ICS®, or the Insured Cash Sweep® service, and CDARS® are smart, secure, and convenient ways for bank customers to access multi-million-dollar FDIC protection on large deposits, earn a return, and enjoy flexibility.
With ICS and CDARS, you can:
- Rest assured. Make even large deposits eligible for protection that’s backed by the full faith and credit of the federal government.
- Earn interest. Put excess cash balances to work by placing funds into demand deposit accounts using the ICS demand option, money market deposit accounts using the ICS savings option, or interest-bearing certificates of deposit (CDs) using CDARS. Earn one rate on your ICS savings deposits, one rate on your ICS demand deposits, and one rate per maturity on your CDARS deposits.
- Save time. Work directly with just our bank—a bank you know and trust. Forego opening accounts under different insurable capacities or managing multiple bank relationships. Receive just one monthly statement from us summarizing your account activity and balances. And, if you are accustomed to collateralization, reduce the need to track collateral on an ongoing basis.
- Access funds. Enjoy unlimited withdrawals using the ICS demand option, or make up to six program withdrawals per month using the ICS savings option. With CDARS, select from a range of maturities (4 weeks, 13 weeks, 26 weeks, 52 weeks, 2 years, 3 years, and 5 years).
Additional Coverage on Certificate of Deposits - How CDARS Works:
Additional Coverage on Money Market and Savings - How ICS Works:
Placement of funds through the ICS or CDARS service is subject to the terms, conditions, and disclosures in the service agreements, including the Deposit Placement Agreement (“DPA”). Limits apply and customer eligibility criteria may apply. In the ICS savings option, program withdrawals are limited to six per month. Although funds are placed at destination banks in amounts that do not exceed the FDIC standard maximum deposit insurance amount (“SMDIA”), a depositor’s balances at the relationship institution that places the funds may exceed the SMDIA (e.g., before ICS or CDARS settlement for a deposit or after ICS or CDARS settlement for a withdrawal) or be ineligible for FDIC insurance (if the relationship institution is not a bank). As stated in the DPA, the depositor is responsible for making any necessary arrangements to protect such balances consistent with applicable law. If the depositor is subject to restrictions on placement of its funds, the depositor is responsible for determining whether its use of ICS or CDARS satisfies those restrictions. ICS, Insured Cash Sweep, and CDARS are registered service marks of Promontory Interfinancial Network, LLC.