Business Insured Cash Sweep (ICS)

Enjoy the simplicity of one interest rate, one statement, and one tax form. Enjoy the security of full FDIC coverage on amounts up to $50 million.

Benefits
  • Enjoy increased coverage — while also enjoying increased access
    to funds and higher returns than other savings options
  • Interest above standard savings, which may compare
    favorably with other investment alternatives1
  • Greater security — multi-million dollar FDIC insurance coverage
  • Convenience — everything is managed internally by First State Bank
    • One interest rate
    • One regular statement
    • One year-end tax form
  • Less administrative burden than other collateralized
    deposits and repo sweep options
  • Full FDIC coverage on amounts up to $50 million
Two convenient options:
  • Insured Cash Sweep Savings (ICSS)
    • Includes 6 program withdrawals per month and deposits funds to money market deposit accounts
  • Insured Cash Sweep Demands (ICSD)
    • Includes unlimited program withdrawals and deposits funds to demand deposit accounts

With the ICS service, you can:

Rest assured. Make even large deposits eligible for FDIC 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 or into money market deposit accounts using the ICS savings option.

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. Your funds can be placed using either or both ICS options to best match your cash management and liquidity needs

How It Works
  1. Choose from either the ICSS or ICSD options (or choose both)
  2. Sign the agreements, use an existing checking or other transaction account (or set one up), and deposit your funds
  3. If you choose both the savings and demand options, you will need to have a separate transaction account for each
  4. $200,000 remains in a transaction account at your bank, the rest are sent to other ICS network banks in amounts less than $250,0002
  5. Each individual deposit receives interest, plus full FDIC backing
  6. As a result, you access FDIC insurance coverage from many institutions while working directly with only your bank

1Limits apply. Funds may be submitted for placement only after a depositor enters into a ICS® Demand Deposit Placement Agreement or ICS® Savings Deposit Placement Agreement with us. These agreements contain important information and conditions regarding the placement of funds by us. ICS®, the Insured Cash Sweep® service are registered service marks of Promontory Interfinancial Network, LLC.

2Deposits are sent to demand deposit accounts with the demand option and to money market deposit accounts with the savings option. The standard FDIC insurance maximum is $250,000 per insured capacity, per bank.