Keep your uninvested cash safe and working for you.
Cash Sweep is a program designed to hold cash balances awaiting investment. Through the program, the brokerage account cash balance from deposits, securities transactions, dividend and interest payments, and other activities is automatically deposited or swept into interest-bearing deposit accounts. These accounts are at one or more Federal Deposit Insurance Corporation (FDIC)-insured depository institutions.
FDIC deposit insurance provides a maximum of $250,000 of coverage per depositor per bank. Through MML Investors Services, LLC, our Advantage Cash Sweep and Insight Cash Sweep programs provide safety of client funds by offering extended FDIC insurance across multiple program banks providing up to $2.5million of FDIC insurance coverage per category of legal ownership identified by the FDIC ($5 million for joint accounts).
Sweep Symbol QMMLQ
As of September 24, 2024
Tier | Cash Balance | Interest Rate* | APY* |
---|---|---|---|
1 | $0 - $10,000 | 0.95% | 0.95% |
2 | $10,000 - $25,000 | 0.95% | 0.95% |
3 | $25,000 - $50,000 | 0.95% | 0.95% |
4 | $50,000 - $100,000 | 0.95% | 0.95% |
5 | $100,000 - $250,000 | 1.50% | 1.51% |
6 | $250,000 - $500,000 | 1.50% | 1.51% |
7 | $500,000 - $750,000 | 1.50% | 1.51% |
8 | $750,000 - $1,000,000 | 1.50% | 1.51% |
9 | $1,000,000 - $5,000,000 | 2.70% | 2.73% |
10 | $5,000,000 and above | 2.70% | 2.73% |
*The interest rate paid on balances in the ACS program is reflected in the column titled “Interest Rate.” The Annual Percentage Yield (APY) takes into account the effect of monthly compounding of the interest earned.
For more information, view the Advantage Cash Sweep (ACS) program links:
Sweep Symbol QINAQ
As of October 1, 2024
Eligible Accounts | Interest Rate* | APY | Monthly Per Account Fee |
---|---|---|---|
Investment Advisory/Fee Based IRA Accounts | 1.15% | 1.16% | $14.50 |
*Rates are net of all fees.
For more information, view the Insight Cash Sweep (ICS) program links: