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Insured Clean Sweep: How It Works
Keep your cash balances of more than $250,000 safely protected with FDIC insurance through a single bank relationship. When you make a deposit through Minster Bank using Insured Clean Sweep (ICS), your money is divided into amounts under the standard FDIC insurance maximum of $250,000 and deposited to accounts at other IntraFi network banks.
You can choose to have your funds in demand deposit accounts, money market deposit accounts or Certificates of Deposit (CDs). Both the principal and interest are eligible for FDIC insurance, and you’ll enjoy the convenience of detailed reporting and receive periodic statements from Minster Bank.
How Do I Get Started?
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What Are the Benefits of the ICS Product?
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- Peace of Mind - Your funds are eligible for FDIC insurance protection in amounts well into the millions, and the principal will not be negatively affected by market volatility.
- Interest - Your cash balances can gain interest in demand deposit or money market deposit accounts.
- Liquidity - You’ll have access to funds placed through ICS into demand deposit and money market deposit accounts.
- Time Savings - Work directly with us — a bank you know and trust — to access multi-million-dollar FDIC insurance.
- Community Support - Your funds placed through ICS can stay local to support lending opportunities for your community.