Fold introduces a Spending Account provided by Lead Bank
Fold's updated product page and October 13 terms describe a Spending Account provided by Lead Bank. It has a separate agreement from the Sutton Bank prepaid card and from Fold Reserve.
The essentials
Update facts
- Spending Account provider
- Lead Bank
- Sutton prepaid remains distinct
- Separate terms
- Updated Fold terms
- October 13
Conditions and limits
- The Spending Account, Sutton prepaid card and Celtic Bank credit card are separate products.
- Deposit protection applies only to eligible bank deposits under the relevant agreement; bitcoin, rewards and Reserve are not insured deposits.
- The Sutton prepaid card has its own fees and Reserve reward schedule. The new Lead Bank account has separate pricing and terms.
Separate banking agreements
Lead Bank provides the Spending Account; Fold acts as programme manager and technology provider. The Spending Account agreement controls that account, while Sutton's prepaid cardholder agreement controls the older prepaid programme.
Fold's new product page describes virtual-card access while a physical card ships. That does not establish the initial-issuance policy or tariff of the older Sutton prepaid card.
Reserve remains a separate product
Reserve is Fold stored value used for eligible Fold services and reward tiers. It does not earn interest or yield and is not covered as a bank deposit. Reserve reward rates depend on the eligible product, stored-value balance and programme conditions.