Safety and security are always top of mind, especially during volatile times. Rest assured that Gateway Bank is just as strong as ever. To add peace of mind, we’re also offering two new programs to supplement FDIC deposit insurance.
Currently, the FDIC insures up to $250,000 in deposits at each FDIC-insured bank. Now, you can also enroll in ICS (Insured Cash Sweep) and CDARS (Certificate of Deposit Account Registry Service) at no additional cost to protect deposits above $250,000 while consolidating accounts for convenience and earning interest.
How it works
Available to both businesses and consumers, ICS and CDARS spread funds between Gateway Bank and other FDIC-insured accounts at partner banks. All deposits are still managed through Gateway Bank, always available for use, and outlined in one statement.
For the sake of round numbers, let’s say you have $1,000,000 that you want to keep safe, insured, and earn interest on.
With these programs, you could deposit the entire $1M with Gateway. $250k would stay in your Gateway account (fully insured by the FDIC), and the remaining $750,000 would be divided across three accounts at other banks within the network.
Deposits that you “sweep” to other banks in the network will also earn interest until that money is used. For ICS customers, deposits are placed into money market accounts and can be transferred back to Gateway at any time. For CDARS customers, deposits are placed into certificates of deposit (CDs), which earn higher interest by committing to keep your money in CDs for a longer period of time.
To learn more about these programs and enroll at no cost, contact us at 480-358-1000.