The Promise Account
Insured Cash Management with Impact.
What is the Promise Account?
A more impactful cash management solution.
The CNote Promise Account is a cash management solution designed for FDIC and NCUA insurance coverage that provides institutions a single management point for deposits targeting competitive returns and positive social impact. The Promise Account provides flexible liquidity and the peace of mind that comes from federal (FDIC and NCUA) backing
FDIC and NCUA Insurance
The Promise Account was designed to be insured via FDIC and NCUA programs, providing positive social impact with the peace of mind that deposits are backed by the full faith and credit of the United States
CNote invests only in CDFIs and Low-Income Designated Credit Unions, which grows the deposit base and increases access to financial resources. CNote will report regularly on the impact the Promise Account holders are achieving.
Account holders earn a competitive interest rate because we choose a basket of depository products across credit unions and CDFI banks optimized for returns. Note: The Promise Account currently requires a minimum deposit of $250,000.
Ease of Use
Access multiple low-income-designated credit unions and CDFI banks with a single account, all online.
Funds are available on demand, subject to potential early withdrawal penalties assessed by our community partners.
CNote’s Promise Account is designed for scale. Whether you’re deploying $5 or $50 million we get your capital into communities that need it most.
Where does my money go?
Impactful Cash. Optimized by CNote.
When you allocate your cash to the Promise Account CNote spreads your investment across partner CDFI Banks and Low-Income Designated Credit Unions, optimizing for return and impact so you know your cash is earning a competitive return while supporting underserved communities. Below are some examples of organizations and borrowers. that have received financial assistance from Promise Account program partners.
Illustrative Promise Account Program beneficiaries.
How does it work?
Simple. Insured. Impact.
The Promise Account fills a gap for institutional investors like foundations that want to support financially underserved communities across the country while generating competitive returns on their cash allocations. CNote invests Promise Account dollars in depository products, such as money market accounts and CDs, from vetted FDIC- and NCUA-insured credit unions and CDFI banks. CNote optimizes this basket of products to achieve the highest returns with 90-day liquidity for account holders with FDIC or NCUA backing.
In line with our mission to drive more resources to undercapitalized communities, CNote deploys Promise Account funds solely with institutions that target positive social impact, focusing on credit unions and CDFI banks that serve low-income communities.
To achieve a similar financial and social return without the Promise Account, investors would have to find the right products, research them, and manage multiple accounts to maximize returns and maintain relative liquidity—something few have the bandwidth to do.