We work with clients to help them achieve important long-term goals, but we also know that you have short-term savings needs and expenses to pay along the way. Edward Jones offers solutions that provide Federal Deposit Insurance Corporation (FDIC) protection for money you're saving or need to spend in the near future. One of these is our Insured Bank Deposit program.
The Edward Jones Insured Bank Deposit program is an interest-bearing savings solution that includes FDIC protection. This program offers a competitive interest rate and up to $5 million of FDIC coverage ($10 million for joint accounts of two or more people).
Edward Jones is not a bank or FDIC-insured institution and deposit insurance only covers the failure of an insured bank. FDIC insurance for deposits held in the Insured Bank Deposit program is provided by the FDIC-insured banks that participate in the program, on a "pass-through" basis which requires certain conditions to be met for coverage to apply. For a current list of the network of FDIC-insured banks participating in the program, see Insured Bank Deposit.
Convenience
By using our Insured Bank Deposit program, you gain the convenience of having your FDIC-insured deposit and your investments on one statement. This can mean less paperwork and help ensure everything is working together to support your overall financial strategy.
Benefits
- Personal or business deposits are FDIC-insured up to $5 million ($10 million for joint accounts of two or more people)
- Access to your funds via check writing and debit card
- Transfer money electronically to and from your outside checking or savings account at no additional cost
- Direct deposit, online bill payment and direct debit for one-time or recurring payments
- One consolidated statement showing your cash and investments
- No initial minimum deposit
How it works
When you place cash in our Insured Bank Deposit program, deposits are made on your behalf into interest-bearing accounts at one or more FDIC-insured banks within the program. If your Insured Bank Deposit balance nears the FDIC limit at one of these banks, any additional cash is deposited at another eligible program bank on the applicable bank list. By using multiple banks versus a single bank, the program is able to provide up to $5 million of FDIC insurance ($10 million for joint accounts with two or more account owners) for your deposits.
FDIC insurance limits apply to all your eligible deposits at a bank, whether made by you or on your behalf. If you have other assets at one or more of our program banks, you may exclude that bank from holding your Insured Bank Deposit balances so you do not exceed current FDIC limits. While you're responsible for monitoring your total deposits at program banks, any certificates of deposit (CDs) you own through Edward Jones may be taken into account when we allocate your Insured Bank Deposit balances to help you stay within FDIC limits.
Rates
Insured Bank Deposit (Effective 3/23/2023 )
| Interest rate tier | Pricing group range | Interest rate |
|---|---|---|
| 1 | Less than $250,000 | 1.00% |
| 2 | $250,000-$499,999.99 | 1.70% |
| 3 | $500,000-$999,999.99 | 1.70% |
| 4 | $1,000,000-$9,999,999.99 | 2.25% |
| 5 | $10,000,000 and over | 2.75% |
Additional information concerning how interest rates are determined and other important disclosures are included in the Program Disclosure, available from your Edward Jones financial advisor on our website. For more information on FDIC insurance, go here.
Get up-to-date information along with the most current rates on our certificates of deposit, U.S. Treasury bills and other fixed-income investments. Learn more.
How we can help
Your Edward Jones financial advisor can help you determine how insured bank deposits fit into your overall investment strategy.
