FDIC-Insured Sweep Program
We’re proud to bring you the FDIC-Insured Sweep Program (“Program”) offered by our clearing firm, Apex Clearing Corp. The Program allows cash balances in your securities account to be “swept” to participating FDIC-insured banks, where they’re eligible for insurance protection by the FDIC (up to applicable insurance limits).
Your cash balances in the Program, together with any other deposits you hold at the same financial institution, are eligible for deposit insurance by the FDIC up to a specified amount (principal and accrued interest) per depositor in each ownership category (e.g., individual or joint). The deposit insurance limit is $250,000 per ownership category per bank.
You aren’t paid interest on cash balances in the program. You should carefully consider if the Program meets your objectives. Ally Invest provides no investment, legal, or tax advice. Please make sure you’ve carefully read the Program's Terms and Conditions, because it describes the terms and conditions of the Program, and related updates to your Customer Agreement.
Assets held in your Ally Invest account are covered up to a maximum of $500,000 total, including $250,000 in cash balances, through the Securities Investors Protection Corporation (SIPC). SIPC coverage doesn’t insure against the potential loss of market value. Once your cash balances are on deposit with a participating bank in the Program, they’ll no longer be covered by SIPC. Your securities, however, will still be covered by SIPC.
To enroll, please go to your account settings and hit enroll.