Core Account Sweep Programs
Additions to cash balances awaiting reinvestment within clients' eligible brokerage accounts are automatically swept into Commonwealth's Core Account Sweep Programs providing Federal Deposit Insurance Corporation (FDIC) insurance.
For more information, please review the link below or contact your financial advisor.
Bank Deposit Sweep Program Interest Rates as of March 27, 2023.
Bank Account Balance Range | Interest Rate | APY |
$0–$24,999 | 0.75% | 0.75% |
$25,000–$99,999 | 0.75% | 0.75% |
$100,000–$249,999 | 1.10% | 1.11% |
$250,000–$499,999 | 1.25% | 1.26% |
$500,000–$999,999 | 1.50% | 1.51% |
$1,000,000–$1,999,999 | 1.75% | 1.76% |
$2,000,000 or more | 2.50% | 2.53% |
Advisory Retirement Sweep Program Interest Rates
The interest rate for your Deposit Accounts in the ARSP as of June 9, 2023, is 1.91%. The most current interest rates may be obtained from Commonwealth on this page or from your financial advisor.
Federal Funds Effective Rate
The federal funds rate as of May 5, 2023, is 5.08%.
Program Bank List as of March 16, 2023.
Position | Region 1 | Region 2 | Region 3 | Region 4 |
---|---|---|---|---|
MA, ME, NH, RI, VT | CT, NY | AK, CO, HI, ID, KS, MT, NE, NM, NV, OR, UT, WA, WY | CA | |
1 | Goldman Sachs Bank | American Express National Bank | Goldman Sachs Bank | Goldman Sachs Bank |
2 | UBS Bank USA | UBS Bank USA | UBS Bank USA | UBS Bank USA |
3 | U.S. Bank National Association | Goldman Sachs Bank | U.S. Bank National Association | U.S. Bank National Association |
4 | Pinnacle Bank | U.S. Bank National Association | Flagstar Bank, N.A. | Pinnacle Bank |
5 | JPMorgan Chase Bank NA | Umpqua Bank | Umpqua Bank | Umpqua Bank |
6 | The Bank of East Asia, Ltd | Capital One, National Association | Deutsche Bank Trust Company Americas | American Express National Bank |
7 | American Express National Bank | JPMorgan Chase Bank NA | American Express National Bank | State Street Bank and Trust Co |
8 | Umpqua Bank | Pinnacle Bank | Pinnacle Bank | JPMorgan Chase Bank NA |
9 | Synchrony Bank | Deutsche Bank Trust Company Americas | Synchrony Bank | Capital One, National Association |
10 | Capital One, National Association | Bank of China | Manufacturers and Traders Trust | Synchrony Bank |
11 | Bank of China | Synchrony Bank | JPMorgan Chase Bank NA | Bank of China |
12 | State Bank of India - NY Branch | Flagstar Bank, N.A. | East West Bank | PNC Bank, N.A. |
13 | Bank of Baroda | PNC Bank, N.A. | Bank of China | First Internet Bank of Indiana |
14 | State Street Bank and Trust Co | State Bank of India - NY Branch | State Bank of India - NY Branch | Manufacturers and Traders Trust |
15 | Flagstar Bank, N.A. | Bank of Baroda | PNC Bank, N.A. | The Bank of East Asia, Ltd |
16 | PNC Bank, N.A. | East West Bank | BMO Harris Bank N.A. | State Bank of India - NY Branch |
17 | East West Bank | Manufacturers and Traders Trust | The Bank of East Asia, Ltd | Flagstar Bank, N.A. |
18 | First Internet Bank of Indiana | BMO Harris Bank N.A. | Bank of Baroda | East West Bank |
19 | Deutsche Bank Trust Company Americas | The Bank of East Asia, Ltd | State Street Bank and Trust Co | Citibank, N.A. |
20 | Manufacturers and Traders Trust | State Street Bank and Trust Co | First Internet Bank of Indiana | Bank of Baroda |
21 | Wells Fargo Bank, N.A. | Citibank, N.A. | Capital One, National Association | Deutsche Bank Trust Company Americas |
22 | BMO Harris Bank N.A. | First Internet Bank of Indiana | Wells Fargo Bank, N.A. | BMO Harris Bank N.A. |
23 | First Horizon Bank | First Horizon Bank | First Horizon Bank | First Horizon Bank |
24 | SouthEast Bank | Wells Fargo Bank, N.A. | SouthEast Bank | Wells Fargo Bank, N.A. |
25 | Cadence Bank, N.A. | SouthEast Bank | Cadence Bank, N.A. | Cadence Bank, N.A. |
26 | WEX Bank | Cadence Bank, N.A. | Citibank, N.A. | SouthEast Bank |
27 | Citibank, N.A. | WEX Bank | WEX Bank | WEX Bank |
Excess Bank List | ||||
1 | U.S. Bank National Association | U.S. Bank National Association | U.S. Bank National Association | U.S. Bank National Association |
2 | Citibank, N.A. | Citibank, N.A. | Citibank, N.A. | Citibank, N.A. |
Please note: A client's state of residence determines their priority list. |
Position | Region 5 | Region 6 | Region 7 | Region 8 | Business |
---|---|---|---|---|---|
AL, AR, AZ, KY, LA, MO, OK, TN, TX | DC, DE, FL, GA, MD, MS, NC, SC | IA, IL, IN, MI, MN, ND, OH, SD, WI | NJ, PA, VA, WV All Other | ||
1 | Synchrony Bank | Goldman Sachs Bank | Goldman Sachs Bank | Goldman Sachs Bank | BMO Harris Bank N.A. |
2 | American Express National Bank | PNC Bank, N.A. | U.S. Bank National Association | UBS Bank USA | UBS Bank USA |
3 | Goldman Sachs Bank | U.S. Bank National Association | Flagstar Bank, N.A. | U.S. Bank National Association | U.S. Bank National Association |
4 | UBS Bank USA | UBS Bank USA | UBS Bank USA | Umpqua Bank | JPMorgan Chase Bank NA |
5 | Pinnacle Bank | American Express National Bank | JPMorgan Chase Bank NA | Citibank, N.A. | Pinnacle Bank |
6 | U.S. Bank National Association | Pinnacle Bank | American Express National Bank | American Express National Bank | Synchrony Bank |
7 | Umpqua Bank | The Bank of East Asia, Ltd | Umpqua Bank | State Bank of India - NY Branch | Umpqua Bank |
8 | Capital One, National Association | JPMorgan Chase Bank NA | Pinnacle Bank | Pinnacle Bank | Bank of China |
9 | The Bank of East Asia, Ltd | State Bank of India - NY Branch | Bank of Baroda | Bank of Baroda | East West Bank |
10 | Flagstar Bank, N.A. | Umpqua Bank | Synchrony Bank | Synchrony Bank | PNC Bank, N.A. |
11 | Bank of China | Synchrony Bank | BMO Harris Bank N.A. | State Street Bank and Trust Co | Capital One, National Association |
12 | JPMorgan Chase Bank NA | Citibank, N.A. | Bank of China | Flagstar Bank, N.A. | First Horizon Bank |
13 | State Street Bank and Trust Co | Flagstar Bank, N.A. | PNC Bank, N.A. | Capital One, National Association | First Internet Bank of Indiana |
14 | Manufacturers and Traders Trust | BMO Harris Bank N.A. | East West Bank | JPMorgan Chase Bank NA | Flagstar Bank, N.A. |
15 | Bank of Baroda | Bank of China | The Bank of East Asia, Ltd | Bank of China | Bank of Baroda |
16 | Citibank, N.A. | Bank of Baroda | State Bank of India - NY Branch | PNC Bank, N.A. | State Street Bank and Trust Co |
17 | State Bank of India - NY Branch | Capital One, National Association | First Internet Bank of Indiana | The Bank of East Asia, Ltd | The Bank of East Asia, Ltd |
18 | PNC Bank, N.A. | East West Bank | Manufacturers and Traders Trust | Wells Fargo Bank, N.A. | State Bank of India - NY Branch |
19 | East West Bank | State Street Bank and Trust Co | Capital One, National Association | First Internet Bank of Indiana | Wells Fargo Bank, N.A. |
20 | First Internet Bank of Indiana | Manufacturers and Traders Trust | State Street Bank and Trust Co | Manufacturers and Traders Trust | SouthEast Bank |
21 | First Horizon Bank | Wells Fargo Bank, N.A. | First Horizon Bank | East West Bank | Cadence Bank, N.A. |
22 | Deutsche Bank Trust Company Americas | First Internet Bank of Indiana | Wells Fargo Bank, N.A. | BMO Harris Bank N.A. | Deutsche Bank Trust Company Americas |
23 | Wells Fargo Bank, N.A. | SouthEast Bank | SouthEast Bank | First Horizon Bank | Citibank, N.A. |
24 | BMO Harris Bank N.A. | First Horizon Bank | Cadence Bank, N.A. | Cadence Bank, N.A. | WEX Bank |
25 | SouthEast Bank | Cadence Bank, N.A. | Deutsche Bank Trust Company Americas | Deutsche Bank Trust Company Americas | |
26 | Cadence Bank, N.A. | Deutsche Bank Trust Company Americas | WEX Bank | SouthEast Bank | |
27 | WEX Bank | WEX Bank | Citibank, N.A. | WEX Bank | |
Excess Bank List | |||||
1 | U.S. Bank National Association | U.S. Bank National Association | U.S. Bank National Association | U.S. Bank National Association | U.S. Bank National Association |
2 | Citibank, N.A. | Citibank, N.A. | Citibank, N.A. | Citibank, N.A. | Citibank, N.A. |
Eligible Accounts | Eligible Accounts (Cont.) | Ineligible Accounts |
Committee (not incorporated) | Trust Under Agreement | Money Purchase Keogh (Premiere Select) |
Conservator (estate) | Trust Under Will | Voluntary Money Purchase Keogh (Premiere Select) |
Uniform Gifts to Minors Act | Bank | Profit-Sharing Keogh (Premiere Select) |
Uniform Transfers to Minors Act | Church | Voluntary Profit-Sharing Keogh (Premiere Select) |
Guardian | Corporate | Keogh MP BDA |
Individual | Investment Club | Keogh PS BDA |
Traditional IRA (Premiere Select) | Professional Association |
|
Roth IRA (Premiere Select) | Professional Corporation |
|
Rollover IRA (Premiere Select) | Unincorporated Association |
|
SEP IRA (Premiere Select) | Limited Liability Corporation |
|
SIMPLE IRA (Premiere Select) | Administrator |
|
IRA BDA | Executor |
|
Roth BDA | Partnership |
|
Non-Prototype IRA |
| |
Non-Prototype Retirement Plan |
| |
Sole Proprietorship (not incorporated) |
| |
Joint Community Property |
| |
Joint Tenants in Common |
| |
Joint Tenants in Entirety |
| |
Joint Usufruct |
|
|
Joint with Rights of Survivorship |
|
|
Person Representative |
|
|
Transfer on Death (Individual) |
|
|
Transfer on Death (Joint tenants) |
|
|
Transfer on Death (Joint entity) |
|
|
*Please contact your financial advisor for more information.