ModernFi is a deposit network platform that partners with financial institutions such as Royal Credit Union to provide extended deposit insurance solutions. ModernFi is not a credit union itself but helps distribute deposits across participating institutions to expand available NCUA insurance coverage.

Extended Deposit Insurance

Q: Do I need to manage multiple accounts at different credit unions?

No. Even though deposits may be distributed across multiple participating credit unions, everything is managed through ModernFi's account portal. Account activity is consolidated into a single statement, allowing you to view and manage your funds in one place while maintaining your Membership and accounts with Royal Credit Union.

Q: Can I access my money at any time?

Yes. The Insured Sweep Account allows you to deposit, transfer, and withdraw funds at any time. The account is designed to provide flexibility while helping keep deposits insured through the NCUA across participating institutions.

Q: Do my deposits earn dividends with Extended Deposit Insurance?

Yes. Deposits in the Insured Sweep Account earn dividends at a competitive rate. Members interested in current rates can contact Royal Credit Union for the most up-to-date information.

Get millions of dollars in extended deposit insurance with an Insured Sweep Account

Call us at 800-341-9911 or email InsuredCashSweep@rcu.org

Our Insured Sweep Account offers personal Members with large cash reserves extended deposit insurance coverage. Royal has partnered with deposit-sharing network ModernFi to offer our Members millions of dollars in extended deposit insurance from the National Credit Union Administration (NCUA).

Increase deposit insurance coverage by distributing portions of your Royal deposits across accounts at other credit unions in the ModernFi network

ModernFi’s account portal makes it easy to view and manage multiple deposit accounts at other credit unions

You can deposit, transfer, or withdraw funds from any account at any time, and all account activity is consolidated onto one statement

By keeping all deposit account balances under the maximum NCUA insurance amount of $250,000, every dollar remains insured

Deposits earn a competitive interest rate, which rewards depositors with substantial cash reserves

Frequently Asked Questions

Do I need to manage multiple accounts at different credit unions?
No. Even though your funds are distributed across multiple credit unions, the entire experience is managed through ModernFi's account portal. All account activity is consolidated onto one statement, making it easy to view and manage everything in one place. You maintain your Membership and accounts with Royal Credit Union while benefiting from insurance coverage across the network.

Can I access my money at any time?
Yes. You can deposit, transfer, or withdraw funds from any account at any time. The Insured Sweep Account is designed to give you full flexibility with your funds while keeping every dollar accessible and insured through the NCUA.

Do my deposits earn dividends with Extended Deposit Insurance?
Yes. Deposits in the Insured Sweep Account earn a competitive interest rate, which rewards depositors with substantial cash reserves. Contact Royal at 800-341-9911 or email InsuredCashSweep@rcu.org for current rate information.

What is ModernFi?
ModernFi itself is not a credit union; it is a deposit-sharing network that Royal Credit Union has partnered with to offer extended deposit insurance.