Insured Cash Sweep | Business Banking Solutions CT | Ion Bank
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Our holiday hours are Dec. 24 – close at 3pm, Dec. 25 – closed, Dec. 31 – close at 5pm, Jan. 1 – closed.

Insured Cash Sweep

Does your account balance exceed $250,000?

Insurance Cash Sweep (ICS) is an automated, flexible and convenient deposit solution that allows you to earn interest income and receive extended FDIC insurance coverage on your excess balances. Depositing a large amount using ICS places your money into a money market account that’s still accessible as needed.

Although your funds are being deposited at Ion Bank, we place the money in different interest-bearing savings accounts at other in-network FDIC-insured banks. As such, the amount in each account remains below the $250,000 FDIC limit.

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For more information,
contact Ion Bank, today!

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Monthly fee – $100
Eligible for earnings credits
Eligible with Business Checking product only

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