Fidelity Individual Retirement Account (IRA) Program Banks


Customers may obtain the benefits of FDIC insurance eligibility* in a Fidelity IRA through the FDIC-Insured Deposit Sweep Program and the Program Banks listed below. Once you open and fund your IRA1, the available Cash Balance will be held on your behalf at one or more of the Program Banks assigned to your account2. Once at a bank, your Cash Balance will be eligible for FDIC insurance coverage up to the applicable limits3.

If you utilize the FDIC-Insured Deposit Sweep as your core position, Fidelity will assign a Program Bank List to your account. The banks on the list will be eligible to receive your Cash Balances. If you open your account on-line today then your account will be assigned the Program Bank List shown below. After your account is established, you will receive a New Account Profile confirming your account details, including the Program Bank List assigned to your account. If you open your account online, you will receive information about the Program Bank List that will be assigned to your account before you complete the account opening process. If the FDIC-Insured Deposit Sweep Program is no longer available, then Fidelity will disregard your election and establish Fidelity Government Money Market Fund as your core position. After your account is open, you may contact us to change to another Program Bank List, if one is available. You may also select a different core position, either Fidelity Government Money Market Fund, a money market fund, or Fidelity Cash Reserves, a money market fund at any time.

IRA Program Bank List4

Information current as of 11/29/2015.

Fidelity will manage the movement of money between Fidelity and the Program Banks assigned to your account; this will occur automatically whenever you make deposits, execute transactions or withdraw money from your IRA. To learn more, please review the FDIC-Insured Deposit Sweep Program Disclosures. You may call a Fidelity Representative at 800-544-6666 if you have any questions regarding the Program Banks.

You are responsible for monitoring the total amount of your assets on deposit with a Program Bank (including amounts in other accounts at that bank held in the same right and legal capacity) in order to determine the extent of FDIC deposit insurance coverage available to you on those deposits, including your Cash Balance held at the Program Bank.

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.

  1. The FDIC-Insured Deposit Sweep core position is available with Traditional, Roth, Rollover, SEP and SIMPLE IRAs. The core position for all Inherited IRAs can be either Fidelity Government Money Market Fund, or Fidelity Cash Reserves.
  2. You may only access your Cash Balance through your Fidelity IRA. You cannot access or withdraw the Cash Balance by directly contacting the Program Bank.
  3. The Cash Balance in the FDIC-Insured Deposit Sweep is swept to an FDIC-Insured interest-bearing account at a Program Bank. The deposit at the Program Bank is not covered by SIPC. The deposit is eligible for FDIC insurance subject to FDIC insurance coverage limits. All assets of the account holder at the depository institution will generally be counted toward the aggregate limit. For more information about FDIC insurance coverage, please visit the FDIC Web site at or call 877-ASK-FDIC. As referenced in the FDIC-Insured Deposit Sweep Program Disclosures, customers are responsible for monitoring their total assets at a Program Bank to determine the extent of available FDIC insurance. All FDIC insurance coverage is in accordance with FDIC rules.
  4. This is the current list of Program Banks to which Fidelity may elect to sweep your Cash Balance. In the event that your total assets at a Program Bank (including assets that you hold with the bank outside of the FDIC-Insured Deposit Sweep Program) exceed the FDIC insurance limits, you may contact Fidelity to change to a different Program Bank List if one is available. Fidelity maintains the right to change the Program Bank List that is assigned to your account at any time. If a change is made to the Program Bank List assigned to your account, Fidelity will notify you in writing of that change through your statement or a confirmation notice. Although Fidelity cannot guarantee the financial health or stability of the Program Banks, it has made diligent efforts to select banks that are financially sound, have a good business reputation, and are in good standing with the FDIC and other bank regulatory bodies.

*See for more details regarding FDIC insurance coverage.