Insured Cash Sweep by Promontory Interfinancial Network
The ICS®, or Insured Cash Sweep®, service is a smart, convenient way to earn interest and make your large‐dollar deposits eligible for multi‐million‐dollar FDIC insurance. When you place a large deposit with IBN, we use the ICS service to place your funds into demand deposit accounts (using the ICS demand option), money market deposit accounts (using the ICS savings option), or both, at other FDIC‐insured member institutions.
The placement of your funds occurs in increments below the standard FDIC insurance maximum of $250,000 so that both principal and interest are eligible for FDIC insurance. By working directly with IBN, you can access insurance coverage from many institutions. And, you receive just one regular, monthly account statement.
- Enjoy peace of mind with access to multi‐million‐dollar FDIC insurance. Your funds are eligible for protection that is backed by the full faith and credit of the federal government. And you can forego the need for tracking collateral on an ongoing basis, opening accounts under different insurable capacities, or managing multiple bank relationships.
- The ICS demand option (where funds are placed into demand deposit accounts) offers unlimited program withdrawals. The ICS savings option (where funds are placed into money market deposit accounts) allows up to six program withdrawals per month. Your funds can be placed using either or both ICS options to best match your cash management and liquidity needs.
Earn A Return
- You can earn interest on ICS funds placed into demand deposit accounts using the demand option or money market deposit accounts using the savings option.
Securities offered through Institutional Bond Network, LLC member FINRA/SIPC