The 1st Insured Cash Sweep Account offers you a unique opportunity to enjoy the safety of millions of dollars in FDIC insurance, potential to earn interest regardless of account type, and consolidate multiple bank relationships into a single, comprehensive cash management account. Whether you are seeking to insure your cash for your family, your business, or public funds, no other account offers you more flexibility than the 1st Insured Cash Sweep Account.
- Protection - Account holders can receive millions of dollars in FDIC protection through a single account; several times more insurance than traditional deposit accounts
- Growth - All account types, including businesses and public funds, have the potential to earn a competitive rate of interest so that funds above a pre-determined peg are earning interest at a competitive rate
- Access - Customers enjoy daily access with no transation limitations
- Convenience - Consolidate multiple bank relationships into one convenient account to cut down on paperwork and the coordinating of monthly statements and confirmations
The 1st Insured Cash Sweep Account meets the insurance and cash management needs of all customer account types:
Individuals: Through a single account, customers receive millions of dollars in FDIC insurance to protect their retirement, college savings, vacation fund, or rainy day cash. Joint accounts receive double the current expanded FDIC insurance limit.
Businesses: Receive expanded levels of FDIC insurance through one convenient account. No withdrawal limitations, plus the convenience of a fully automated cash management solution which eliminates the need to scramble to transfer money from one account to another.
Public Funds: It can be labor intensive and time consuming to maintain a public funds account, and the funds need to be protected as required by state mandates. This fully automated cash management account ensures public funds money is available when needed and provides high levels of insurance coverage to meet investment policy guidelines.
Funds participating in the 1st Insured Cash Sweep Account are deposited into deposit accounts at participating banks, which are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000 for each category of legal ownership, including any other balances you may hold directly or through other intermediaries, including broker-dealers. The total amount of FDIC insurance for your account depends on the number of banks in the program. If the balance in your account is greater than the FDIC insurance coverage in the program, any excess funds will not be insured. Please read the Program Terms and Conditions carefully before depositing money into the program and for other important customer disclosures and information. To assure your FDIC coverage, please regularly review banks in which your funds have been deposited, and notify your bank immediately if you do not want to allocate funds to a particular bank or banks.