Eliminate risk, earn interest on your funds, and make withdrawals when you need to with Insured Cash Sweep® service. Administered by Promontory Interfinancial Network, a trusted partner of more than 3,000 financial institutions in the U.S., the ICS service enables customers to maintain their current banking relationship while enjoying the peace of mind of multi-million-dollar FDIC insurance.

With ICS, you can continue your relationship with Central Bank, while receiving the same benefits as if you opened deposit accounts at multiple banks on your own. As a bonus, member banks in the ICS Network reciprocate deposit amounts. This means that, although your funds are divided among different banks, the total amount you deposit with ICS will go to your primary bank for local lending.

What is Insured Cash Sweep (ICS)?

Insured cash sweep is a safe and convenient service that provides FDIC insurance on large balances while giving you access to your money, as well as the ability to earn interest. Choose between demand accounts, which offer unlimited withdrawals, and money market accounts that permit up to six withdrawals per month. Or utilize both types of accounts.

How Does ICS Work?

Let’s say you have a one-million-dollar sum to deposit. You don’t want to risk losing money in the stock market, but you also want to earn interest. With ICS, you can deposit the entire sum with your primary bank, such as Central Bank, a bank you already know and trust. We divide your deposit into amounts up to $250,000 (the standard FDIC maximum) and transfer these smaller deposits to ICS Network banks (who are all FDIC-insured).

Why Does ICS Work?

The FDIC will insure up to $250,000 of an individual’s deposit accounts at an FDIC-insured financial institution. There is no limit on the amount of money you can receive FDIC protection on; the limit is per bank, not per person. So, you could manually open deposit accounts at different banks in order to obtain FDIC insurance on a total larger sum. The benefit of enrolling in ICS is that we will do that for you, saving you time and hassle. Instead of receiving multiple monthly statements, you’ll just get one, and you can check your balance online through your primary institution at any time. All the while, you get to work with the same bankers you already have a relationship with.

Which Bank Acts as Custodian of my Funds?

As your primary bank, Central Bank is the custodian for your ICS deposits. The subcustodian of ICS deposits is the Bank of New York Mellon (BNY Mellon), which is the largest custodian worldwide.

How Do I Know My Account Information Will be Safe?

Central Bank is the only institution that has access to your account information, and we will keep it safe and confidential, just as we would with any account you open with us. Read about our security practices and tips.

Has Anyone Ever Lost Money Through ICS?

The Insured Cash Sweep service has been tested with billions of dollars and designed to comply with FDIC regulations. We can proudly say that no ICS depositor has ever lost money in the system. In every instance where an ICS Network member bank has failed, all claims for deposit insurance were paid by the FDIC.

Partner with Central Bank

Depositing large amounts of money through the ICS network is simple, safe, and beneficial. As a longtime community bank serving the people and businesses of Houston, we are proud to offer the convenience and protection of the Insured Cash Sweep® service to our business and personal banking clients. Contact us today to learn more about ICS and how it can help you reach your financial goals.