Vanguard Cash Plus FDIC limit: $1.25 million across 17 program banks
Money in a Vanguard Cash Plus Account, and in Vanguard Cash Deposit, is swept to a network of 17 program banks. Vanguard says it spreads the money across them “to offer maximum FDIC coverage up to $1.25 million ($2.5 million for joint accounts)”. Each bank holds up to $247,500 of your balance. Apple Bank may join on or after October 18, 2026, and Sunflower Bank leaves on December 15, 2026.
- Per bank: balances go to each program bank “up to the Program Bank Deposit Limit of $247,500”, under the bank sweep terms that took effect on October 1, 2026.
- Above the limit: “Once $250,000 has been deposited at each Program Bank, any additional funds will generally be deposited into a designated “Excess Bank,” without limit and without regard to maximum available FDIC insurance coverage.”
- What lowers it: Vanguard: “This FDIC coverage may be decreased based on limits imposed by each Program Bank, whether you've opted out of any Program Banks or if you hold other FDIC-eligible deposits at any of the Program Banks.”
- Not SIPC: swept balances “are not covered by the Securities Investor Protection Corporation (SIPC), but are eligible for FDIC insurance, subject to applicable limits and certain conditions”.
- For the current Cash Plus rate next to other brokerages, see our cash sweep rates page.
The program banks
| Bank (as Vanguard lists it) | Status | Note |
|---|---|---|
| American Express | In the network | — |
| Bank of Baroda | In the network | — |
| The Bank of New York Mellon | In the network | — |
| CIBC Bank USA | In the network | — |
| Citibank, N.A. | In the network | — |
| HSBC Bank USA, N.A. | In the network | — |
| The Huntington National Bank | In the network | — |
| Pinnacle Bank | In the network | Six active FDIC-insured banks use this name; your statement shows which one holds your money. |
| PNC Bank National Association | In the network | — |
| Sunflower Bank, National Association | In the network; leaves December 15, 2026 | — |
| Synchrony Bank | In the network | — |
| Toyota Financial Savings Bank | In the network | — |
| Truist Bank | In the network | — |
| UBS Bank USA | In the network | — |
| U.S. Bank National Association | In the network | — |
| Valley National Bank | In the network | — |
| Wells Fargo Bank, National Association | In the network | — |
| Apple Bank | May join on or after October 18, 2026 | — |
If you already bank at one of these banks
The FDIC limit is $250,000 per depositor, per bank, per ownership category, and it counts every deposit you have at that bank. Several program banks are also large retail banks, such as Citibank, Wells Fargo, PNC, U.S. Bank, Truist, Huntington, Synchrony and American Express. Vanguard puts the job of adding them up on you: “You are responsible for monitoring the total assets you hold at each Program Bank for FDIC coverage and limitations.” The list adds that these totals “will include not only Eligible Balances under the Bank Sweep, but also any other deposits you may hold at those banks”.
You can drop a bank from your sweep. The terms say: “Visit Profile & Account settings > Banking > Program banks at vanguard.com to review, enroll in, or unenroll (opt out) from a Program Bank.” They also warn that “opting out of one or more banks may impact Your FDIC coverage” and that “You must allow funds to be swept into at least one Program Bank”.
Which Pinnacle Bank?
Vanguard's list names “Pinnacle Bank” without a city. The FDIC's BankFind data shows six active banks with exactly that name (Lincoln, NE, Fort Worth, TX, Marshalltown, IA, Jasper, AL, Nashville, TN, Gilroy, CA). If you keep money at a bank called Pinnacle Bank, check which one your Vanguard statement shows: the terms say the program banks that hold your balances “will also appear on Your periodic statements”.
Joint and trust accounts
The $2.5 million figure is for joint accounts. For trusts, Vanguard says it “will aggregate and allocate Bank Sweep deposits for trust accounts at the account level and not at the beneficiary level”. Deposits are combined across Vanguard Cash Plus and Vanguard Cash Deposit accounts that are registered the same way.
Rechecks and changes
We will check the list again after October 18 and December 15, 2026, and whenever Vanguard posts a new one.
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Sources: Vanguard, Vanguard Cash Plus Account; Vanguard Bank Sweep Program Bank List, effective September 2026; Vanguard Bank Sweep Products Terms of Use, effective October 1, 2026; FDIC BankFind data, active banks named Pinnacle Bank. Dollars Ahead is not affiliated with Vanguard or any bank on this page. This page reports what Vanguard publishes. It is not financial advice; your Vanguard statements and the FDIC are the final word on your coverage.