Barclays Wealth Offers Deposit Sweep with Access to up to $10 Million in FDIC-Insurance
08 October 2009, New York
This program offers clients the ability to invest significant amounts of their excess cash without compromising on the traditional insurance guarantees provided by single-bank FDIC protection
Barclays Wealth in the Americas announced today that it is offering eligible clients access to the safety and convenience of Federal Deposit Insurance Corporation (FDIC) protection of up to $10 million for sweep deposits.
The Insured Network DepositsSM ("IND®") and the Insured Network Deposits BusinessSM ("INDBSM") services are available to individuals and businesses as part of Barclays Wealth’s Cash Sweep Program. These services sweep available cash in a client's brokerage accounts and deposit the money into interest-bearing deposit accounts at one or more IND network banks nationwide. Since the cash from the IND and the INDB is deposited in multiple network banks, each up to the FDIC insurance limit, a client’s total deposits are eligible for up to an aggregate of $5 million, or $10 million per joint account, of FDIC insurance.*
"This program offers clients the ability to invest significant amounts of their excess cash without compromising on the traditional insurance guarantees provided by single-bank FDIC protection," said Paul Feidelson, Head of Investment & Product Office at Barclays Wealth in the Americas.
The interest rates on deposit accounts are tiered based upon client balances.
* The $5,000,000 and $10,000,000 limits available under this service are subject to change depending on changes to FDIC deposit insurance coverage
[b][i]
08 October 2009, New York
This program offers clients the ability to invest significant amounts of their excess cash without compromising on the traditional insurance guarantees provided by single-bank FDIC protection
Barclays Wealth in the Americas announced today that it is offering eligible clients access to the safety and convenience of Federal Deposit Insurance Corporation (FDIC) protection of up to $10 million for sweep deposits.
The Insured Network DepositsSM ("IND®") and the Insured Network Deposits BusinessSM ("INDBSM") services are available to individuals and businesses as part of Barclays Wealth’s Cash Sweep Program. These services sweep available cash in a client's brokerage accounts and deposit the money into interest-bearing deposit accounts at one or more IND network banks nationwide. Since the cash from the IND and the INDB is deposited in multiple network banks, each up to the FDIC insurance limit, a client’s total deposits are eligible for up to an aggregate of $5 million, or $10 million per joint account, of FDIC insurance.*
"This program offers clients the ability to invest significant amounts of their excess cash without compromising on the traditional insurance guarantees provided by single-bank FDIC protection," said Paul Feidelson, Head of Investment & Product Office at Barclays Wealth in the Americas.
The interest rates on deposit accounts are tiered based upon client balances.
* The $5,000,000 and $10,000,000 limits available under this service are subject to change depending on changes to FDIC deposit insurance coverage
[b][i]