At Hingham Institution for Savings, we understand the importance of protecting your money and providing you with peace of mind. That's why we offer IntraFi's Insured Cash Sweep® (ICS®) program, a comprehensive solution designed to provide your with up to $150 million in FDIC insurance coverage.
What is the Insured Cash Sweep® (ICS®) Program?
The Insured Cash Sweep® (ICS®) program is a smart and convenient way to access multi-million-dollar FDIC insurance on your deposit balances while working directly with a Hingham Institution for Savings. ICS® enables you to protect your funds and earn interest through a network of participating banks.
How Does the ICS® Program Work?
When you open an account at Hingham Institution for Savings and elect to participate in our ICS program, we automatically place your money into deposit accounts at other participating banks in the ICS® network. By doing so, we ensure that your funds are eligible for FDIC insurance coverage up to the maximum limit.
Key Features and Benefits of the ICS® Program:
Increased FDIC Insurance: With the ICS® program, you can access FDIC insurance coverage up to $150 million or more while working with just one financial institution, Hingham Institution for Savings. This expanded coverage provides peace of mind and additional security for your deposits.
Convenience and Ease of Use: You enjoy the convenience of managing all your funds through a single relationship with Hingham Institution for Savings. There is no need to open multiple accounts at different banks or keep track of various statements.
Comprehensive Account Reporting: Hingham Institution for Savings provides you with consolidated statements and access to our ICS online banking portal, allowing you to easily track and monitor your deposits within the ICS® program.
Local Relationship: By participating in the ICS® program, you maintain a personal relationship with Hingham Institution for Savings, a trusted banking partner that understands your financial needs and provides exceptional customer service.