Tellus and Central Bank of Kansas City Partner on FDIC-Insured Deposit Accounts

Fintech company Tellus App, Inc. and Central Bank of Kansas City (CBKC), a certified Community Development Financial Institution (CDFI) and Member FDIC, have announced an expanded partnership. This collaboration allows eligible Tellus app users to open FDIC-insured deposit accounts, offering a 4.50% APY with a maximum balance limit of $100,000.

The accounts are managed within the Tellus mobile application, with customer funds deposited at Central Bank of Kansas City. This ensures deposits are FDIC-insured up to applicable limits. Tellus itself is not a bank and does not provide FDIC insurance.

CBKC, a CDFI since 1998, focuses on driving economic opportunity in underserved communities, with a long-standing emphasis on housing and construction. Tellus, specializing in real estate technology and offering property management software and consumer cash accounts, views this partnership as an opportunity to combine a robust banking foundation with modern technology.

"Tellus brings a design and energy that makes people actually enjoy managing their money," said Alex Miller, Chief Banking and Innovation Officer at Central Bank of Kansas City. "This partnership extends our community development mission beyond our branches, offering more households a competitive and transparent rate of 4.50% APY on deposits insured through a bank that has served Kansas City for generations."

The FDIC-insured deposit account is now available to eligible U.S. customers via the Tellus app. The partnership is expected to deepen both companies' commitment to providing financial services and contributing to community development.