What is an FDIC-Insured Deposit Sweep?

Customers may obtain the benefits of FDIC insurance eligibility in a Fidelity IRA through the FDIC-Insured Deposit Sweep Program. If you utilize the Sweep Program, the cash balance in your account will be automatically swept into an interest-bearing FDIC-Insured Deposit Sweep position. Since FDIC insurance coverage is currently limited to $250,000 per qualified customer account per banking institution, Fidelity may use several banks, rather than just one, to maximize your FDIC coverage. This is referred to as the Program Bank List. The first bank listed below will be your Primary Program Bank. Please see the FDIC-Insured Deposit Sweep Program Disclosures (PDF) for more information. For additional information about FDIC insurance coverage, please visit the FDIC website at www.FDIC.gov.*

What Primary Program Bank will be assigned to receive my deposits?

Based on the Program Bank List assigned to your account, a Primary Program Bank will be assigned to receive your account's deposits. Your Primary Program Bank will be the first bank in list below.

What Program Bank List will be assigned to my account? How will it be used?

Program Banks as of 11/21/2024 are:

  • CITIBANK NA
  • ASSOCIATED BANK NA
  • CIBC BANK USA
  • THE BANK OF NEW YORK MELLON
  • US BANK
  • GOLDMAN SACHS BANK USA
  • HUNTINGTON NATIONAL BANK
  • BANK OF OKLAHOMA
  • CITIZENS BANK NA
  • BANC OF CALIFORNIA - unavailable
  • Show all 25 Program Banks.

Money Market Mutual Fund Overflow

The Money Market Mutual Fund Overflow ("Money Market Overflow") was introduced as an enhancement to the Fidelity FDIC-Insured Deposit Sweep program ("Program").

This component of the Program provides that, for cash balances that exceed FDIC insurance coverage limits, or cannot be swept to a Program Bank due to either a lack of bank capacity or unavailability of FDIC insurance, your funds will instead be swept into the Money Market Overflow feature. Funds swept into the Money Market Overflow will be held in the Fidelity Government Money Market Fund* ? Class S (FZSXX | Get Prospectus).

Once your funds are placed in the Money Market Overflow fund, these funds will be the first funds that are used to settle any debits or withdrawals from your account.

Note: Funds held in the Money Market Overflow are not FDIC Insured. The Money Market Overflow is not available for purchase as a stand-alone investment but is a component of the FDIC Insured Deposit Sweep Program.

Please see the FDIC Insured Deposit Sweep Program Disclosure for more details.

After your account is established, you may select a different Program Bank List, if one is available, to receive your deposits. Call a Fidelity representative at 800-544-6666 for assistance.

Since my deposits are being held with a Program Bank, do I need to do anything special to access these funds?

No, you can use your account just as you would any account at Fidelity. Fidelity will automatically manage the money movement between the bank and your account, in accordance with the FDIC-Insured Deposit Sweep Program Disclosures (PDF). You cannot access or withdraw your cash by contacting the bank directly.

Is there more detailed information available?

Yes, please see the FDIC-Insured Deposit Sweep Program Disclosures (PDF) for more information, as well as how your rate will be determined.

You could lose money by investing in a money market fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Fidelity Investments and its affiliates, the fund?s sponsor, is not required to reimburse money market funds for losses, and you should not expect that the sponsor will provide financial support to the fund at any time, including during periods of market stress.

Fidelity's government and U.S. Treasury money market funds will not impose a fee upon the sale of your shares.

* The cash balance in the core position is swept to an FDIC-Insured interest bearing account at one or more program banks and, under certain circumstances, a money market mutual fund (the "Money Market Overflow"). The deposit at the Program Bank is not covered by Securities Investor Protection Corporation (SIPC). The deposit is eligible for FDIC insurance subject to FDIC insurance coverage limits. All assets of the account holder at the depository institution will generally be counted toward the aggregate limit. For more information about FDIC insurance coverage, please visit the FDIC website at www.FDIC.gov or call 877-ASK-FDIC. As referenced in the
FDIC-Insured Deposit Sweep Program Disclosures (PDF),
customers are responsible for monitoring their total assets at the Program Bank to determine the extent of available FDIC insurance. All FDIC insurance coverage is in accordance with FDIC rules. The parent company of Fidelity has a minority percentage, non-controlling interest in Leader Bank, N.A.

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