A trend in the financial world is to open up an account that is known as “Cash Management” that sends your money to other banks but is managed by one institution. I have also seen this with some high-yield savings accounts.
How this works
You open this new account with the managing institution then they open accounts in your name at one or more other banks. You cannot access/manage your money at these banks but through the managing institution. You get the interests and perks from these accounts so there is no problem with this type of setup.
When it Can be a Problem
It can become a problem when you already use that bank for something else and exceed the allowed insurance either by FDIC or NCUA. If you have an account on your own and you have a secondary account through your managing institution you limit for all accounts is that $250,000.00. If something happens and you are over that limit, you will most likely lose that money. This is always something to keep in mind for our financial insurance is capped at $250,000.00 in most instances. These cash management and special high-yield savings accounts can offer you more, but it is because your money is held in various accounts in other banks. Just be careful that you are not double dipping in those financial institutions as you manage your accounts.