Insuring Large Deposit Accounts
State Savings Bank is an FDIC-insured financial institution which means your deposit accounts are automatically covered by FDIC deposit insurance dollar-for-dollar, up to the insurance limit per depositor per ownership category at no cost to you.
For customers needing to secure deposits larger than the FDIC insurance limits, State Savings Bank participates in the IntraFi Network Deposits Program, Insured Cash Sweep® (ICS®) for checking and savings accounts and CDARS® for CDs, making qualified deposits eligible for multi-million dollar FDIC insurance without having to open and manage accounts at multiple financial institutions. It's easy, safe and smart!
How the IntraFi Network Deposits Program Works
If your deposits at State Savings Bank exceed FDIC insurance limits, you can request that we use the IntraFi Network Deposits Program to place the funds into multiple FDIC insured accounts at other IntraFi Network Deposits Program participating banks eliminating the need to seek out these banks, manage multiple accounts or differing deposit rates on your own. You will receive a full accounting of your funds on a single monthly statement and work solely with State Savings Bank to resolve questions or make account changes. If you have questions about whether you could benefit by participating in the IntraFi Network Deposits Program, or you are ready to participate now, please contact us.
If you have questions about whether you could benefit by participating in the IntraFi Network Deposits Program, or you are ready to participate now, please contact us.
You may be surprised to learn that not every financial account or service is covered by FDIC Insurance. Watch this short video to learn more!
For further information about FDIC Insurance and its limits, go to FDIC: The Importance of Deposit Insurance and Understanding Your Coverage.