Downly is still being built. The summaries here explain how things work in plain language. The full, binding legal agreements — your Privacy Policy, deposit account agreement, and terms — are published here before you can add real money.
Downly is a financial technology company, not a bank. Your money is held at our partner bank, where it's FDIC-insured up to the federal limit.
Where your money is held
Downly is a financial technology company, not a bank. The money you add is held for you at our partner bank, a member of the FDIC. Through that bank your funds are FDIC-insured on a pass-through basis up to the federal limit (currently $250,000 per depositor). Downly never lends your money out.
How your money grows
While your money waits, it earns interest each day. The yield is shown as an APY (Annual Percentage Yield). The rate is variable — it can change at any time, including after you open your fund — and what you actually earn depends on your balance and how long it stays.
How rewards are funded
When you spend with the Downly Card, a small share of what the store pays to accept the card comes back to you as rewards toward your car. Rewards are funded by that card interchange, not by your deposits, and the reward rate can change.
Here's how we handle your personal information, in plain words.
What we collect
To open your fund and keep your money safe, we collect the details you give us — your name, contact info, and the identity details a federal law requires us to verify (the same checks any bank runs). When you link a bank or spend on your card, we collect the transaction details needed to make those work.
How we use it
We use your information to run your car fund, confirm it's really you, prevent fraud, and give you the recommendations Downly is built for. We don't sell your personal information.
How we protect it
The most sensitive details — like your full Social Security number — are never stored in plain text in the app; they're handled by our verification partner. You stay in control: you can review the details on your account and ask us to correct or remove them.