There is no limit as to how much cash you can optimize using Max.
By default, Max helps you keep your balances below the FDIC insurance limit at each bank. However, you may elect to exceed the FDIC limit by changing your settings on a bank-by-bank basis at any time.
Some online banks have established maximum balance limits. Max takes each bank's limits into account when proposing transfers for your monthly optimization or Intelligent Funds Transfers (SM).
Below you'll find a summary of the balance limits at each online bank (as of 4/2021):
|Online Bank||Maximum Balance|
|UFB Direct||No limit*|
|LendingClub Bank||No limit|
|Sterling National Bank||No limit|
|Customers Bank||No limit|
|Ally Bank||No limit|
|Marcus by Goldman Sachs||For accounts established prior to April 18, 2016: $3,000,000 per account owner (individual and joint accounts combined) with a maximum of $1,000,000 per account|
For accounts established on or after April 18, 2016: $1,000,000 per account owner (individual and joint accounts combined) with a maximum of $1,000,000 per account
|American Express Personal Savings||$5,000,000|
* Some banks choose to offer preferred terms for Max members
Couples can increase the amount they have on deposit by opening multiple accounts at each bank, titling accounts i) in the name of each spouse and ii) jointly. See related article "How can I maximize FDIC coverage?"
Max also offers a partner solution that can provide FDIC insurance coverage of up to $100 million per depositor / tax ID. Visit MaxForBusiness.com for additional information.