1 Annual Percentage yield (APY) is accurate as of 02/01/24. The Insured Deposit Marketplace (IDM) Program Money Market account is a variable rate and may change at any time without notice after the account is opened. Minimum opening deposit amount is $250,000. The APY is earned on all account balances maintained within the IDM program. Fees may reduce earnings. This is a limited time offer and may be discontinued at any time. Contact us for details.
2 Funds participating in the IDM program are deposited into deposit accounts at participating banks which are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000 for each category of legal ownership, including any other balances you may hold directly or through other intermediaries, including broker-dealers. The total amount of FDIC insurance for your account depends on the number of banks in the program. Review the Program Terms and Conditions carefully before depositing money into the program and for other important disclosures and information. To assure your FDIC coverage, regularly review banks in which your funds have been deposited and notify Luther Burbank immediately if you do not want to allocate funds to a particular bank or banks.
Speak with your Luther Burbank Personal Banker - it takes just a few minutes to explain the program's benefits.
Your Personal Banker will work with you to open the account which will allow you to maximize your FDIC insurance and interest earning potential.
Excess deposits will start being covered by millions of dollars of FDIC insurance as soon as your deposit has been placed.
Convenience through Luther Burbank Savings
With the Insured Deposit Marketplace Program, Luther Burbank offers an efficient process that minimizes your administrative burden. Obtaining high levels of FDIC insurance through multiple banks can be a time-consuming and administratively cumbersome process.
The seamlessness of the IDM program enables you to effectively ensure your money is FDIC insured while allowing you to enjoy these benefits:
- Eliminate the need to establish and maintain multiple banking and brokerage relationships to achieve high levels of FDIC insurance.
- Remove the administrative burden of daily repurchase agreement paperwork.
- Maintain one account at Luther Burbank where funds exceeding your targeted balance are automatically allocated to other banks at no charge to you.
- Receive statements, tax forms, etc., exclusively from Luther Burbank instead of multiple banking institutions.
- Access DepositViewSM, an online portal that enables you to view all banks where your deposit balances are held.
To learn how to incorporate a multi-million dollar FDIC-insured strategy into your investment portfolio and protect the important cash positions that do a world of good within your organization, contact us at 855.903.2479.