for Large Deposits
First Savings Bank | Insured Cash Sweep (ICS)
One relationship providing an additional security blanket.
ICS accounts allow for a convenient and smart way for customers to access additional FDIC protection over the initial $250,000, all managed through one bank relationship. Safe harboring large deposits while earning a return.
ICS accounts allow:
- Security – Even large deposits are covered and eligible for FDIC protection.
- Earn Interest – Start earning more on your excess cash by placing funds into a demand deposit account using the ICS demand option or into a money market deposit account with the ICS savings option.
- Flexibility – ICS works with you by offering unlimited withdrawals with the ICS demand option or make up to six program withdrawals a month using the ICS savings option. Choose the ICS option that best matches your cash management and liquidity needs.
- Convenience – The days of dividing your money across institutions are over. Work directly with us – your trusted community bank and avoid the hassle of multiple statements and bank relationships. Receive one monthly statement from us with a summary of account activity and balances.
See how ICS accounts work:
FREQUENTLY ASKED QUESTIONS
What is an ICS Deposit?
ICS accounts can be setup as a checking or savings account. Through this account, you can earn interest on the funds placed and have peace of mind that all funds are eligible for FDIC protection.
How does banking with ICS work?
As your trusted financial institution, we take care of the heavy lifting. When you make a deposit to your ICS account with First Savings Bank, we place that deposit into other deposit account sat other ICS Network banks in amounts below FDIC insured maximum $250,000. As our customer, you never have to worry about separating the funds or opening the accounts.
Is my information secure?
Yes, your information remains confidential, and accounts are protected and backed by FDIC insurance.