High-Balance Deposits
Secured by the FDIC
Your 316 Savings account is now eligible for up to $2 million in FDIC insurance per tax ID, at no cost to you.
You’ll still manage everything right from your 316 Financial app—same experience, more protection behind the scenes.
Your Savings Deserve Stronger Protection
We believe safeguarding your finances is part of good stewardship. The FDIC protects deposits up to $250,000 per depositor, per insured bank, for each account ownership category.
If your 316 Savings balance exceeds $250,000—and your deposits are held under the same account ownership category—we can help you secure up to $2 million in FDIC insurance coverage per tax ID or Social Security number.
How It Works
You’ll continue managing your savings just like you always have—right from your 316 Financial app.
Behind the scenes, our Extended Coverage Program quietly and securely moves any balance over $250,000 to a network of trusted, FDIC-insured partner banks. This helps extend your protection up to a combined total of $2 million per depositor, per tax ID or Social Security number, across all eligible accounts.
Keep in mind: deposits held at 316 Financial, Primis Bank, and any of its divisions, brands, or affiliates are aggregated when determining FDIC insurance coverage.
The process is seamless and automatic. Your money remains fully accessible through 316, and your experience doesn’t change.
To maintain full FDIC coverage, it’s important to be aware of any deposits you may also hold—directly or indirectly—at one of our partner banks. Your total deposits at each institution count toward the $250,000 FDIC insurance limit per legal ownership category. You can review the current list of partner banks below and take action if needed to stay fully covered.
This program is administered by our technology partner, R&T Deposit Solutions, and currently applies to 316 Savings accounts only, as well as select accounts from Primis Bank and affiliates. If you’re interested in extended coverage on another account type, just reach out—we’re here to help.
Network of Participating Banks
Please note, the below list of participating banks is subject to change.
CITY NATIONAL BANK
METROPOLITAN COMMERCIAL BANK
CITIZENS BANK, N.A.
WESTERN ALLIANCE BANK
BELL BANK
SOFI BANK, N.A.
UMPQUA BANK
RENASANT BANK
What is FDIC insurance?
FDIC stands for the Federal Deposit Insurance Corporation, an independent agency of the U.S. government. It protects depositors by insuring funds held in eligible accounts—up to $250,000 per depositor, per insured bank, per ownership category.
How much does FDIC insurance cost?
There’s no cost to you. FDIC insurance is automatic for all eligible deposit accounts at FDIC-insured institutions—including 316 Financial as we are a division of Primis Bank, Member FDIC.
Is extended FDIC coverage available on other 316 accounts?
Right now, extended coverage applies only to 316 Savings accounts. If you’re interested in additional protection for another type of account, reach out—we’re happy to help.
Is this program provided by the FDIC?
No, but all partner banks are FDIC-insured. The program itself is administered by R&T Deposit Solutions on behalf of 316 Financial, a division of Primis Bank member FDIC.
What if I have an account at one of the participating network banks?
FDIC coverage is aggregated by depositor and ownership category at each bank. If you already have funds held at one of our partner banks—either directly or through another financial service—those balances count toward your $250,000 FDIC limit at that bank. Check the current list of participating banks and review your total deposits to ensure you remain fully covered.
How does extended FDIC coverage work?
We partner with a network of FDIC-insured banks to distribute your funds and extend your protection. This allows us to insure up to $2 million per tax ID or Social Security number across all eligible 316 Savings accounts. It’s the same as opening accounts at multiple banks—but we do it for you, seamlessly and behind the scenes.
Do I need to opt in to receive this protection?
Nope. If you have a 316 Savings account, you’re automatically included in the Extended Coverage Program.
Can I opt out?
Yes. If you prefer not to participate, you can opt out here. Your funds will remain FDIC insured up to the standard $250,000 limit per insured bank.
Will I still access my account the same way?
Yes. Nothing changes about how you access or manage your money. You’ll still use the 316 app or website—no extra steps needed.
Does this change the rate I earn on my savings?
Not at all. You’ll continue to earn the same competitive APY on your 316 Savings account. The added insurance doesn’t impact your rate or returns.
How does FDIC coverage work across 316 Financial and Primis Bank?
Banking services are provided by 316 Financial, a division of Primis Bank, Member FDIC. That means your deposits at 316 Financial, Primis Bank, and any of its divisions, brands, or affiliates are combined to determine your total FDIC insurance coverage. If you hold other accounts with Primis or its related entities, those balances will be aggregated under your FDIC insurance limits.
Info to Know
The Demand Deposit Marketplace® (“DDM”) program is offered to you by 316 Financial (“us” or “we”), subject to the terms and conditions set forth in the DDM program Terms & Conditions provided to you. Please liaise with us regarding your participation in the DDM program, including for the DDM program Terms & Conditions, your customer statements and any questions you may have. Please contact us for a list of banks and other institutions into which your funds could be deposited through the DDM program. The DDM program is administered by Stable Custody Group II LLC (“Stable”). Stable and its affiliates are not depositories, banks or credit unions, and the DDM program is NOT, itself, an FDIC-insured or NCUSIF-insured product. Rather, under the DDM program, your funds are swept or placed into deposit accounts at participating banks or other financial institutions that are insured by the Federal Deposit Insurance Corporation (“FDIC”) and/or National Credit Union Share Insurance Fund (“NCUSIF”) for up to the current standard maximum deposit insurance amount (“SMDIA”) of $250,000 per eligible depositor, per insured participating institution, for each ownership capacity or category, including any other balances the depositor may hold at that institution directly or through other intermediaries, including broker-dealers. FDIC and NCUSIF insurance coverage is only available to protect you against the failure of a FDIC or NCUSIF insured institution, respectively, that holds your deposits under the DDM program (and not to protect against the failure of any other party, including Stable). The DDM program is primarily designed to provide administrative convenience for us to offer expanded FDIC or NCUSIF insurance on your funds, and is not designed to provide you with investment enhancements, higher rates of returns or profits on their funds. Demand Deposit Marketplace®, DDM®, Reich & Tang® and R&T® are registered marks of Reich & Tang Deposit Networks, LLC (“R&T”). Stable is a subsidiary of R&T.