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Wintrust’s MaxSafe program allows participants to increase the maximum amount of FDIC insurance coverage from $250,000 to $3.75 million. With 15 separate community bank charters in Illinois and Wisconsin, we are able to combine FDIC insurance coverage to offer 15 times the usual amount of protection.
All banks in the MaxSafe program are deemed “well-capitalized” by the FDIC and other government regulatory agencies. Customers receive an annual statement detailing account activity and one document at the end of the year for tax reporting. A minimum deposit is required in differing amounts depending on the type of MaxSafe account opened and there may be a minimum deposit balance required.
From a single MaxSafe account, you can obtain up to $3.75 million in FDIC protection per titled account on a certificate of deposit or money market account. We offer the MaxSafe program through any Wintrust Community Bank, Wintrust Commercial Banking, and a number of our niche lending groups including those serving government municipalities and condo and townhouse associations.