Rates are variable and may change at any time. Each day, we calculate the interest on your cash and add it to your account monthly. We round the daily interest amount to the nearest mil ($0.001). If your daily interest is less than half a mil, then that day you may not be paid any interest.
To help your clients get the highest interest rates possible, we combine the cash sweep program funds of an individual clients' accounts into one large fund. If your client has $10,000 in cash in an individual, retirement, and join account, we invest the client's money in the sweep as $30,000, rather than three smaller investments of $10,000. This allows your client to reach a higher tier and earn more interest.
An FDIC-insured enhanced-yield deposit designed to provide income on larger cash deposits, safety of capital, and next-day access to funds.
Interest rates are based on how much cash you invest in FDIC.PLUS. Rates are variable and may change at any time. Each day, we calculate the interest on your cash and add it to your account monthly. We round the daily interest amount to the nearest mil ($0.001). If your daily interest is less than half a mil, then that day you may not be paid any interest.
- Within a single account, you must have at least $25,000 in FDIC.PLUS to earn interest. If you invest $15,000 in your individual account and $10,000 in your IRA account, neither account earns interest. As another example, if you invest $15,000 in your individual account and $30,000 in your IRA, only your IRA earns interest.
- As long as the minimum balance is met and maintained, interest is earned from “dollar one” of the deposit at the applicable rate on the entire balance in the FDIC.PLUS investment.
- Balances deposited in FDIC.PLUS in one account are not aggregated with balances deposited in FDIC.PLUS in any other account for purposes of calculating or earning interest). For example, if $15,000 is deposited in FDIC.PLUS in an IRA account and $15,000 is deposited in FDIC.PLUS in an individual account, even under the same taxpayer ID or membership, neither FDIC.PLUS deposit in either account will earn any interest. As another example, if $15,000 is deposited in FDIC.PLUS in an IRA account and $30,000 is deposited in FDIC.PLUS in an individual account under the same taxpayer ID, only the FDIC.PLUS deposited in the individual account will earn interest, and it will earn interest payable on a balance of $30,000 (not $45,000).
- FDIC.PLUS deposits can be made only in Non-Folio Holdings in each account, and amounts deposited in any one account are not aggregated for rate purposes with amounts, including amounts deposited as FDIC.PLUS, in any other account. In addition, unlike our automatic Sweep mechanism, you must choose to make a FDIC.PLUS deposit (buy it like a security with the ticker FDIC.PLUS)—we do not do it automatically for you.
- We do not charge any fees to deposit or withdraw cash from FDIC.PLUS.
The FDIC.CASH deposit earns interest at a flat rate on the applicable balance.
- The above interest rate and annual percentage yield are effective currently and subject to change at any time.
- There is no minimum to earn interest.
- This is a variable rate account so rates are subject to change after the account is open.
- Each day, interest is calculated on the applicable balance. The daily interest amount is rounded to the nearest mil ($0.001). Therefore, no interest may be paid if the daily calculated amount is less than half a mil.
- Balances in FDIC.CASH are not aggregated with any other insured deposit options for the purposes of determining interest rates.
Below are the banks that participate in our Cash Sweep Program:
|Androscoggin Savings Bank||30 Lisbon St.
Lewiston, ME 04240
|BankUnited, N.A||623 5th Avenue
New York, NY 10022
|Chain Bridge Bank||1445-A Laughlin Avenue
McLean, VA 22101
|Citibank||399 Park Avenue
New York, NY 10001
|The Columbia Bank||7505 Greenway Center Drive #201
Greenbelt, MD 20770
|Eagle Bank||7815 Woodmont Ave.
Bethesda, MD 20814
|First National Bank of Pennsylvania||One North Shore Center
Pittsburgh, PA 15212
|Israel Discount Bank||511 Fifth Ave
New York, NY 10017
|Live Oak Banking Company||1741 Tiburon Drive
Wilmington, NC 28403
|Malvern Federal Savings Bank||421 East Lancaster Avenue
Paoli, PA 19301
|Merrick Bank||10705 S Jordan Gateway, Suite 200
South Jordan, UT 84095
|Old Line Bank||1525 Pointer Ridge Place
Bowie, MD 20716
|Revere Bank||319 Main Street
Laurel, MD 20707
|Seaside National Bank & Trust||201 South Orange Avenue
Orlando, FL 32801
|Simmons First National Bank||425 W. Capitol Avenue, 14th Floor
Little Rock, AR 72201
|Texas Capital Bank||2350 Lakeside Blvd, Suite 800
Richardson, TX 75082
|Truxton Trust Company||4525 Harding Rd., Suite 300
Nashville, TN 37205
|Western Alliance Bank||One East Washington Street
Phoenix, AZ 85004
Current FDIC Insurance Coverage
- $4.5 million for individual accounts
- $9.0 million for joint accounts (held by two people) under the same social security number (SSN)
The total balance in all retirement accounts and the total balance in non-retirement accounts are insured separately and are not aggregated together for the purposes of insurance coverage calculations.