FDIC Insured Savings
The FDIC Insured Savings Account invests 100% of its assets into interest bearing deposit accounts at a bank. Specifically, the Portfolio invests in omnibus deposit accounts at Atlantic Union Bank.
Investment Objective
The Portfolio seeks income consistent with the preservation of principal.
Investment Strategy
The Portfolio invests 100% of its assets into interest bearing deposit accounts at a bank. Specifically, the Portfolio invests in omnibus deposit accounts at Atlantic Union Bank. Deposits made into the omnibus accounts on behalf of investors are pooled in these accounts where they are commingled with deposits of other investors in the Portfolio. The accounts earn competitive rates with interest compounded and paid daily into the accounts. The interest rate will be reviewed by the bank periodically and is subject to change at any time.
Investment Risks
The Portfolio invests 100% of its assets in interest bearing omnibus deposit accounts at Atlantic Union Bank. The rate of interest applicable to these accounts will be reviewed periodically and is subject to change at any time.
Deposits into the omnibus accounts are insured by the Federal Deposit Insurance Corporation (FDIC) to the fullest extent permitted by law on a ‘pass-through’ basis to each account owner up to $250,000, currently the maximum allowable by federal law. For the purposes of determining the amount of FDIC insurance applicable to an account owner, the account owner’s deposits in the omnibus accounts will be aggregated with deposits in all other eligible accounts of the account owner at Atlantic Union Bank. The amount of FDIC insurance applicable to an account owner is an individual determination subject to applicable law and the rules and regulations of the FDIC in existence from time to time.
Investments in the Portfolio may not be insured by the FDIC if the FDIC determines certain requirements have not been met. CSP and Atlantic Union Bank must meet certain requirements in order for FDIC insurance to ‘pass through’ to individual account owners invested in the Portfolio. If CSP and Atlantic Union Bank do not meet those requirements, deposits in the omnibus accounts may not be insured by the FDIC.
A complete description of each of the risks associated with the underlying Funds of the FDIC Insured Savings Account can be found in the ABLEnow Program Description.
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