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Insured Cash Sweep (ICS) Service

Insured Cash Sweep (ICS) Service *


Access FDIC insurance on deposits larger than $250,000

We understand that our customers want to feel confident that their large deposits are secure, easily accessible, and earning a competitive return. That's why we offer the Insured Cash Sweep (ICS) service, a smart and convenient way to access multi-million-dollar FDIC protection.

With an ICS account, you can:

  1. Feel secure in the knowledge that even large deposits are eligible for protection backed by the full faith and credit of the federal government, giving you peace of mind.
  1. Put your excess cash balances to work and earn interest by placing funds into demand deposit accounts using the ICS demand option or into money market deposit accounts.
  1. Save time and hassle by working directly with us, City National Bank of Florida - a bank that you know and trust. Avoid opening accounts under different insurable capacities or managing multiple bank relationships. You'll receive just one monthly statement from us summarizing your account activity and balances and one statement from Bank of New York Mellon showing your FDIC insurance coverage.
  1. Enjoy the flexibility of accessing your funds easily and quickly. There are two options you can use individually or mix to best fit your financial needs. Get unlimited withdrawals through the ICS demand option, or choose the ICS MMDA/Savings option, which allows for up to six withdrawals per month.
Frequently Asked Questions: 

When you deposit funds into an ICS account at City National Bank of Florida, we place your funds into deposit accounts at other FDIC-insured banks within the ICS network. Your funds are divided into amounts under the FDIC insurance limit at each bank in the network, allowing you to access FDIC insurance coverage on the full amount of your deposit. We act as the custodian of your funds and provides you with a single monthly statement summarizing your account activity and balances.

Graph showing how ICS works

You can access your funds easily and quickly through the ICS demand option, which offers unlimited withdrawals, or through the ICS savings option, which allows for up to six withdrawals per month. You can choose to place your funds using either or both options to best match your liquidity and cash management needs.
Yes, with ICS, you can earn interest on your excess cash balances by placing funds into demand deposit accounts using the ICS demand option or into money market deposit accounts using the ICS savings option.
There is no fee associated with joining the ICS program.
To sign up for ICS, you can reach out to us and ask about the service. Your banker can help you understand the requirements and benefits of the service and guide you through the account opening process.

*Deposit placement through CDARS or ICS is subject to the terms, conditions, and disclosures in applicable agreements. Although deposits are placed in increments that do not exceed the FDIC standard maximum deposit insurance amount (“SMDIA”) at any one destination bank, a depositor’s balances at the institution that places deposits may exceed the SMDIA (e.g., before settlement for deposits or after settlement for withdrawals) or be uninsured (if the placing institution is not an insured bank). The depositor must make any necessary arrangements to protect such balances consistent with applicable law and must determine whether placement through CDARS or ICS satisfies any restrictions on its deposits. A list identifying IntraFi network banks appears at The depositor may exclude banks from eligibility to receive its funds. IntraFi, ICS, CDARS, Certificate of Deposit Account Registry Service are registered service marks, and IntraFi Cash Service is a service mark, of IntraFi Network LLC
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