At Hingham Institution for Savings, we understand the importance of protecting your money and providing you with peace of mind. That’s why we offer robust deposit insurance programs for all customers. Learn about our two deposit insurance programs below and contact us if you’d like to enroll in our extended FDIC insurance program.
FDIC and DIF Coverage
Hingham customers accounts are automatically covered by FDIC insurance up to $250,000. Additionally, deposits over $250,000 are covered by Depositors Insurance Fund (DIF). The combination of FDIC and DIF insurance provides customers with full deposit insurance on all their deposit accounts. No depositor has ever lost a penny in a bank insured by both the FDIC and the DIF.
DIF insurance coverage requires no applications or special forms. Depositors automatically receive this added insurance benefit at no cost whenever they make a deposit to a new or existing account at Hingham Institution for Savings.
Extended FDIC Insurance Program
Alternatively, organizations or individuals with large deposits can be covered with full FDIC coverage through our extended FDIC insurance program with IntraFi.
We offer IntraFi’s Insured Cash Sweep® (ICS®) program, a comprehensive solution designed to provide your with up to $150 million in FDIC insurance coverage.
The ICS® program is a smart and convenient way to access multi-million-dollar FDIC insurance on your deposit balances while working directly with a Hingham Institution for Savings. ICS® automatically spreads funds in excess of FDIC insurance at Hingham across multiple banks within the ICS network, ensuring maximum FDIC coverage. Learn more about how it works here.
You work hard for your money – that’s why we work hard to protect it without slowing you down. By participating in our extended FDIC insurance program you get:
- Increased FDIC Insurance: Access FDIC coverage up to $150 million.
- Full liquidity: Every dollar in IntraFi’s ICS® program is readily accessible for use immediately. You can withdraw your funds from your Hingham Institution for Savings account just as you would with any other deposit account.
- Ease of use: Enjoy the convenience of managing your funds through a single relationship with Hingham. There is no need to open multiple accounts at different banks or keep track of various statements.
- Returns: Earn a competitive rate on savings and money market accounts in the ICS® program.
- Visibility & Transparency: Hingham provides you with consolidated statements and access to our ICS® online banking portal, allowing you to easily track and monitor your deposits at other banks within the ICS® program.
- Security: Mitigate risk having funds placed at multiple FDIC insured banks.