Spreading cash over multiple banks within the deposit insurance limits is an interesting business concept. In Germany (with a deposit insurance limit of 100,000 Euros per customer and bank) a large robo advisor, LIQID, had such a service (I think since 2020 or so), called LIQID Cash.
However, currently they don’t provide this service anymore (but they are saying there service will be back “soon”), so there seem to be some nontrivial problems with doing something like that, even for an established player with more than a billion Euros under management.
Spreading cash over multiple banks within the deposit insurance limits is an interesting business concept. In Germany (with a deposit insurance limit of 100,000 Euros per customer and bank) a large robo advisor, LIQID, had such a service (I think since 2020 or so), called LIQID Cash.
However, currently they don’t provide this service anymore (but they are saying there service will be back “soon”), so there seem to be some nontrivial problems with doing something like that, even for an established player with more than a billion Euros under management.