Insured Cash Sweep


multi-million Dollar FDIC Protection

With Insured Cash Sweep (ICS)* and a Jumbo Deposit account, multi-million-dollar FDIC coverage is available. When you sign a Deposit Placement Agreement with the ICS network, your funds are placed with different FDIC-insured banks. Yet, you receive interest payments and one consolidated statement through Physician Bank.


Here’s what happens when you use Physician Bank’s Insured Cash Sweep (ICS):

  1. A (ICS) Deposit Placement Agreement and a Custodial Agreement are signed between you and Heritage Bank, of which Physician Bank is a division of.
  2. A Jumbo Deposit Account is created for you to manage your ICS funds.
  3. According to the Deposit Placement Agreement, your funds are placed into FDIC-insured deposit accounts with other members of the ICS Network.
  4. Using the Physician Bank online banking system, you can monitor your funds anytime, anywhere.
  5. The ICS network provides you with consolidated interest payments and a single monthly statement.

*FDIC insured cash sweep is subject to additional terms and conditions.

New! 4.04% APY* on checking.
*APY = Annual Percentage Yield

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Payroll Plus Checking Account

*APY = Annual Percentage Yield. Fees may reduce earnings. Interest rate is variable and may change after the account is opened. Rate applies to balances between $0.01 and $100,000

To earn 4.04%, you must:

  1. Have at least $5,000 in direct deposit each month from payroll, social security, investment income, or other forms of monthly income.
  2. Have monthly debit card purchases posted to your account equaling a minimum of $500. Please note that ATM transactions do not count toward the debit card purchase requirement.
  3. Enroll and receive monthly eStatements. With eStatements, you must have a valid email address to enroll. $4 per month fee applies if not enrolled in eStatements and paper statements are sent through U.S. Mail.

Payroll Plus Rates effective as of July 1, 2024. Minimum opening deposit of $100.