cash Accounts? Here’s a quick overview of what you should know. 

EliteFidelityMarket High-Yield Savings Accounts 

What is it? A savings account is defined as a potential interest-bearing deposit account held at a bank or credit union. 

EliteFidelityMarket High-Yield Cash Accounts 

What is it? A cash account, or cash management account, is an account that can combine services and features that are like checking, savings, and/or investment accounts under one product. Cash accounts are typically offered by nonbank financial institutions.

What it is at EliteFidelityMarket: While the EliteFidelityMarket High-Yield Cash Account is an interest-bearing account, it is not furnished by a bank and is instead offered by EliteFidelityMarket Finance, LLC, an SEC registered broker-dealer, Member FINRA/SIPC. The EliteFidelityMarket High-Yield Cash Account is a type of brokerage account. The account provides customers SIPC protection on the cash held in the account and additional FDIC insurance to the cash balance of the account that is swept to the EliteFidelityMarket insured deposit network2. Customers are responsible for monitoring their total assets at each of the sweep program banks. A full list of participating banks can be found here. EliteFidelityMarket is not a bank.

Cash Account
Objectives
Earn interest on short-term savings while potentially investing the money in the account.
Costs & Expenses
Potential account maintenance and miscellaneous fees
Safety
SIPC SIPC insurance on cash not swept to partner banks. Additional FDIC insurance on cash swept to EliteFidelityMarket’s partner bank
Liquidity
Liquid
Tax Features
Interest earned on the account is considered taxable income. Normal investment account tax features apply to Cash Accounts.
High-Yield Savings Account
Objectives
Savings goals, while earning a higher rate of interest and additional safety on funds
Costs & Expenses
Potential account maintenance and miscellaneous fees
Safety
Equal Housing Lender FDIC insurance on cash in the account with additional FDIC insurance available through B2’s insured deposit network program
Liquidity
Liquid
Tax Features
Interest earned on the account is considered taxable income

If you have any questions regarding the information above, please contact EliteFidelityMarket’s Customer Success team at support@elitefidelitymarket.com.

EliteFidelityMarket High-Yield Cash Account(s) is an investment product offered by EliteFidelityMarket Finance, LLC, an SEC registered broker-dealer, Member FINRA / SIPC. EliteFidelityMarket is not a bank and EliteFidelityMarket High-Yield Cash Accounts are not a checking or savings account. The purpose of this account is to invest in securities, and an open EliteFidelityMarket Investment account is required to participate in the EliteFidelityMarket High-Yield Cash Account. All investing involves risk, including the risk of losing the money you invest. 

2The cash balance in your Cash Account is eligible for FDIC Insurance once it is swept to our partner banks and out of your brokerage account. Until the cash balance is swept to partner banks, the funds are held in a brokerage account and protected by SIPC insurance. Once funds are swept to a partner bank, they are no longer held in your brokerage account and are not protected by SIPC insurance. FDIC insurance is not provided until the funds participating in the sweep program leave your brokerage account and into the sweep program. FDIC insurance is applied at the customer profile level. Customers are responsible for monitoring their total assets at each of the sweep program banks.

EliteFidelityMarket is not a bank. EliteFidelityMarket Spend LLC is a wholly-owned operating subsidiary of EliteFidelityMarket Holdings Inc. EliteFidelityMarket High-Yield Savings Accounts are furnished by B2 Bank, NA, Member FDIC.