CASH SWEEP BANK PROFESSIONAL

Explanatory brochure available upon request or at. Member of SIPC, which protects securities customers of its members up to $500,000 (including $250,000 for claims for cash). Check out the IND Disclosures for more information about how the sweep program works and how we treat your uninvested cash balance. However, these funds are eligible for FDIC insurance through the program banks (banks currently in the program), which are subject to FDIC insurance coverage limits. Once funds are swept to a program bank, they are no longer held in your brokerage account and are not protected by SIPC. Note that until funds are swept to a program bank, they are held in your brokerage account which is protected by SIPC. Robinhood is not responsible for monitoring the amount of your deposits in any program bank, whether these deposits are made through the brokerage cash sweep program or otherwise, to determine whether the amount on deposit exceeds the limit of available FDIC insurance. With the brokerage cash sweep program, the uninvested cash in your brokerage account (cash intended for investing but that you have not yet invested or spent) is swept to program banks, where it becomes eligible for FDIC insurance up to $2.25 million or $250,000 per program bank, inclusive of any other deposits you may already hold at the bank in the same ownership capacity, which may impact how much is covered. Neither Robinhood Financial LLC nor any of its affiliates are banks. Additionally, any fees Robinhood receives may vary and is subject to change. *The APY might change at any time at the program banks' discretion. As of Nov 15, 2023, the Annual Percentage Yield (APY) that you will receive is 1.5%, or 5% for Gold customers.

Program banks pay interest on your swept cash, minus any fees paid to Robinhood. Interest is earned on uninvested cash swept from your brokerage account to the program banks. The cash sweep program is an added feature to your Robinhood Financial LLC brokerage account. For more information, see the Robinhood Gold User Agreement. Robinhood Gold is offered through Robinhood Financial LLC. Your Robinhood Financial LLC brokerage account. The brokerage cash sweep program is an added feature to Purposes only and assumes the interest rate and balance do As with other money market mutual funds, the Fund’s yield will fluctuate and the Fund is not FDIC insured and may lose value.The hypothetical calculation shown is for illustrative Investors should carefully consider the investment objectives, risks, charges and expenses of mutual funds before investing. Current information is available on the Fund’s Fact Sheet. **Please review the applicable Fund’s prospectus which provides details of this and other important information and which is available from Millennium Trust. *Some limits may apply for clients with multiple IRAs/Qualified Retirement accounts and if combined idle cash is over $5 million. Government Select PortfolioĪll idle cash will be held in the Northern Institutional U.S. Idle cash balances in retirement accounts are automatically swept into the participating banks in the program, with the maximum amount of idle cash held at any individual bank being $250,000 (the current limit available for FDIC insurance).īalances over $5 million will be held in the Federated Government Obligations Fund – Trust Shares* (GORXX).Īll idle cash will be held in the Federated Government Obligations Fund – Trust Shares** (GORXX). The program uses interest-bearing, bank demand accounts at multiple unaffiliated banks to provide the benefit of FDIC insurance. Millennium Trust provides a Cash Sweep Program for investment of idle cash in multiple unaffiliated banks providing up to $5 million in FDIC insurance per account.* Your account type determines which cash sweep vehicle is used. In a cash sweep program, your idle cash is automatically transferred into an interest-bearing, bank demand account. Millennium Trust provides a cash sweep program that offers daily liquidity and competitive interest rates.

CASH SWEEP BANK PROFESSIONAL

Topics I am an Individual I am a Professional.Health Care Flexible Spending Accounts (FSAs).Health Reimbursement Arrangements (HRAs).Employer-sponsored Health Saving Account (HSA).Self-directed IRAs and Investment Solutions.Retirement Services Portal (for Business Professionals).MAP-Custody Services Portal (for Financial Professionals).

Cash sweep bank