Cash liquidity, a highly competitive rate of return and FDIC insurance eligibility all in one sweep option.
With the CNB Deposit Sweep Program at City National Securities, you’ll have all the transactional flexibility of a money market mutual fund while earning a competitive rate of return. Your balance in the program will also be eligible for Federal Deposit Insurance Corporation (FDIC) insurance coverage up to applicable limits—currently $250,000 for individual accounts and $500,000 for joint accounts—taking into consideration other accounts you have with City National Bank (City National) in the same insurable capacity.
The CNB Deposit Sweep Program automatically moves available cash balances to an interest-bearing deposit account at City National, all managed for you by City National Securities. Please note that deposit balances that exceed applicable FDIC limits will not be FDIC insured, but will still earn a highly competitive rate of interest. More information regarding FDIC insurance coverage is available at fdic.gov.
Every day after the close of transaction processing, available cash balances in your brokerage accounts will be automatically swept into an interest-bearing deposit account at City National. Your CNB Deposit Sweep Program balance will also be used to settle trades and cover checks, wires and other disbursements from your brokerage account.
In addition to FDIC insurance eligibility, the CNB Deposit Sweep Program is backed by the strength of City National. With assets of more than $50 billion, City National has a strong balance sheet, is well capitalized and has strong credit ratings: