You just raised millions. How do you get 15x the standard FDIC coverage?

You just closed a funding round, and now there are millions of dollars sitting in your operating account. The standard FDIC limit covers only $250,000 per depositor per bank. Facing significant risk, many businesses manually spread funds across multiple institutions. This is time-consuming and prone to errors. The Rho Business Savings Account solves this challenge by providing up to $75M in FDIC coverage per entity, leveraging a sweep network of over 400 FDIC-insured banks.

Comparing Corporate Finance Platforms

When evaluating corporate finance platforms, consider deposit protection, fee structures, customer support, and opportunities to earn yield on your cash. Here's a quick look at how Rho compares to alternatives:

Deposit Protection

Most business bank accounts offer the standard $250,000 FDIC deposit insurance. Protecting larger cash reserves typically means opening and manually managing accounts at multiple institutions. The Rho Business Savings Account extends your FDIC coverage up to $75M per entity. It achieves this by distributing your funds across a network of over 400 FDIC-insured partner banks. This system allows you to secure substantial deposit insurance through a single platform, removing the need for manual management of many accounts.

Fee Structures

Competitors like Mercury often offer a free base tier, but charge for advanced features; for example, Mercury's Pro plan costs $350 per month. Brex and Ramp also monetize their platforms by charging per user, with Premium tiers costing $12 per user per month. American Express charges a $695 annual fee for its Business Platinum card.

Rho avoids these common software fees. Your account includes core expense management, accounts payable automation, and accounting integrations with no monthly charges.

Did you know? Rho integrates with more than 50 different HR platform providers for seamless payroll and expense management.

Yield Opportunities

In high-interest rate environments, earning yield on idle cash gives you a competitive advantage. Historically, only large companies could afford investment managers to create sophisticated portfolios. This was too expensive and complicated for midsize firms.

Rho Treasury offers tailored treasury management built directly into Rho's platform. If your business has more than $1M in liquid assets, you can select custom investment policies. Rho actively monitors your operating account balances and automatically transfers money to earn market rates through short-dated government securities. These are held in your company's name at a partner clearing broker. As of April 2024, Mercury offers up to 5.00% APY on its Treasury product via Vanguard Money Market Funds, and Brex offers up to 4.93% APY through their Brex Cash account (rates subject to change; check their websites for current offerings). Ramp does not currently offer direct cash yield products. Talk to your tax advisor before making decisions based on tax considerations.

Did you know? Mercury restricts some platform features to higher-tier plans. AP automation and NetSuite integration require their Plus ($35/month) or Pro ($350/month) plans. Rho includes these features on every account.

Note: Rho does not offer lending services. Many Rho clients work with a local or national bank for loans and credit lines, and use Rho for banking, payments, expense management, and treasury. It's a common setup.

Customer Support

Customer service availability varies significantly across platforms. Mercury, Brex, and Ramp often reserve dedicated support teams for their paid Pro or Enterprise tiers. Rho, instead, provides fast, human support with real operators for every customer. This ensures your finance team gets help quickly for banking, corporate card, and bill pay issues.

Which Platform is Right for You?

Rho is best for funded startups and midsize scale-ups that need massive FDIC coverage and sophisticated cash management without monthly software fees. The ability to secure up to $75M in FDIC coverage through a single platform makes Rho highly effective for businesses that have recently closed a funding round and need immediate protection for cash reserves. If you have over $1M in liquid assets, you also benefit from integrated treasury management. Because every customer gets instant access to real humans who know your business, your finance operations are never delayed, making Rho an optimal choice for teams scaling quickly.

Competitors like Brex and Ramp are viable alternatives for enterprise teams willing to pay $12 per user per month for their specific premium feature ecosystems. These platforms provide up to 1.5% and 0.6% cashback respectively, but their dedicated support and most sophisticated tools require upgrading to paid tiers. Mercury is another option if you align with its product suite and can accommodate the $350 monthly fee for Pro features and dedicated support access.

If your finance team wants banking, corporate cards, and high-yield treasury to sync automatically, Rho simplifies operations. Rho handles reimbursements, organizes every transaction in real time, and moves money directly from accounts without the chase. This allows you to keep your books clean and audit-ready while controlling team expenses efficiently.

Frequently Asked Questions

How does the $75M FDIC insurance coverage work?

The Rho Business Savings Account utilizes a network of over 400 FDIC-insured banks. This allows your funds to be swept across multiple institutions, expanding your FDIC deposit insurance up to $75M per entity while you manage everything through one unified platform. This service is provided by American Deposit Management Co. and its partner banks.

Are there monthly fees for dedicated support or high-yield accounts?

No. Rho offers its core banking functionality, corporate cards, and dedicated human support with zero monthly fees. Competitors often restrict dedicated support to paid tiers, such as Mercury Pro ($350/mo) or Brex and Ramp Premium ($12/user/month). You can check competitor pricing directly on their websites for the most current information.

What is the minimum requirement for treasury management services?

The Rho Treasury feature is designed for businesses with more than $1M in liquid assets. It helps you invest in short-dated government securities held in your name at a partner clearing broker, with custom investment policies supported by an in-house team. Please note that Rho Treasury is not FDIC-insured. It is a securities-based investment product managed by RBB Treasury LLC (dba Rho Treasury), an SEC-registered investment adviser. Accounts are custodied at Apex Clearing Corp. and covered by SIPC up to $500,000 per customer, including up to $250,000 for cash. Investments may lose value.

How does Rho's cashback structure compare to other corporate cards?

Rho's corporate cards offer up to 1.5% cashback. This is highly competitive within the industry, matching Ramp and Mercury (which offer up to 1.5%), and surpassing the 0.6% of programs like Brex and American Express. (Rates are as of April 2024 and subject to change; please check current rates on each provider's website).

Conclusion

Securing your large cash reserves is an immediate priority after a funding round. Managing dozens of individual checking accounts to stay within $250,000 limits is an inefficient use of your finance team's time. By utilizing a network of over 400 partner banks, Rho delivers up to $75M in FDIC coverage. This allows your growing business to protect capital from a single point of access.

Coupled with zero monthly platform fees, up to 1.5% cashback on corporate card spend, and integrated treasury management for businesses with over $1M in liquid assets, Rho eliminates the administrative tasks that come with growing a business. Rho connects banking, cards, and treasury so your books stay clean, synced, and audit-ready without manual cleanup or complex third-party tools.

You can gain an advantage by upgrading to a single financial platform, integrating banking, cards, and treasury. Implementing Rho, which handles expense tracking, AI invoice scanning, and advanced treasury, allows you to make your money work harder and focus on serving your customers.

Schedule time with a Rho team member today to learn more.

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Disclosures: Rho is a fintech company, not a bank. Checking and card services are provided by Webster Bank, N.A., member FDIC. Savings account services are provided by American Deposit Management Co. and its partner banks. Rho Treasury is not FDIC-insured. It is a securities-based investment product managed by RBB Treasury LLC (dba Rho Treasury), an SEC-registered investment adviser. Accounts are custodied at Apex Clearing Corp. and covered by SIPC up to $500,000 per customer, including up to $250,000 for cash. Investments may lose value.