February 3, 2023
FDIC INSURED ACCOUNT – Current Rate 3.88% - 100% Liquid Cash Account
Are you, your organization or your municipality sitting on cash that needs daily liquidity, and is earning a low rate of interest?
We are very excited to offer our Insured Deposit Marketplace (IDM) account! It is insured by the FDIC for up to 40 Million Dollars per customer and is 100% liquid. The account is currently paying 3.88%. (Interest accrues daily and posts monthly.)
The funds that you deposit into bank savings may be pooled and loaned out to other customers. Banks can't lend out all deposits since they need access to cash to pay out to customers who make withdrawals. So banks keep some of their reserves on deposit with the Federal Reserve. The Federal Reserve Bank will pay your bank a published rate which is currently 4.58%. Many banks keep most of that interest income and pay you only a small fraction of what they receive. We are seeing banks paying rates as low as 0.35% on savings and 0.45% on money market accounts and keeping over 4%.
The Insured Deposit Marketplace is a network of 160 banks that we work with who are willing to keep a much smaller portion, allowing you, the customer, to receive a more favorable rate. Instead of rates under 1%, the IDM is currently paying 3.88% on accounts of $100,000 or more! These are not CDs and you are not tying up your money.
Remember, these funds are FDIC Insured up to $40 Million Dollars per customer and are 100% liquid cash deposits that can be withdrawn at any time.
This product is offered by Dunham Trust and Investment Services and a network of 160 US banks through our firm. Click here to download the Dunham Insured Deposit Marketplace (IDM) Disclosure Booklet LINK. You cannot purchase this product directly from a participating bank. The Flyer includes links to the participating banks in the “Marketplace” and the most up-to-date interest rate. This product is not a security.
Walker Wealth Management, LLC is located in West Tennessee and is currently licensed in Tennessee, Louisiana, Texas, and Nevada. Feel free to forward this to any friends, business associates, County Trustees, Municipalities, or Court Clerks in these states who may be custodians of cash on hand, where liquidity is important, but who are seeking rates that we believe to be more favorable than direct bank FDIC insured savings accounts. As remote advisors, we are fully equipped with remote meetings and digital paperwork/signatures.
Feel free to schedule a call for more information.
Roger Walker, Investment Advisor Representative