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.

Benefits

  • 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.

Costs

  • Monthly maintenance fee of $25.00
  • Nonprofits, no monthly maintenance fee

Nonprofits

  • 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.