Get FDIC protection on your high-dollar deposits. ICS distributes your funds into money market accounts across different financial institutions.
Your funds remain secure as they earn competitive interest — and you’ll only ever receive statements from Select Bank. Put your higher balances to work with this convenient service that does the work for you.
- Enjoy increased coverage while also benefiting from increased access to funds and higher returns than other savings options
- Interest above standard savings, which may compare favorably with other investment alternatives
- Greater security; multi-million dollar FDIC insurance coverage
- Convenience; everything is managed internally by Select Bank:
- One interest rate
- One regular statement
- One year-end tax form
- Less administrative burden than other collateralized deposits and repo sweep options
- Two convenient options:
- Insured Cash Sweep Savings (ICSS) – includes 6 program withdrawals per month and deposits funds to money market deposit accounts
- Insured Cash Sweep Demands (ICSD) – Includes unlimited program withdrawals and deposits funds to demand deposit accounts
- Full FDIC coverage on amounts up to $50 million
How It Works
- Choose from either the ICSS or ICSD options or choose both
- Sign the agreements, use an existing checking or other transaction account (or set one up), and deposit your funds
- If you choose both the savings and demand options, you will need to have a separate transaction account for each
- $200,000 remains in a transaction account at your bank, the rest are sent to other ICS network banks in amounts less than $250,000*
- Each individual deposit receives interest, plus full FDIC backing
- As a result, you access FDIC insurance coverage from many institutions while working directly with only your bank
*Deposits are sent to demand deposit accounts with the demand option and to money market deposit accounts with the savings option. The standard FDIC insurance maximum is $250,000 per insured capacity, per bank.