Access FDIC Insurance Above $250,000
Southwest Heritage Bank is proud to offer access to FDIC insurance for accounts above the FDIC insurance limit ($250,000) through CDARS®, or the Certificate of Deposit Account Registry Service®, and ICS®, or Insured Cash Sweep®.
The placement of your funds for both CDARS and ICS 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 just one institution, you can access insurance coverage from many, and you will receive just one regular, monthly account statement per service from us.
How CDARS works
When you place a large deposit with Southwest Heritage Bank, a CDARS® Network member, the Network can be utilized to place your funds into CDs issued by other members of the CDARS Network.
How ICS works
ICS is also known as the Insured Cash Sweep Service.
When you place a large deposit with Southwest Heritage Bank, an ICS® Network member, the Network can be utilized to place your funds into money market deposit accounts at other FDIC insured member institutions.
And, your confidential information remains protected with us.
Interested? Contact a banker at your local branch for more information.
To learn more about these services or for information about our current rates, please contact us here.