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 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.
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 | American Express National Bank | UBS Bank USA | Wells Fargo Bank, National Association | American Express National Bank |
3 | U.S. Bank National Association | Goldman Sachs Bank USA | UBS Bank USA | State Street Bank and Trust Company |
4 | UBS Bank USA | JPMorgan Chase Bank, National Association | Deutsche Bank Trust Company Americas | UBS Bank USA |
5 | Pinnacle Bank | Umpqua Bank | JPMorgan Chase Bank, National Association | U.S. Bank National Association |
6 | JPMorgan Chase Bank, National Association | Capital One, National Association | American Express National Bank | JPMorgan Chase Bank, National Association |
7 | Metro City Bank | Deutsche Bank Trust Company Americas | Umpqua Bank | Umpqua Bank |
8 | Synchrony Bank | Metro City Bank | Synchrony Bank | Manufacturers and Traders Trust Company |
9 | Deutsche Bank Trust Company Americas | U.S. Bank National Association | Metro City Bank | Metro City Bank |
10 | The Bank of East Asia Ltd. | Synchrony Bank | Pinnacle Bank | Synchrony Bank |
11 | Umpqua Bank | Pinnacle Bank | U.S. Bank National Association | Capital One, National Association |
12 | State Bank of India - NY Branch | Bank of China | Manufacturers and Traders Trust Company | Pinnacle Bank |
13 | Capital One, National Association | Wells Fargo Bank, National Association | State Bank of India - NY Branch | Bank of China |
14 | Bank of China | State Bank of India - NY Branch | Bank of China | PNC Bank, National Association |
15 | State Street Bank and Trust Company | Bank of Baroda | PNC Bank, National Association | Wells Fargo Bank, National Association |
16 | Bank of Baroda | PNC Bank, National Association | BMO Bank National Association | State Bank of India - NY Branch |
17 | PNC Bank, National Association | Manufacturers and Traders Trust Company | The Bank of East Asia Ltd. | The Bank of East Asia Ltd. |
18 | Wells Fargo Bank, National Association | East West Bank | State Street Bank and Trust Company | Deutsche Bank Trust Company Americas |
19 | East West Bank | BMO Bank National Association | East West Bank | First Horizon Bank |
20 | BMO Bank National Association | The Bank of East Asia Ltd. | Capital One, National Association | Cadence Bank |
21 | First Horizon Bank | State Street Bank and Trust Company | First Horizon Bank | SouthEast Bank |
22 | Manufacturers and Traders Trust Company | First Horizon Bank | SouthEast Bank | WEX Bank |
23 | SouthEast Bank | SouthEast Bank | Cadence Bank | East West Bank |
24 | Cadence Bank | WEX Bank | Bank of Baroda | Bank of Baroda |
25 | WEX Bank | Cadence Bank | WEX Bank | BMO Bank National Association |
26 | 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 | UBS Bank USA |
2 | American Express National Bank | U.S. Bank National Association | U.S. Bank National Association | Umpqua Bank | Metro City Bank |
3 | U.S. Bank National Association | UBS Bank USA | Synchrony Bank | American Express National Bank | U.S. Bank National Association |
4 | Wells Fargo Bank, National Association | PNC Bank, National Association | UBS Bank USA | UBS Bank USA | Synchrony Bank |
5 | UBS Bank USA | American Express National Bank | JPMorgan Chase Bank, National Association | U.S. Bank National Association | JPMorgan Chase Bank, National Association |
6 | State Bank of India - NY Branch | Manufacturers and Traders Trust Company | American Express National Bank | Synchrony Bank | Umpqua Bank |
7 | Metro City Bank | Metro City Bank | Umpqua Bank | JPMorgan Chase Bank, National Association | State Bank of India - NY Branch |
8 | JPMorgan Chase Bank, National Association | JPMorgan Chase Bank, National Association | BMO Bank National Association | State Bank of India - NY Branch | Capital One, National Association |
9 | Capital One, National Association | The Bank of East Asia Ltd. | Metro City Bank | Pinnacle Bank | First Horizon Bank |
10 | Umpqua Bank | Pinnacle Bank | Pinnacle Bank | Metro City Bank | Wells Fargo Bank, National Association |
11 | The Bank of East Asia Ltd. | State Bank of India - NY Branch | Bank of Baroda | Capital One, National Association | Bank of China |
12 | State Street Bank and Trust Company | Wells Fargo Bank, National Association | Bank of China | Bank of Baroda | PNC Bank, National Association |
13 | Manufacturers and Traders Trust Company | Umpqua Bank | PNC Bank, National Association | State Street Bank and Trust Company | East West Bank |
14 | Bank of China | Synchrony Bank | The Bank of East Asia Ltd. | Wells Fargo Bank, National Association | Bank of Baroda |
15 | Goldman Sachs Bank USA | BMO Bank National Association | State Bank of India - NY Branch | Bank of China | BMO Bank National Association |
16 | Bank of Baroda | Cadence Bank | Manufacturers and Traders Trust Company | PNC Bank, National Association | State Street Bank and Trust Company |
17 | PNC Bank, National Association | Bank of Baroda | Capital One, National Association | The Bank of East Asia Ltd. | The Bank of East Asia Ltd. |
18 | Pinnacle Bank | Bank of China | State Street Bank and Trust Company | Manufacturers and Traders Trust Company | Deutsche Bank Trust Company Americas |
19 | BMO Bank National Association | Capital One, National Association | First Horizon Bank | East West Bank | Cadence Bank |
20 | First Horizon Bank | Deutsche Bank Trust Company Americas | Goldman Sachs Bank USA | BMO Bank National Association | Pinnacle Bank |
21 | Deutsche Bank Trust Company Americas | State Street Bank and Trust Company | East West Bank | First Horizon Bank | SouthEast Bank |
22 | SouthEast Bank | First Horizon Bank | Deutsche Bank Trust Company Americas | Cadence Bank | Citibank, National Association |
23 | East West Bank | East West Bank | WEX Bank | Deutsche Bank Trust Company Americas | |
24 | Cadence Bank | WEX Bank | Cadence Bank | SouthEast Bank | |
25 | WEX Bank | SouthEast Bank | SouthEast Bank | WEX Bank | |
26 | 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.