The Insured Bank Deposit Sweep Program is a service offered by Interactive Brokers (IBKR) that provides additional FDIC insurance coverage for eligible USD cash balances in client accounts. This program allows clients to obtain FDIC insurance beyond the standard $250,000 SIPC coverage…

Funds will be withdrawn from the last position bank with funds first.

Please Note…

The Insured Bank Deposit Sweep Program is available to only those non-U.S. residents whose account is carried with IBLLC, the U.S. broker, or IB-UK, the introducing broker. A foreign tax ID or national ID number is required if clients do not have a U.S tax ID…

In determining the portion of a client's cash balance eligible to be carried in the Insured Bank Deposit Sweep Program, the following balances are excluded:

• Unsettled cash balances;
• The first $250,000 of settled cash maintained in the securities segment of the account (insured by SIPC);…

SIGN UP FOR INSURED BANK DEPOSIT SWEEP PROGRAM

Eligible clients can use the button above or follow the below procedure to sign up in Client Portal:…

You may not change the order of the banks on the bank priority list. However, you may at any time designate a bank as ineligible to receive your funds. This will result in funds skipping this bank or, if already there, IBKR withdrawing those funds and designating the bank as ineligible to receive future deposits…

Your joint account was not invited to enroll in the Insured Deposit Sweep Program because your joint account may have insufficient funds, a non-valid tax ID, the joint ownership is not 50/50 or at least one co-owner is already enrolled in the Insured Bank Deposit Sweep Program from a separate joint account…

You will earn interest at IBKR's published rates based on your total settled cash balances, regardless of where your cash is held.  

Interest on Insured Bank Deposit Sweep Program balances will accrue daily from the day funds are deposited into a program bank through the business day preceding the date of withdrawal from that bank. Interest will be credited monthly. The specific program bank assigned to your account does not impact the interest rate you receive…

The bank accounts at each bank use an Omnibus account structure and are opened under Interactive Brokers’ name. The account title makes it clear that the funds in the account are held for the benefit of IBKR’s customers. The bank does not know the names of individual customers. IBKR and the program administrator have records showing how much each client has at each bank and, in the event of a bank default, would provide the records to FDIC. …

OPT OUR OF INSURED BANK DEPOSIT SWEEP PROGRAM

Use the button above or follow the below procedure to opt out of the Insured Bank Deposit Sweep Program:…

The Insured Bank Deposit Sweep Program is offered to both US and foreign individual, joint (50/50 ownership only), IRA and organization securities accounts held at IBLLC, the U.S. broker, or IB-UK, the introducing broker with USD free credit cash balances above $250,000. A foreign tax ID or national ID number is required if clients do not have a U.S tax ID…

IBKR establishes contracts with multiple FDIC-insured banks, which are included in one or more bank priority lists. Your account's legal address on record determines your bank priority list and this list controls the order in which program banks receive cash swept from your brokerage account…

The Insured Bank Deposit Sweep Program allows clients to sweep excess funds above $250,000 from their IBKR accounts to participating FDIC-insured banks. Doing so allows for a client to maintain SIPC coverage on up to $250,000 of funds at IBKR as well as receive FDIC insurance on the funds swept. As IBKR caps the sweep at $246,500 ($493,000 for joint accounts) per participating bank, swept deposits receive the benefit of full FDIC coverage…

The cash withdrawal process will remain the same for those who participate in the Insured Bank Deposit Sweep Program. Withdrawal requests from the Deposit Accounts are processed for next day value, i.e., they are subject to a one-day delay.

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If you receive interest that takes you over the $246,500 ($493,000 for joint accounts) maximum, the overage will be swept into the next available bank. If you receive interest that takes you over the $5,000,000 ($10,000,000 for joint accounts) program limit, the overage will be returned to IB and would be safeguarded under the SEC’s Customer Protection Rule 15c3-3…