Are funds at Jiko FDIC-insured or SIPC-protected?

T-bills held through Jiko Securities are protected by SIPC, which covers up to $500,000 per customer (including up to $250,000 for cash) if a broker-dealer fails. SIPC protects the custody of a client’s assets. It does not protect against changes in the market value of the T-bills themselves.

Because deposits are swept from the Jiko Bank account into T-bills almost immediately, funds are not intended to sit as FDIC-insured deposits for any meaningful length of time. Any cash briefly resting in the Jiko Bank account before a sweep completes is FDIC-insured up to standard limits, but the platform is built around funds being continuously invested in T-bills rather than held 
as deposits.