Alpaca Launches Global High-Yield Cash API

Alpaca announced its High-Yield Cash API, which enables neobanks, brokerages, robo-advisors, and fintech platforms to offer customers yields of up to 4.50% APR, or 4.59% APY as of September 2024, on U.S. dollar balances through its Broker API. The company positions the product as a way for partners to attract and retain cash balances, share interest revenue or enhance customer rates, and customize account-level yields, eligibility criteria, and promotional campaigns. Customers can use participating balances for withdrawals, transfers, and immediate trading buying power, reducing the need to move funds between separate cash and investment products. Eligible balances in Alpaca Securities’ FDIC Bank Sweep Program may receive pass-through FDIC coverage of up to $1 million, subject to program-bank participation and other conditions, while brokerage-account assets are instead subject to SIPC protections and are not FDIC insured. Alpaca notes that rates, coverage, and program terms may change, and emphasizes that it and its affiliates are not banks or investment advisers.

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