The Bank Deposit Sweep Program is a core account investment vehicle used to hold your cash balance while awaiting reinvestment. The cash balance in your Brokerage Account(s) will be automatically deposited or “swept” into an interest-bearing FDIC-insured Program deposit account. Greater safety on the cash in your investment account – is why Investacorp is offering the Bank Deposit Sweep Program, which provides up to $1.5 million maximum cumulative FDIC coverage and a competitive yield with deposits held at a network of multiple banks. Fee-based retirement accounts participate in a similar Advised Retirement Account – Bank Deposit Sweep Program. Funds will be swept into deposit accounts at a Program Bank up to a specific amount. Funds in excess of that amount are then swept into the next successive bank on the Program Bank List, and so forth.
For additional information, including Program Bank Lists and Rates, click here.