ICS & CDARS

Sitting on extra funds? We’ll put them to work for you by depositing them into multiple secure, interest-bearing accounts.

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Enjoy peace of mind with full FDIC protection on your high-dollar deposits. ICS distributes your funds over $250,000 into money market accounts across different financial institutions.

Your funds remain secure as they earn competitive interest — and you’ll only ever receive statements from BankVista. Put your higher balances to work with this convenient service that does the work for you.

  • Enjoy increased coverage while also benefiting from increased access to funds and higher returns than other savings options
  • Interest above standard savings, which may compare favorably with other investment alternatives
  • Greater security; multi-million dollar FDIC insurance coverage
  • Convenience; everything is managed internally by BankVista:
    • One interest rate
    • One regular statement
    • One year-end tax form
  • Less administrative burden than other collateralized deposits and repo sweep options
  • 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
  • Full FDIC coverage on amounts up to $50 million

How It Works

  • Choose from either the ICSS or ICSD options or choose both
  • Sign the agreements, use an existing checking or other transaction account (or set one up), and deposit your funds
    • If you choose both the savings and demand options, you will need to have a separate transaction account for each
  • $200,000 remains in a transaction account at your bank, the rest are sent to other ICS network banks in amounts less than $250,0001
  • Each individual deposit receives interest, plus full FDIC backing
  • As a result, you access FDIC insurance coverage from many institutions while working directly with only your bank
  • Interest above standard savings, which may compare favorably with other investment alternatives2
  • Greater security; multi-million dollar FDIC insurance coverage
  • Convenience; everything is managed internally by BankVista:
    • One interest rate
    • One regular statement
    • One year-end tax form
  • Flexible maturity periods available
  • Helps support lending opportunities within your local community
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1Deposits 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.

2Limits apply. Funds may be submitted for placement only after a depositor enters into a CDARS® Deposit Placement Agreement with us. The agreement contains important information and conditions regarding the placement of funds by us. CDARS and Certificate of Deposit Account Registry Service are registered service marks of Promontory Interfinancial Network, LLC.