Ampersand offers a tech‑enabled deposit management platform that aggregates large cash balances into a single portal and automatically distributes funds across a network of FDIC‑ and NCUA‑insured banks and credit unions. Its AmpIQ™ optimization engine maximizes insured coverage—potentially extending protection to tens of millions—and seeks higher yields by allocating deposits to the best available rates, while providing unified statements, a single 1099‑INT, and real‑time reporting to simplify reconciliation and audit processes.
Funding
Funding not disclosed
Founders
Product
Problem
Businesses and organizations with large cash balances face concentration risk when deposits are held at a single bank, limiting FDIC/NCUA insurance to $250,000 per institution and often earning low interest rates. Managing multiple accounts across different banks also creates operational complexity and fragmented reporting.
Solution
Ampersand provides a tech-enabled deposit management service that aggregates client funds into a single portal while automatically distributing them across a network of FDIC- and NCUA‑insured partner banks and credit unions. Its proprietary AmpIQ™ optimization engine allocates deposits to maximize insured coverage—potentially extending protection to tens of millions—and seeks higher yields by leveraging the best rates available at each institution. Clients receive consolidated statements, a single 1099‑INT, and real‑time reporting, simplifying reconciliation and audit processes. The platform is SOC 2 Type I certified, ensuring enterprise‑grade security and data privacy. By handling all account opening, allocation, and monitoring, Ampersand reduces operational burden while preserving liquidity and providing transparent performance metrics.
Target Audience
Primary customers are corporations, nonprofits, municipalities, school districts, and other entities that maintain large or complex cash balances and require enhanced deposit protection and simplified cash management.
Features
- Automated distribution of funds across multiple FDIC/NCUA‑insured banks to increase insured coverage beyond standard limits
- AmpIQ™ optimization technology that selects institutions and terms to achieve higher yields relative to national averages
- Single online portal with unified balance view, consolidated statements, and one 1099‑INT for tax reporting
- Real‑time reporting dashboard showing allocations, interest earned, and insured coverage for audit and board oversight
- SOC 2 Type I compliance and multi‑layer security controls protecting client data and transaction integrity
- Pass‑through deposit protection structuring to ensure client‑named insurance coverage at partner institutions
- Dedicated onboarding support with streamlined paperwork and ongoing account management