Insured Cash Sweep Accounts

Individuals, corporations, small businesses, nonprofits, public funds (any customer) with funds over $250,000.00 is a prospective customer of ICS.

Safety of FDIC insurance for large deposits - because funds are placed in checking accounts that are issued by FDIC-insured institutions, your large deposits can be eligible for full FDIC insurance coverage.
Interest - rates may compare favorably with those of other high-quality, fixed income investments.
Management convenience - you can manage all of your account investments through a single relationship.
Security of working with a trusted, local source - your transactions are managed by the people you know and trust at Summit State Bank.

75 basis points paid on your non-interest bearing deposit accounts. Analyzed business accounts are included. For example, a $100,000 average balance Summit account would receive a $750 annual contribution.
25 basis points paid on your savings, money market and interest-bearing demand deposit accounts. For example, a $100,000 average balance Summit account would receive a $250 annual contribution.
If you require full FDIC insurance coverage for deposits greater than the maximum FDIC insurance amount, we offer Insured Cash Sweep (ICS) accounts which receive 65 basis points if non-interest bearing or 15 basis points if interest bearing.