![]() The interest rates on ICS accounts are competitive and may be higher than those offered by traditional deposit accounts – making it an attractive option for individuals and businesses with large cash balances. This statement also provides a view into the banks where the funds are deposited. With ICS, there is no need to worry about monitoring multiple accounts at different banks as your deposits are outlined in one statement. In the unlikely event that one of these banks experiences a failure, the FDIC provides insurance to keep your funds secure and accessible. As a result, this method provides greater protection compared to conventional savings accounts. This approach ensures that each deposit is eligible for FDIC insurance, up to the maximum limit of $250,000 per bank, per depositor. All the banks mentioned are part of the IntraFi℠ Network. One could place $250,000 in Amerant Bank, another $250,000 in Bank B, a further $250,000 in Bank C, and the remaining $250,000 in Bank D. ![]() The funds are then automatically divided into smaller amounts and placed in demand deposit accounts at multiple other banks within the ICS network. You can deposit the entire amount with Amerant Bank by opening an ICS account. Let’s say you have $1 million that you want to keep safe, insured, and earn interest on. This enables banks to offer FDIC insurance for deposits beyond the standard $250,000 limit by spreading them across multiple banks in the IntraFi℠ network, allowing access to multi-million dollar FDIC insurance. IntraFi’s℠ services are integrated with the Insured Cash Sweep (ICS) program. IntraFi℠ is a Financial Services network that connects individual banks and offers fully insured deposit services to customers via the FDIC. Amerant Bank offers this service through it’s Protection+ product. The custodian of the account is Amerant Bank. ICS automatically divides your deposits into smaller amounts under the $250,000 limit and places them in demand deposit accounts at multiple banks within the IntraFi℠ network, providing you with a higher level of protection and convenience. Insured Cash Sweep (ICS) is a financial product offered by banks in the IntraFi℠ network that maximizes FDIC insurance coverage for large deposits while earning interest on cash balances. In this article, we’ll explore the benefits of ICS in detail and how it can help you achieve your financial goals. ![]() With ICS, you can achieve both of these goals by optimizing your FDIC insurance coverage while getting flexible access to your funds via unlimited withdrawals from funds placed in demand deposit accounts. This service helps on a multitude of levels and ensures that your money is not only safe, but is also working hard, earning interest for you and growing. ![]() Learn how this is accomplished and how you may be eligible for this type of account. Amerant Bank offers an innovative product called Protection+ that allows customers to access millions in FDIC insurance via banks in the IntraFi℠ network through Insured Cash Sweep (ICS). ![]()
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