Insured Bank Deposit Sweep Program
Instructions
The Insured Bank Deposit Sweep Program allows eligible IBKR clients to obtain up to $5,000,000 ($10,000,000 for joint accounts) of FDIC insurance in addition to existing $250,000 SIPC coverage for total coverage of $5,250,000 ($10,250,000 for joint accounts).
Eligibility for the Insured Bank Deposit Sweep Program
The program is available to the following account types held at IBLLC (the U.S. broker) or IB-UK (the introducing broker):
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US and foreign individual accounts
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Joint accounts (50/50 ownership only)
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IRA accounts
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Organization securities accounts
These accounts must have USD free credit cash balances above $250,000.
Foreign clients without a U.S. tax ID must provide a foreign tax ID or national ID number to be eligible.
The following account types are not eligible due to the complexity of FDIC rules:
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Individual accounts with a transfer on death provision
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Joint accounts with uneven ownership
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Trust accounts
To enroll in the Insured Bank Deposit Sweep Program
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Click the User menu (head and shoulders icon in the top right corner) > Settings > Account Configuration > Insured Bank Deposit Sweep Program.
The Insured Bank Deposit Sweep Program page appears
- Click the toggle button to Yes and click Continue.
- Read and sign the clearing agreement to authorize the program.
- Click Continue to save your preference, then click Ok to return to the Account Settings page.
To Change or Opt Out of the Insured Bank Deposit Sweep Program
- Click the User menu (head and shoulders icon in the top right corner) > Settings > Account Configuration > Insured Bank Deposit Sweep Program.
- Uncheck any of the banks participating in the Insured Bank Deposit Sweep Program to discontinue using them. Click Save.
- Click Opt Out to exit the program.