Firstrade: who holds your money
Firstrade is not a bank. Firstrade says customer money is held at Associated Bank, National Association, Belmont Bank & Trust Company, Crystal Lake Bank and Trust Company, National Association, East West Bank, EverBank, National Association and 11 more program banks, with insurance reaching customers as SIPC protection for securities, with cash swept to program banks. We read this information in the app's own public disclosure on September 5, 2026, and this page quotes that disclosure below. You can check each partner bank's own page on this site.
Firstrade is not a chartered bank, so securities and cash still held at the broker receive SIPC protection. SIPC protects up to $500,000 per customer, including up to $250,000 in cash still held at the broker. Swept cash sits across a network of 16 program banks, where FDIC pass-through insurance reaches each customer through those banks. That coverage is up to $250,000 per depositor, per bank, based on Firstrade’s disclosure read September 5, 2026.
Partner banks
- Associated Bank, National AssociationFDIC #5296 · sweep network49.0%above the insured limitF3.2
- Belmont Bank & Trust CompanyFDIC #58165 · sweep network40.4%above the insured limitB66.3
- Crystal Lake Bank and Trust Company, National AssociationFDIC #34681 · sweep network29.7%above the insured limitC31.8
- East West BankFDIC #31628 · sweep network51.5%above the insured limitC33.7
- EverBank, National AssociationFDIC #34775 · sweep network13.5%above the insured limitB56.3
- Lake Forest Bank & Trust Company, National AssociationFDIC #27589 · sweep network48.7%above the insured limitC20.0
- Libertyville Bank & Trust Company, National AssociationFDIC #34073 · sweep network28.7%above the insured limitC20.0
- Burling BankFDIC #27556 · sweep network59.3%above the insured limitD17.1
- Schaumburg Bank & Trust Company, National AssociationFDIC #57103 · sweep network33.7%above the insured limitC35.3
- St. Charles Bank & Trust Company, National AssociationFDIC #27052 · sweep network31.2%above the insured limitC24.7
- State Bank of the Lakes, National AssociationFDIC #5744 · sweep network20.5%above the insured limitC49.5
- Texas Capital BankFDIC #34383 · sweep network37.7%above the insured limitB64.7
- Town Bank, National AssociationFDIC #34717 · sweep network31.0%above the insured limitC34.7
- TriState Capital BankFDIC #58457 · sweep network38.3%above the insured limitB54.0
- Village Bank and Trust, National AssociationFDIC #34011 · sweep network38.4%above the insured limitC28.7
- Wintrust Bank, National AssociationFDIC #33935 · sweep network45.9%above the insured limitC33.9
The figure is the share of total bank deposits above the $250,000 federal insurance limit, reported quarterly to the FDIC. High shares are normal for banks holding large app program balances. They do not mean your balance is uninsured: pass-through insurance usually covers customers individually at the partner bank. Across US banks in 2022 to 2026, those above roughly 36% saw large quarterly total deposit declines more often than those below. Most banks above that level saw no such fall. This measures deposit movement and does not predict trouble for any bank.
Disclosure
FDIC Sweep Program (“FDIC - Insured Sweep Program”) is an interest-bearing deposit program insured by Federal Deposit Insurance Corporation (FDIC). It is offered through our clearing partner, Apex Clearing Corporation.
help.firstrade.com · as of September 5, 2026
Program banks from Firstrade's published Apex list (firstrade.com/forms/en-us/sweep_program_bank_list.pdf); entries with no current FDIC record (Bank of the Internet, Opus Bank, MB Financial Bank) are omitted.