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 October 31, 2024.
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 October 31, 2024 is 0.35%. 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 November 8, 2024, is 4.58%.
Program Bank List as of October 31, 2024.
Please note: A client's state of residence determines their priority list.
Position | Region 1 | Region 2 | Region 3 | Region 4 |
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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 USA | American Express National Bank | Goldman Sachs Bank USA | Goldman Sachs Bank USA |
2 | U.S. Bank National Association | U.S. Bank National Association | Wells Fargo Bank, National Association | American Express National Bank |
3 | American Express National Bank | UBS Bank USA | UBS Bank USA | U.S. Bank National Association |
4 | UBS Bank USA | Goldman Sachs Bank USA | U.S. Bank National Association | UBS Bank USA |
5 | JPMorgan Chase Bank, National Association | JPMorgan Chase Bank, National Association | JPMorgan Chase Bank, National Association | JPMorgan Chase Bank, National Association |
6 | Pinnacle Bank | Deutsche Bank Trust Company Americas | Deutsche Bank Trust Company Americas | State Street Bank and Trust Company |
7 | Synchrony Bank | Umpqua Bank | American Express National Bank | Umpqua Bank |
8 | Metro City Bank | Capital One, National Association | Umpqua Bank | Manufacturers and Traders Trust Company |
9 | Deutsche Bank Trust Company Americas | Pinnacle Bank | Synchrony Bank | Synchrony Bank |
10 | The Bank of East Asia Ltd. | Synchrony Bank | State Street Bank and Trust Company | Capital One, National Association |
11 | State Bank of India - NY Branch | Metro City Bank | Manufacturers and Traders Trust Company | Pinnacle Bank |
12 | Umpqua Bank | Bank of China | Pinnacle Bank | Metro City Bank |
13 | Capital One, National Association | State Bank of India - NY Branch | Metro City Bank | Bank of China |
14 | Bank of China | Manufacturers and Traders Trust Company | BMO Bank National Association | PNC Bank, National Association |
15 | State Street Bank and Trust Company | East West Bank | The Bank of East Asia Ltd. | Bank of Baroda |
16 | PNC Bank, National Association | Bank of Baroda | State Bank of India - NY Branch | State Bank of India - NY Branch |
17 | Bank of Baroda | The Bank of East Asia Ltd. | Bank of China | Deutsche Bank Trust Company Americas |
18 | East West Bank | Wells Fargo Bank, National Association | PNC Bank, National Association | BMO Bank National Association |
19 | BMO Bank National Association | State Street Bank and Trust Company | East West Bank | Wells Fargo Bank, National Association |
20 | First Horizon Bank | PNC Bank, National Association | Capital One, National Association | The Bank of East Asia Ltd. |
21 | Wells Fargo Bank, National Association | BMO Bank National Association | First Horizon Bank | First Horizon Bank |
22 | Manufacturers and Traders Trust Company | First Horizon Bank | Cadence Bank | Cadence Bank |
23 | Cadence Bank | Cadence Bank | Bank of Baroda | East West Bank |
24 | Citibank, National Association | Citibank, National Association | Citibank, National Association | Citibank, National Association |
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, National Association | Citibank, National Association | Citibank, National Association | Citibank, National Association |
Position | Region 5 | Region 6 | Region 7 | Region 8 | Business |
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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 USA | Wells Fargo Bank, National Association | Goldman Sachs Bank USA | Wells Fargo Bank, National Association |
2 | American Express National Bank | U.S. Bank National Association | UBS Bank USA | Umpqua Bank | Metro City Bank |
3 | U.S. Bank National Association | UBS Bank USA | U.S. Bank National Association | U.S. Bank National Association | U.S. Bank National Association |
4 | Goldman Sachs Bank USA | PNC Bank, National Association | JPMorgan Chase Bank, National Association | UBS Bank USA | Synchrony Bank |
5 | Wells Fargo Bank, National Association | American Express National Bank | Capital One, National Association | American Express National Bank | JPMorgan Chase Bank, National Association |
6 | UBS Bank USA | JPMorgan Chase Bank, National Association | PNC Bank, National Association | Synchrony Bank | Umpqua Bank |
7 | Capital One, National Association | Manufacturers and Traders Trust Company | Manufacturers and Traders Trust Company | JPMorgan Chase Bank, National Association | State Bank of India NY Branch |
8 | Metro City Bank | State Bank of India NY Branch | Synchrony Bank | State Bank of India NY Branch | Capital One, National Association |
9 | State Bank of India NY Branch | The Bank of East Asia Ltd. | BMO Bank National Association | Pinnacle Bank | PNC Bank, National Association |
10 | Umpqua Bank | Pinnacle Bank | American Express National Bank | Deutsche Bank Trust Company Americas | First Horizon Bank |
11 | JPMorgan Chase Bank, National Association | Umpqua Bank | Umpqua Bank | Capital One, National Association | Bank of China |
12 | Deutsche Bank Trust Company Americas | Metro City Bank | Deutsche Bank Trust Company Americas | Bank of China | Bank of Baroda |
13 | The Bank of East Asia Ltd. | Synchrony Bank | Metro City Bank | Wells Fargo Bank, National Association | State Street Bank and Trust Company |
14 | Manufacturers and Traders Trust Company | Wells Fargo Bank, National Association | Pinnacle Bank | State Street Bank and Trust Company | East West Bank |
15 | Pinnacle Bank | BMO Bank National Association | Bank of Baroda | PNC Bank, National Association | BMO Bank National Association |
16 | State Street Bank and Trust Company | Deutsche Bank Trust Company Americas | Bank of China | The Bank of East Asia Ltd. | The Bank of East Asia Ltd. |
17 | Bank of China | Cadence Bank | The Bank of East Asia Ltd. | Manufacturers and Traders Trust Company | Deutsche Bank Trust Company Americas |
18 | BMO Bank National Association | Capital One, National Association | State Bank of India NY Branch | BMO Bank National Association | Cadence Bank |
19 | Bank of Baroda | State Street Bank and Trust Company | State Street Bank and Trust Company | First Horizon Bank | Pinnacle Bank |
20 | PNC Bank, National Association | First Horizon Bank | First Horizon Bank | Cadence Bank | Citibank, National Association |
21 | First Horizon Bank | Bank of Baroda | Goldman Sachs Bank USA | Metro City Bank | |
22 | East West Bank | East West Bank | East West Bank | Bank of Baroda | |
23 | Cadence Bank | Bank of China | Cadence Bank | East West Bank | |
24 | Citibank, National Association | Citibank, National Association | Citibank, National Association | Citibank, National Association | |
Excess Bank List | |||||
1 | U.S. Bank National Association | U.S. Bank National Association | U.S. Bank National Association | U.S. Bank National Association | PNC Bank, National Association |
2 | Citibank, National Association | Citibank, National Association | Citibank, National Association | Citibank, National Association | Citibank, 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 |
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Roth IRA (Premiere Select) | Professional Corporation |
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Rollover IRA (Premiere Select) | Unincorporated Association |
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SEP IRA (Premiere Select) | Limited Liability Corporation |
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SIMPLE IRA (Premiere Select) | Administrator |
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IRA BDA | Executor |
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Roth BDA | Partnership |
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Non-Prototype IRA |
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Non-Prototype Retirement Plan |
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Sole Proprietorship (not incorporated) |
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Joint Community Property |
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Joint Tenants in Common |
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Joint Tenants in Entirety |
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Joint Usufruct |
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Joint with Rights of Survivorship |
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Person Representative |
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Transfer on Death (Individual) |
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Transfer on Death (Joint tenants) |
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Transfer on Death (Joint entity) |
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*Please contact your financial advisor for more information.