Bank Deposit Sweep Program

Cash liquidity, a highly competitive rate of return, and FDIC insurance eligibility all in one sweep option

The City National Bank Deposit Sweep Program (Program) provides clients with the ability to improve their cash liquidity management capabilities, obtain FDIC insurance coverage across Program Banks – subject to applicable FDIC limits – and earn a competitive rate of return on deposits.

When clients participate in the Program, their cash balances in excess of their Target Balance (determined by the client; minimum $25,000) will be swept to participating Program Bank(s), including City National Bank, that are members of the FDIC.

City National Bank maximizes clients’ eligibility for FDIC insurance by systematically allocating cash across multiple Program Banks ($246,500 per Program Bank for single ownership accounts and $493,000 for multi-party ownership accounts).*

The “Program Maximum Deposit Amount” is the aggregate amount of funds that may be swept into Program Deposit Accounts at the Program Banks:

  • $5,000,000 for single ownership accounts
  • $10,000,000 for multi-party accounts

Clients who have deposits in excess of the Program Maximum Deposit Amount will have those funds automatically swept into the CNB Deposit Account. Funds in the CNB Deposit Account are eligible for FDIC insurance coverage up to a total of $250,000 per depositor held in the same insurable capacity, taking into consideration any other accounts the client may already have with City National in the same insurable capacity in and outside of the Program.

For FDIC coverage, the client is responsible for monitoring the total amount and insurable capacity of deposits placed both into and outside of the Program that the client has at each Program Bank, for the purpose of determining the FDIC insurance coverage for the client's deposits.

More information regarding FDIC insurance coverage is available at fdic.gov.

RATE OF RETURN

Please click here for current interest rate information.

Participating Banks

For a list of Program Banks participating in the Bank Deposit Sweep Program, please click here.

City National Bank Deposit Sweep Program Disclosure Document

For important information about the Bank Deposit Sweep Program, please review the City National Bank Deposit Sweep Program Disclosure Document.

Getting Started

To learn more, call us at (800) 773-7100, Monday through Thursday, 6:00 a.m. to 5:30 p.m., and Friday, 6:00 a.m. to 6:00 p.m. (PT). You can also contact us online or visit one of our local City National locations.

*Balances held in accounts at Program Banks are FDIC-insured up to applicable limits, but are not covered by SIPC. Please review the City National Bank Deposit Sweep Program Disclosure Document for more information.

Investment and Insurance products:
  • Are Not insured by the FDIC or any other federal government agency
  • Are Not deposits of or guaranteed by a Bank or any Bank Affiliate
  • May Lose Value