HOW DO I GET FDIC COVERAGE ON DEPOSITS LARGER THAN $25,000?

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.

DOES THE JUMBO DEPOSIT ACCOUNT REQUIRE A MINIMUM BALANCE?

There is no minimum balance requirement, but larger deposits earn higher interest rates.

IS THE JUMBO DEPOSIT ACCOUNT A SAVINGS ACCOUNT?

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.

Jumbo Deposit

Savings Account

EMPOWERING PHYSICIANS: THE ULTIMATE Savings ACCOUNT FOR MEDICAL PROFESSIONALS

Maximize your savings potential with an interest-bearing account
Enjoy full FDIC insurance beyond standard limit with Insured Cash Sweep
Enjoy peace of mind knowing your funds are safe and secure

GET STARTED ONLINE

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 that exceed the standard FDIC limit³, 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.
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 July 1, 2024.

2.04% APY¹
With a minimum balance of $100,000

4.25% APY¹
With a minimum balance of $2,000,000

3.02% APY¹
With a minimum balance of $230,000

1.01% APY¹
With a minimum balance of $.01

Click on a Minimum Balance above to View Rate

Important Information

Procedures for Opening an Account Mandated by the USA PATRIOT ACT

To help the government fight the funding of terrorism and money laundering activities, the USA PATRIOT ACT, a Federal law, requires all financial institutions to obtain, and record information that identifies each person who opens an account.

What this means for you:

When you open an account, we will ask you for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.

JUMBO DEPOSIT FAQs

WHAT ARE THE FUNDING OPTIONS FOR A JUMBO DEPOSIT ACCOUNT?

You have several options for funding your Jumbo Deposit Account:

Automatic transfer from your account at another financial institution
Paper check can be mailed to or dropped off at any of our locations
Wire transfer
Transfer from another Physician Bank account

HOW SOON DOES MY MONEY START EARNING INTEREST?

The money deposited into a Jumbo Deposit Account earns interest on the same day we receive it.

ARE THERE ANY SERVICE CHARGES WITH A JUMBO DEPOSIT ACCOUNT?

The only regular service charge with a Jumbo Deposit Account is a $15 per month charge if you are not enrolled in eStatements. If you do not have a valid email address on your account, you are not able to receive eStatements, and therefore will be charged $15 per month for mailed paper statements. You can avoid this fee by enrolling in eStatements.

More Jumbo Deposit FAQs

PRIVATE BANKER FOR PHYSICIANS

Brandie Wenham

NMLS #634982

brandie@www.physicianbank.com

M: (605) 640-5888
O: (712) 986-7077

CALL NOW

Brandie Wenham For Jumbo Deposit Savings Account

140 North Phillips Avenue #101A, Sioux Falls

4.9 66 reviews

Kelly Newton ★★★★★ 2 months ago
We had a lot of life changes and purchasing a new home was one of them. Julie was patient, knowledgeable, and walked us through every part of the process. Julie is an excellent communicator and was available at random times around my schedule. … More I highly recommend her and we now have the house of our dreams!
Kazvin Marfatia ★★★★★ a year ago
My fiancé and I are so grateful we got to work with Julie! As first time home buyers, the home buying process can be daunting but we honestly could not have had a better experience. Julie is available night and day to address any of our … More concerns and her responses are always very prompt. We valued how organized she is and would recommend her expertise to anyone. Thank you Julie!!! Looking forward to working with you again in the future 🙂
Antoinette Hunt ★★★★★ a week ago
Nikki was a pleasure to work with. She made the transaction smooth to the closing. She is a professional and was responsive whenever needed to all parties concerned. She cares about her clients. I would highly recommend her for any of your … More loan needs.
Antoinette Hunt
Boukari Realty
Alachua Fl
Tessa LaBounty ★★★★★ 4 months ago
I can not thank Julie Velline enough for the service she provided us during the home buying process. With the help of Julie and Physician Bank my husband and I were able to build our dream home. Julie was extremely knowledgeable and able … More to answer all of our questions (which as first time home buyers we had a lot of). She made the entire process run smoothly. I would definitely recommend Julie to anyone looking to buy or build a home, especially physician's who are interested in building their dream home as Physician Bank made the construction loan process so easy and seamless.
Brent Berry ★★★★★ 2 months ago
Julie is INCREDIBLE!! She is efficient and sooooo knowledgeable. The best part I would say is she cares!! She Pays close attention to each of my clients details and puts them in the best product to fit each buyers needs. Above all else … More she is the most kind and genuine person I know!
Brent Berry
eXp Realty
Fernanda Morais ★★★★★ 3 months ago
Julie was such a pleasure to work with. She was able to get everything we needed done quickly and smoothly (and responds during off hours) – even our realtor mentioned how efficient Julie was in making this process super easy.
Cristina Toledo-Cornell ★★★★★ a year ago
I worked with Teresa DeWolf anf her awesome team and I could not be happier with their professionalism, engagement, efficiency and overral stellar costumer service. I have now referred her and her team at Physicians bank to other colleagues … More and family. She gave ne a great rate and I am a seasoned Buyer (4th home). The process is seameless and the app super user friendly. I could not have asked for a more seameless experience on getting a loan! Thank you!! Picture of my new home bellow!
Fernando Zayas Bazan ★★★★★ a year ago
Physician Bank helped me secure a home loan at a great interest rate. We just closed June 12th 2023! Thank you Ryan and Physician Bank for making this sooo smooth!
Trinh To ★★★★★ 10 months ago
We had the utmost pleasure to work with Julie Velline. She is amazing!!! She helped us close the house in 4 days!! She honestly did God's work and made our dream come true. We were with another lender for 2.5 weeks and were not satisfied … More with their service. The previous lender clearly did not specialized in physician loans like we thought they do. Otherwise, they wouldn't have made the process more complicated than what it really is. It was the constant back and forth and none of our goals were being met. You would think there'll be minimal issues when you have 1 pharmacist and 1 medical physician in the household with 2 incomes. We had major headaches with the previous lender before we finally gave up on them and decided to be brave to reach out to a new lender during the buying process!! I called 1-2 other lenders and they all gave me the realistic answer of "No, we need at least 3-4 weeks to gather all the paperwork and process the loan". It was understandable considering we were with another lender for literally 2.5 weeks yet no loan was officially closed. I finally reached out to Julie for one final effort… and it was on Labor Day, 9/4! I did not anticipate any response due to the holiday and clearly all the banks would be closed. However, Julie responded!! She said they were closed for the holiday but she was willing to look over our documentation. I asked her if she can realistically help us close the loan on our closing date & she said "I don't see why not??". I was nearly in shock. My boyfriend and I sent over all the required documents. Julie and her processor literally worked around the clock for 2-3 days straight, I tell you! She was super responsive to her emails and worked like no other. She made sure to take care of us and to meet our goal of closing the house on 9/13/23. Honestly wow. Everyone we encountered during this buying process was nice and enjoyable to work with. They clearly know what they're doing and clearly have worked with other physicians and healthcare professionals before. They know how doctors live their life and their typical situations. They didn't have much questions regarding our background and finances. A+++ for Physician Bank and Julie! We are truly thankful for you.
Carolyn Lussenhop ★★★★★ a year ago
I had a wonderful experience with Physician Bank and they worked very closely with me to help me purchase my first home. My mortgage officer, Chris, was extremely helpful throughout the entire process. She is very knowledgeable, accountable, … More and went above and beyond to ensure that we closed on our home very quickly. We will continue to work with Physician Bank in the future, and I would absolutely recommend them to anyone!
Carrie Nemeh ★★★★★ a year ago
We just closed on our new home today and couldn't be more impressed with the service provided by Ryan at Physician Bank! He was incredibly responsive from start to finish. This was our first time buying a home so we had a lot of questions … More and Ryan was so patient and helped us every step of the way. We were able to get into our first choice home and close within 30 days. After extensive research we were most impressed by the choices and service provided by Ryan at Physician Bank which is why we ultimately chose this lender. Thank you!
Jonathan Wolf ★★★★★ a year ago
Jean at Physicians Bank was amazing. She got my wife and I in our forever home and helped us navigate the loan process. She made herself available to answer all our questions and helped make the lending process as stress free as possible. … More A true pleasure to work with and will be recommending her to others.