Sweep networks are a way for customer deposits to be spread across a network of banks. Sweep networks aren’t investment funds — accounts held across the network are treated no differently than money in a typical bank account, where the funds are held as deposits and all accounts are in your name.

In Mercury’s case, rather than deposits being held with a single banking partner, we give you the choice to opt into our partner bank's sweep program, which then spreads your deposits across a network of established FDIC-insured program banks.

For example, if the partner bank on your Mercury account is Evolve Bank & Trust and you’ve opted into Evolve’s sweep program, less than 10% of your Mercury deposits are actually held at Evolve. Instead, the majority are held at Goldman Sachs, Capital One, and a few other FDIC-insured banks in the sweep network.

You can read more information about Mercury’s Sweep program here.