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.
Please Note
- You are only eligible for $250,000 of FDIC coverage with each program bank. This total includes your Insured Bank Deposit Sweep Program balances and any other FDIC-eligible deposits you may hold at the same program bank in the same ownership category. If you exceed the FDIC coverage limit at a bank assigned to hold your deposits, you can opt out of that bank via the tools in Client Portal.
- Any withdrawal of funds allocated to the Insured Bank Deposit Sweep Program is subject to an extra day of processing.