Bank Deposit Sweep Program Investacorp 2018-06-19T16:33:26+00:00
Bank Deposit Sweep Program
The Bank Deposit Sweep Program is a core account investment vehicle used to hold your cash balance while awaiting reinvestment. The cash balance in your Brokerage Account(s) will be automatically deposited or “swept” into an interest-bearing FDIC-insured Program deposit account. Greater safety on the cash in your investment account – is why Investacorp is offering the Bank Deposit Sweep Program, which provides up to $1.5 million maximum cumulative FDIC coverage and a competitive yield with deposits held at a network of multiple banks. Fee-based retirement accounts participate in a similar Advised Retirement Account – Bank Deposit Sweep Program. Funds will be swept into deposit accounts at a Program Bank up to a specific amount. Funds in excess of that amount are then swept into the next successive bank on the Program Bank List, and so forth.