Extended Protection For Your Deposits

We’ll set you up with an Insured Sweep Account (ISA) that is connected to your checking or money marketing account at ConnectOne. Any amount of funds over $250,000 will be distributed through your ISA into smaller portions and placed in accounts at other participating banks throughout the network. For example, if you have $1 million that you want to safeguard and earn interest on:

• The first $250,000 will be in your ConnectOne Bank account.
• Another $250,000 will be allocated to Bank 2, an additional $250,000 to Bank 3
• The remaining $250,000 will be allocated to Bank 4.

Using the Insured Sweep Account eliminates the need to keep track of multiple accounts at various banks since depositor accounts are consolidated into one statement.

ConnectOne Bank has partnered with ModernFi, which operates a network of partner banks called NBID, the National Bank InterDeposit Company, that work together to fully insure your funds. Unlike legacy deposit networks, NBID is a bank-driven reciprocal deposit network, where participating banks are members of the company itself, receiving preferential pricing that we can then pass along to you.

While you cannot pick the destination banks that hold your funds, you can exclude banks from eligibility to receive your deposits using ICS or CDARS.

Connect with your local banker or contact us so we can get you set up with an Insured Sweep Account.

If you don't already have a ConnectOne Bank account, you'll need to open one to take advantage of this service. Visit our rates page to see which ConnectOne account is right for you. It should take about 5-10 minutes to open your account. Afterwards, connect with your local banker or contact us so we can help you continue the process with the appropriate information.