The Insured Cash Sweep product is a money market account where the funds are distributed among various financial institutions in order to offer FDIC insurance on large balances. The Insured Cash Sweep is ideal for businesses that wish to or are required to hold large cash reserves that are FDIC-insured. The Insured Cash Sweep is similar to a CDARS CD.
A Cardinal Bank transaction account is used for deposits and withdrawals.
Ability to exclude financial institutions; if you have existing CDARS CDs, exclusions carry over automatically.
Access to account information through Promontory portal and monthly account statements.
Peace-of-mind knowing funds are FDIC-insured.
Earn interest; putting excess cash balances to work.
Easy access to accounts through online portal and monthly statements.
Save time because you don’t need to work individually with different banks for insurance coverage.
To learn more, contact us at 703.584.3400 or 1.800.473.3247.
1 Federal regulations limit third-party or pre-authorized transfers to six per month. See fee schedule for details. The interest rate and Annual Percentage Yield (APY) may change. At our discretion, we may change the interest rate on the account weekly.