Cash Sweep Program Rates
Our Cash Sweep Program pays interest at specific rates based on the tiers below, which yield a blended rate over the entire balance.
Current Interest Rates and Tiers
| As of April 18, 2023 | ||
|---|---|---|
| Tier | Rate | APY |
| $0–$24,999 | 0.46% | 0.47% |
| $25,000–$74,999 | 0.47% | 0.47% |
| $75,000–$99,999 | 0.48% | 0.48% |
| $100,000–$249,999 | 0.49% | 0.49% |
| $250,000–$499,999 | 0.49% | 0.49% |
| $500,000–$1,999,999 | 0.50% | 0.50% |
| $2,000,000+ | 1.16% | 1.17% |
The rates published above are effective as of the date stated on the website. When rates change and new rates become effective, we attempt to update them promptly on our website.
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 $0.01. If your daily interest is less than $0.005, then you may not be paid any interest on that day.
| As of April 18, 2023 | ||
|---|---|---|
| Examples | Blended Rate | APY |
| $8,000 | 0.46% | 0.47% |
| $45,000 | 0.47% | 0.47% |
| $75,000 | 0.47% | 0.47% |
| $200,000 | 0.48% | 0.48% |
| $400,000 | 0.48% | 0.49% |
| $750,000 | 0.49% | 0.49% |
| $1,500,000 | 0.50% | 0.50% |
| $3,000,000 | 0.72% | 0.72% |
| $6,000,000 | 0.94% | 0.94% |
To help you get the highest interest rate possible, we combine the Cash Sweep Program funds of all your accounts into one large fund. If you have $10,000 in cash in an individual, retirement, and joint account, we deposit your money as $30,000, rather than three smaller deposits of $10,000. This allows you to reach a higher tier and earn more interest.
Cash Sweep Program Banks
Below are the banks that participate in our Cash Sweep Program:
| Bank | Address |
|---|---|
| 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 |
| Eagle Bank | 7815 Woodmont Ave. Bethesda, MD 20814 |
| Goldman Sachs Bank USA | 200 West Street New York, NY 10282 |
| Israel Discount Bank | 511 Fifth Ave New York, NY 10017 |
| Malvern Federal Savings Bank | 421 East Lancaster Avenue Paoli, PA 19301 |
| Merrick Bank | 10705 S Jordan Gateway, Suite 200 South Jordan, UT 84095 |
| Simmons First National Bank | 425 W. Capitol Avenue, 14th Floor Little Rock, AR 72201 |
| Truxton Trust Company | 4525 Harding Rd., Suite 300 Nashville, TN 37205 |
| United Community Bank | 2 W Washington St Greenville, SC 29601 |
| Western Alliance Bank | One East Washington Street Phoenix, AZ 85004 |
In addition to the Cash Sweep Program Banks your funds can be held by us directly as part of the Cash Sweep Program. When we hold your funds they are insured by SIPC (subject to SIPC limitations) and supplemental insurance protections.