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 June 7, 2024.

Bank Account Balance RangeInterest RateAPY
$0–$24,9990.75%0.75%
$25,000–$99,9990.75%0.75%
$100,000–$249,9991.10%1.11%
$250,000–$499,9991.25%1.26%
$500,000–$999,9991.50%1.51%
$1,000,000–$1,999,9991.75%1.76%
$2,000,000 or more2.50%2.53%

Advisory Retirement Sweep Program Interest Rates

The interest rate for your Deposit Accounts in the ARSP as of June 7, 2024 is 0.12%. The most current interest rates may be obtained from Commonwealth on this page or from your financial advisor.

Fees Retained by Commonwealth

Commonwealth's fees for its CASP services are based on factors that include the Federal Funds Effective Rate. For more information about Commonwealth's fees, refer to the section of the above referenced CASP Disclosure Document titled "Benefits to Commonwealth and Others".

Federal Funds Effective Rate

The federal funds rate as of July 28, 2023, is 5.33%.

Program Bank List as of May 16, 2024. 

Please note: A client's state of residence determines their priority list.

PositionRegion 1Region 2Region 3Region 4
 MA, ME, NH, RI, VTCT, NYAK, CO, HI, ID, KS, MT, NE, NM, NV, OR, UT, WA, WYCA
1Goldman Sachs Bank USAAmerican Express National BankGoldman Sachs Bank USAGoldman Sachs Bank USA
2U.S. Bank National AssociationU.S. Bank National AssociationWells Fargo Bank, National AssociationAmerican Express National Bank
3American Express National BankUBS Bank USAUBS Bank USAU.S. Bank National Association
4UBS Bank USAGoldman Sachs Bank USAU.S. Bank National AssociationUBS Bank USA
5JPMorgan Chase Bank, National AssociationJPMorgan Chase Bank, National AssociationJPMorgan Chase Bank, National AssociationJPMorgan Chase Bank, National Association
6Pinnacle BankDeutsche Bank Trust Company AmericasDeutsche Bank Trust Company AmericasState Street Bank and Trust Company
7Synchrony BankUmpqua BankAmerican Express National BankUmpqua Bank
8Metro City BankCapital One, National AssociationUmpqua BankManufacturers and Traders Trust Company
9Deutsche Bank Trust Company AmericasPinnacle BankSynchrony BankSynchrony Bank
10The Bank of East Asia Ltd.Synchrony BankState Street Bank and Trust CompanyCapital One, National Association
11State Bank of India - NY BranchMetro City BankManufacturers and Traders Trust CompanyPinnacle Bank
12Umpqua BankBank of ChinaPinnacle BankMetro City Bank
13Capital One, National AssociationState Bank of India - NY BranchMetro City BankBank of China
14Bank of ChinaManufacturers and Traders Trust CompanyBMO Bank National AssociationPNC Bank, National Association
15State Street Bank and Trust CompanyEast West BankThe Bank of East Asia Ltd.Bank of Baroda
16PNC Bank, National AssociationBank of BarodaState Bank of India - NY BranchState Bank of India - NY Branch
17Bank of BarodaThe Bank of East Asia Ltd.Bank of ChinaDeutsche Bank Trust Company Americas
18East West BankWells Fargo Bank, National AssociationPNC Bank, National AssociationBMO Bank National Association
19BMO Bank National AssociationState Street Bank and Trust CompanyEast West BankWells Fargo Bank, National Association
20First Horizon BankPNC Bank, National AssociationCapital One, National AssociationThe Bank of East Asia Ltd.
21Wells Fargo Bank, National AssociationBMO Bank National AssociationFirst Horizon BankFirst Horizon Bank
22Manufacturers and Traders Trust CompanyFirst Horizon BankCadence BankCadence Bank
23Cadence BankCadence BankBank of BarodaEast West Bank
24Citibank, National AssociationCitibank, National AssociationCitibank, National AssociationCitibank, National Association
Excess Bank List
1U.S. Bank National AssociationU.S. Bank National AssociationU.S. Bank National AssociationU.S. Bank National Association
2Citibank, National AssociationCitibank, National AssociationCitibank, National AssociationCitibank, National Association

 

 

 

PositionRegion 5Region 6Region 7Region 8Business
 AL, AR, AZ, KY, LA, MO, OK, TN, TXDC, DE, FL, GA, MD, MS, NC, SCIA, IL, IN, MI, MN, ND, OH, SD, WINJ, PA, VA, WV
All Other
 
1Synchrony BankGoldman Sachs Bank USAWells Fargo Bank, National AssociationGoldman Sachs Bank USAWells Fargo Bank, National Association
2American Express National BankU.S. Bank National AssociationUBS Bank USAUmpqua BankMetro City Bank
3U.S. Bank National AssociationUBS Bank USAU.S. Bank National AssociationU.S. Bank National AssociationU.S. Bank National Association
4Goldman Sachs Bank USAPNC Bank, National AssociationJPMorgan Chase Bank, National AssociationUBS Bank USASynchrony Bank
5Wells Fargo Bank, National AssociationAmerican Express National BankCapital One, National AssociationAmerican Express National BankJPMorgan Chase Bank, National Association
6UBS Bank USAJPMorgan Chase Bank, National AssociationPNC Bank, National AssociationSynchrony BankUmpqua Bank
7Capital One, National AssociationManufacturers and Traders Trust CompanyManufacturers and Traders Trust CompanyJPMorgan Chase Bank, National AssociationState Bank of India NY Branch
8Metro City BankState Bank of India NY BranchSynchrony BankState Bank of India NY BranchCapital One, National Association
9State Bank of India NY BranchThe Bank of East Asia Ltd.BMO Bank National AssociationPinnacle BankPNC Bank, National Association
10Umpqua BankPinnacle BankAmerican Express National BankDeutsche Bank Trust Company AmericasFirst Horizon Bank
11JPMorgan Chase Bank, National AssociationUmpqua BankUmpqua BankCapital One, National AssociationBank of China
12Deutsche Bank Trust Company AmericasMetro City BankDeutsche Bank Trust Company AmericasBank of ChinaBank of Baroda
13The Bank of East Asia Ltd.Synchrony BankMetro City BankWells Fargo Bank, National AssociationState Street Bank and Trust Company
14Manufacturers and Traders Trust CompanyWells Fargo Bank, National AssociationPinnacle BankState Street Bank and Trust CompanyEast West Bank
15Pinnacle BankBMO Bank National AssociationBank of BarodaPNC Bank, National AssociationBMO Bank National Association
16State Street Bank and Trust CompanyDeutsche Bank Trust Company AmericasBank of ChinaThe Bank of East Asia Ltd.The Bank of East Asia Ltd.
17Bank of ChinaCadence BankThe Bank of East Asia Ltd.Manufacturers and Traders Trust CompanyDeutsche Bank Trust Company Americas
18BMO Bank National AssociationCapital One, National AssociationState Bank of India NY BranchBMO Bank National AssociationCadence Bank
19Bank of BarodaState Street Bank and Trust CompanyState Street Bank and Trust CompanyFirst Horizon BankPinnacle Bank
20PNC Bank, National AssociationFirst Horizon BankFirst Horizon BankCadence BankCitibank, National Association
21First Horizon BankBank of BarodaGoldman Sachs Bank USAMetro City Bank 
22East West BankEast West BankEast West BankBank of Baroda 
23Cadence BankBank of ChinaCadence BankEast West Bank 
24Citibank, National AssociationCitibank, National AssociationCitibank, National AssociationCitibank, National Association 
Excess Bank List
1U.S. Bank National AssociationU.S. Bank National AssociationU.S. Bank National AssociationU.S. Bank National AssociationPNC Bank, National Association
2Citibank, National AssociationCitibank, National AssociationCitibank, National AssociationCitibank, National AssociationCitibank, National Association

 

 

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
(401(a) plans)

 

 

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.

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