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 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 November 24, 2023, is 1.63%. 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 June 30, 2023. 

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
2American Express National BankUBS Bank USAWells Fargo Bank, National AssociationAmerican Express National Bank
3U.S. Bank National AssociationGoldman Sachs Bank USAUBS Bank USAState Street Bank and Trust Company
4UBS Bank USAJPMorgan Chase Bank, National AssociationDeutsche Bank Trust Company AmericasUBS Bank USA
5Pinnacle BankUmpqua BankJPMorgan Chase Bank, National AssociationU.S. Bank National Association
6JPMorgan Chase Bank, National AssociationCapital One, National AssociationAmerican Express National BankJPMorgan Chase Bank, National Association
7Metro City BankDeutsche Bank Trust Company AmericasUmpqua BankUmpqua Bank
8Synchrony BankMetro City BankSynchrony BankManufacturers and Traders Trust Company
9Deutsche Bank Trust Company AmericasU.S. Bank National AssociationMetro City BankMetro City Bank
10The Bank of East Asia Ltd.Synchrony BankPinnacle BankSynchrony Bank
11Umpqua BankPinnacle BankU.S. Bank National AssociationCapital One, National Association
12State Bank of India - NY BranchBank of ChinaManufacturers and Traders Trust CompanyPinnacle Bank
13Capital One, National AssociationWells Fargo Bank, National AssociationState Bank of India - NY BranchBank of China
14Bank of ChinaState Bank of India - NY BranchBank of ChinaPNC Bank, National Association
15State Street Bank and Trust CompanyBank of BarodaPNC Bank, National AssociationWells Fargo Bank, National Association
16Bank of BarodaPNC Bank, National AssociationBMO Bank National AssociationState Bank of India - NY Branch
17PNC Bank, National AssociationManufacturers and Traders Trust CompanyThe Bank of East Asia Ltd.The Bank of East Asia Ltd.
18Wells Fargo Bank, National AssociationEast West BankState Street Bank and Trust CompanyDeutsche Bank Trust Company Americas
19East West BankBMO Bank National AssociationEast West BankFirst Horizon Bank
20BMO Bank National AssociationThe Bank of East Asia Ltd.Capital One, National AssociationCadence Bank
21First Horizon BankState Street Bank and Trust CompanyFirst Horizon BankSouthEast Bank
22Manufacturers and Traders Trust CompanyFirst Horizon BankSouthEast BankWEX Bank
23SouthEast BankSouthEast BankCadence BankEast West Bank
24Cadence BankWEX BankBank of BarodaBank of Baroda
25WEX BankCadence BankWEX BankBMO Bank National Association
26Citibank, 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 USAUBS Bank USA
2American Express National BankU.S. Bank National AssociationU.S. Bank National AssociationUmpqua BankMetro City Bank
3U.S. Bank National AssociationUBS Bank USASynchrony BankAmerican Express National BankU.S. Bank National Association
4Wells Fargo Bank, National AssociationPNC Bank, National AssociationUBS Bank USAUBS Bank USASynchrony Bank
5UBS Bank USAAmerican Express National BankJPMorgan Chase Bank, National AssociationU.S. Bank National AssociationJPMorgan Chase Bank, National Association
6State Bank of India - NY BranchManufacturers and Traders Trust CompanyAmerican Express National BankSynchrony BankUmpqua Bank
7Metro City BankMetro City BankUmpqua BankJPMorgan Chase Bank, National AssociationState Bank of India - NY Branch
8JPMorgan Chase Bank, National AssociationJPMorgan Chase Bank, National AssociationBMO Bank National AssociationState Bank of India - NY BranchCapital One, National Association
9Capital One, National AssociationThe Bank of East Asia Ltd.Metro City BankPinnacle BankFirst Horizon Bank
10Umpqua BankPinnacle BankPinnacle BankMetro City BankWells Fargo Bank, National Association
11The Bank of East Asia Ltd.State Bank of India - NY BranchBank of BarodaCapital One, National AssociationBank of China
12State Street Bank and Trust CompanyWells Fargo Bank, National AssociationBank of ChinaBank of BarodaPNC Bank, National Association
13Manufacturers and Traders Trust CompanyUmpqua BankPNC Bank, National AssociationState Street Bank and Trust CompanyEast West Bank
14Bank of ChinaSynchrony BankThe Bank of East Asia Ltd.Wells Fargo Bank, National AssociationBank of Baroda
15Goldman Sachs Bank USABMO Bank National AssociationState Bank of India - NY BranchBank of ChinaBMO Bank National Association
16Bank of BarodaCadence BankManufacturers and Traders Trust CompanyPNC Bank, National AssociationState Street Bank and Trust Company
17PNC Bank, National AssociationBank of BarodaCapital One, National AssociationThe Bank of East Asia Ltd.The Bank of East Asia Ltd.
18Pinnacle BankBank of ChinaState Street Bank and Trust CompanyManufacturers and Traders Trust CompanyDeutsche Bank Trust Company Americas
19BMO Bank National AssociationCapital One, National AssociationFirst Horizon BankEast West BankCadence Bank
20First Horizon BankDeutsche Bank Trust Company AmericasGoldman Sachs Bank USABMO Bank National AssociationPinnacle Bank
21Deutsche Bank Trust Company AmericasState Street Bank and Trust CompanyEast West BankFirst Horizon BankSouthEast Bank
22SouthEast BankFirst Horizon BankDeutsche Bank Trust Company AmericasCadence BankCitibank, National Association
23East West BankEast West BankWEX BankDeutsche Bank Trust Company Americas 
24Cadence BankWEX BankCadence BankSouthEast Bank 
25WEX BankSouthEast BankSouthEast BankWEX Bank 
26Citibank, 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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