With an Insured Cash Sweep® (ICS) Account, you get the highest level of FDIC insurance benefits and protection. It’s simple, place a deposit and we make sure you get the protection you need.
How do ICS accounts work to protect your money?
- Banking institutions partner together to shelter your funds across money market accounts in amounts lower than the standard FDIC insurance maximum of $250,000
- Because all accounts have $250,000 or less, both principal and interest are insured by the FDIC
- You can view and manage your accounts from a single location in our online banking platform
ICS enables you to optimize your savings performance
- Re-purpose funds into higher earning assets via Money Market or Demand Deposit accounts
- Eliminate the burden of tracking multiple deposit vehicles
- View your daily balance, activity and transaction information online
- Enjoy cash flow options of frequent large deposits and unlimited/high-limit program withdrawals
- Get FDIC insurance coverage for up to $50 million
Use accounts with fixed interest rates – Certificate of Deposit Registry (CDARS)
- Funds are deposited into Certificates of Deposit (CD) or Time Deposits with fixed interest rates that won’t change – even if the market does
- Deposits are made in increments of $250,000 so both principal and interest are FDIC insured