Barclays Wealth has launched a product
which allows clients to earn extra interest from unused deposits in
their brokerage accounts.
The deposits have access to $10 million in Federal Deposit
Insurance Corporation (FDIC) guarantees and are part of Barclays
Wealth’s cash sweep programme, Insured Network Deposits
(IND).
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Cash available in brokerage accounts is swept into interest bearing
accounts at one or more IND network banks across the US, each up to
the FDIC’s insurance limit. The limit for an individual is $5
million, while joint account holders have access to $10 million in
FDIC insurance.
Interest rates are tiered depending on account balances.
“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 the investment &
product office at Barclays Wealth in the Americas.
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