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Karat is a financial technology company and not a bank. Banking services and the Karat Business Banking Visa® Card are provided by Grasshopper Bank, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc. The FDIC’s deposit insurance only protects against the failure of an FDIC-insured bank.  

The Karat Visa® Business Credit Card is issued by Cross River Bank, Member FDIC, under a separate license from Visa U.S.A. Inc.

See Privacy Policy, Card Program Terms, Cardholder Agreement, Grasshopper Master Service Agreement, Deposit Account Agreement Disclosures, and Karat Premium Terms of Service. Karat Financial is not affiliated with Karat, Inc. at http://www.karat.com

Deposit placement through ICS is subject to the terms, conditions, and disclosures in the applicable agreements. Although deposits are placed in increments that do not exceed the FDIC standard maximum deposit insurance amount (“SMDIA”) at any one destination bank, a depositor’s balances at the institution that places deposits may exceed the SMDIA (e.g., before settlement for deposits or after settlement for withdrawals) or be uninsured  (if the placing institution is not an insured bank). The depositor must make any necessary arrangements to protect such balances consistent with applicable law and must determine whether placement through ICS satisfies any restrictions on its deposits. A list identifying IntraFi network banks appears at https://www.intrafi.com/network-banks. The depositor may exclude banks from eligibility to receive its funds. IntraFi and ICS are registered service marks, and IntraFi Cash Service is a service mark, of IntraFi Network LLC.

APY rate as of April 20, 2026, subject to change.