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I had no idea that was an option. My google-fu is failing me, what is that called? Who are the providers? Seems like it would be a mega capital intensive insurance product.

edit: this is way out of my wheelhouse, so an actual answer would be educational.

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The term to google for is "insured cash sweep", but the specifics depend on the particular financial institution you work with. Instead of a single insurance provider, your cash is sharded behind the scenes among many member institutions. Here's one bank I picked at random from Google[0]. Brokerages like Schwab[1] and IBKR[2] also have a private insurer (both use Lloyd's of London) they offer as a service to customers.

[0] https://www.stearnsbank.com/personal/high-balance-deposit

[1] https://www.schwab.com/legal/sipc-account-protection

[2] https://ibkr.info/node/2012

Thanks for pointing me to this!

Try searching for "reinsurance" as in insurance for insurance, Swiss Re and Lloyds of London are the two big names I can think of, I don't know much other than that.

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