EMPOWERING PHYSICIANS: THE ULTIMATE Savings ACCOUNT FOR MEDICAL PROFESSIONALS
- Maximize your savings potential with an interest-bearing account
- Enjoy full FDIC insurance on deposits up to $7 million with Insured Cash Sweep
- Enjoy peace of mind knowing your funds are safe and secure
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One Rewarding Savings Account
Our Jumbo Deposit Savings Account2 comes with a range of features that keep your savings secure and growing. You can rest easy knowing that your deposits are:
- Safe: Your deposits are insured by the FDIC to the maximum allowable by law. For deposits up to $7 million3, an Insured Cash Sweep application is required to extend FDIC insurance coverage.
- Accessible: Low minimum opening deposit of $1,000.00 with a minimum balance requirement of only $0.01!
- Growing: Interest is compounded and credited monthly, ensuring steady growth over time.
Don’t wait any longer to manage your significant savings. Sign up or learn more about our secure and flexible Jumbo Deposit Savings Account today!
- APY = Annual Percentage Yield. Fees may reduce earnings. Interest rate is variable and may change after the account is opened.
- This is an all-electronic account that must be managed online. No checks or debit cards are available with this account. No maturity date; no early withdrawal penalty. $15 per month fee if paper statements are mailed through the US Mail. $30 wire transfer fee waived for one outgoing domestic wire transfer per month. Unlimited incoming domestic wires at no charge. You are allowed six (6) withdrawals, of any type, per month. Any month you exceed this number, you will be charged a $30.00 service charge. No financial institutions and brokers.
- $7M FDIC-insured limit applies to customer’s entire deposit relationship with Physician Bank. FDIC insured cash sweep is subject to additional terms and conditions.
Jumbo Deposit rates effective as of March 1, 2024.
With a minimum balance of $100,000
With a minimum balance of $2,000,000
With a minimum balance of $230,000
With a minimum balance of $.01
JUMBO DEPOSIT FAQs
We offer a great feature with our Jumbo Deposit Savings Account for customers just like you. We have partnered with Promontory Interfinancial Network LLC to offer a product called Insured Cash Sweep (ICS). This program allows participating banks across the United States to electronically transfer (sweep) money between member banks to ensure every customer with an ICS account is fully FDIC insured. When you are completing the Jumbo Deposit Account application, you will be given the opportunity to apply for an ICS account, too. After you complete the application for your ICS account, we’ll get your ICS account established in the Promontory program. When you make deposits into your JDA, we electronically sweep money from your JDA to your ICS account to be deposited with other banks participating in this program. The convenience is that you don’t need to manage multiple accounts or multiple banks to get additional FDIC coverage… you can manage all of your money with Heritage Bank.
There is no minimum balance requirement, but larger deposits earn higher interest rates.
The Jumbo Deposit Account is actually a money market account. When you log in to Digital Banking to see your account, your Jumbo Deposit Account will show up as a checking account, which is how money market accounts appear in our system.