Bank Deposit Sweep Program
Cash Liquidity with the Peace of Mind of FDIC Insurance
With the Bank Deposit Sweep Program at City National Securities, you’ll have the transactional flexibility of a money market mutual fund while enjoying the peace of mind of Federal Deposit Insurance Corporation (FDIC) insurance coverage of up to $2,500,000 for individual accounts and $5,000,000 for joint accounts.
The Bank Deposit Sweep Program automatically moves available cash balances to interest-bearing accounts at approved FDIC-insured banks, all managed for you by City National Securities up to the amounts indicated. Please note that deposit balances in excess of $2,500,000 for individual accounts or $5,000,000 for joint accounts will earn interest but will not be FDIC insured.*
Every day after the close of processing, available cash balances in your brokerage accounts will be automatically swept into FDIC–insured, interest-bearing deposit accounts across a network of participating banks up to the amounts indicated. Your Bank Deposit Sweep Program balance will also be used to settle trades and cover checks, wires and other disbursements from your brokerage account.
Availability is subject to certain restrictions. In addition to the strength of each participating bank, the Bank Deposit Sweep Program is designed to provide up to $2,500,000 in FDIC coverage per individual depositor in each insurable ownership capacity ($5,000,000 for joint depositors). Each Bank Deposit Sweep Program account constitutes a direct obligation of the participating bank holding your deposit and is not directly or indirectly an obligation of City National Securities. More information regarding FDIC insurance coverage is available at fdic.gov.
Please click here for current interest rate information.
For a list of Bank Deposit Sweep Program banks, please click here.
City National Securities Bank Deposit Sweep Program Disclosure Document
For important information about the Bank Deposit Sweep Program, please review the City National Securities Bank Deposit Sweep Program Disclosure Document.
Please call (800) 280-1464 to speak with an Investment Officer about the benefits of working with City National Securities.
*Your cash balance held in a money market mutual fund is not FDIC insured, but is covered by the Securities Investor Protection Corporation (SIPC). Balances held in accounts at participating banks are FDIC-insured up to applicable limits, but are not covered by SIPC. Please review the City National Securities Bank Deposit Sweep Program Disclosure Document for more information.
- 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