Insured Cash Sweep
Keep your multi-million dollar deposits working on overdrive without putting in extra work yourself. Insured Cash Sweep® allows you to benefit from full FDIC insurance through one banking relationship.
At the same time, enjoy interest that compares favorably to other investments, plus access to your funds. We offer both Insured Cash Sweep® Savings and Insured Cash Sweep® Demand options. Speak to a First State Bank professional about which plan will work best for you.
- Enjoy increased coverage while also benefiting from increased access to funds
- Interest above standard savings, which may compare favorably with other investment alternatives
- Deposits are sent to other ICS® network banks in amounts less than $250,000
- Convenience; everything is managed internally by First State 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
To learn more about how Insured Cash Sweep® can benefit you, visit the Insured Cash Sweep® website.
- 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.