Cash Management Center

Our Cash Sweep Program

We offer several different cash deposit options under our FDIC Insured Bank Deposit Program (Program), including where we automatically deposit money not invested in securities into banks participating in our Program (each a Program Bank and such sweep option hereinafter referred to as our Sweep Program). Under the Cash Sweep Program you have same or next-day access to funds without penalties. The other options are FDIC CASH and FDIC CASH PLUS.

See current Cash Sweep interest rates

Using Cash in Sub-Accounts

You can incorporate cash into sub-accounts by using the ticker symbol FDIC.CASH. To do this, buy using the ticker symbol FDIC.CASH in the sub-account. Money deposited into an account will generally sweep into our Cash Sweep Program, whereas you need to actually purchase FDIC CASH like a security in order to use it in a sub-account. Cash in FDIC CASH earns interest but cannot be used to cover new purchases, checks or electronic funds transfers because it is held like a security.

Cash held in a sub-account can be given a weight just like a security in a sub-account. For example, if you want to hold 10% of a sub-account in cash, buy the ticker FDIC.CASH and set the weight to 10%.

*The sub-account feature is not available to all customers, but all customers have access to our Cash Sweep Program.

See current FDIC CASH Interest Rates

Higher Yielding Cash Deposit Options

FDIC CASH PLUS is designed for investors who want higher interest rates on larger amounts of cash, with safety of capital, and next-day access to funds. There is a $25,000 minimum deposit to earn interest in this higher-yielding cash vehicle. Balances below $25,000 do not pay interest. FDIC CASH PLUS is only held in Non-folio Holdings.

Learn more about FDIC CASH PLUS

Important Notes

Cash deposits are commission-free.
Rates automatically adjust depending on the balance in the investment.
Cash rates can change at any time without notice, based on current market conditions.
Interest is calculated daily and posted to your accounts monthly.
All deposits or withdrawals from FDIC CASH and FDIC CASH PLUS will appear in monthly account statements and trade confirmations.
Cash provided for deposit into FDIC CASH or FDIC CASH PLUS before 2 p.m. EST on a business day will generally be deposited to one or more Program Banks and begin accruing interest on the same day. Cash provided for deposit made after that time on a business day will generally begin accruing interest on the next business day upon deposit to the Program Bank.
FDIC CASH SWEEP, FDIC CASH and FDIC CASH PLUS deposits are aggregated for FDIC insurance purposes, and deposited in the same insured deposit cash account at Program Banks. However, FDIC CASH PLUS deposits stand alone and are not aggregated with any other cash holdings in a customer account to determine interest rates or tiers.
Funds deposited to FDIC CASH and FDIC CASH PLUS are not available for check writing, withdrawal or ACH. Funds must be held in the Cash Sweep Program to be eligible for new purchases, check writing, withdrawal and ACH. Consequently, you will need to sell FDIC CASH or FDIC CASH PLUS to move the cash into the Cash Sweep Program the business day before those funds are needed to cover these items.
See the Customer Agreement for additional information about the Program.