Insured Cash Sweep Service (ICS)
Your business can get more insurance coverage than the FDIC maximum of $250,000 while earning interest. Our insured cash sweep service (ICS) helps your company access multi-million dollar FDIC insurance coverage for funds in deposit and money market accounts.
How does it work?
ICS is a simple, safe service that uses a network of federally insured banks to cover more of your company’s money. You’ll get the convenience of working directly with us and earning one interest rate, while getting complete FDIC insurance coverage above the maximum.
Through ICS, funds in your business deposit accounts or money market accounts will be distributed among other ICS network banks in amounts less than the $250,000 FDIC insurance maximum. This way, your company can get millions of dollars insured by the FDIC.
Even if your company’s money is in 15 different banks – you’ll get the simplicity of one interest rate and one monthly statement from us, summarizing your account activity and balances.
What are the options?
- ICS demand option for deposit accounts, with unlimited withdrawals
- ICS savings option for money market accounts, with up to 6 withdrawals per month