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Wells Fargo Advisors offers a sweep feature with two options for clients to earn a return on uninvested cash balances in their account — The Bank Deposit Sweep, and the Money Market Fund Sweep. Eligibility is based on the type of investment account and nature of account ownership.
Learn more about current rates and yields for our Cash Sweep programs.
How our Bank Deposit Sweep Program works
With the Bank Deposit Sweep, the more assets you hold with us, the higher your interest rate will typically be for the cash deposited into the Sweep Program. The Bank Deposit Sweep consists of interest-bearing deposit accounts at up to two Program Banks affiliated with Wells Fargo Advisors ("Affiliated Banks") and provides up to $500,000 in FDIC insurance ($1 million for joint accounts with two or more owners). Deposits in the Bank Deposit Sweep will be made to no more than two of the three Affiliated Banks-- Wells Fargo Bank, N.A., Wells Fargo National Bank West, and Wells Fargo Bank South Central, N.A. Balances in the Bank Deposit Sweep in excess of $500,000 ($1 million for joint accounts) may not be FDIC insured.
Wells Fargo Advisors is not an FDIC-insured depository institution. Deposit products provided by Wells Fargo Bank, N.A., Member FDIC. Deposit insurance only protects against the failure of an insured depository institution and is subject to FDIC rules, including pass-through coverage which requires certain conditions to be satisfied. For a list of affiliated Program Banks, refer to Wells Fargo Advisors Bank Deposit Sweep Program (PDF)*.
FDIC insurance coverage for the Bank Deposit Program
Balances on deposit in the Bank Deposit Sweep Program, together with any other of your deposits at the Program Banks, are insured by the FDIC, up to a maximum amount in accordance with the rules of the FDIC. Deposits (including principal and interest) at each of the Program Banks are eligible for federal deposit insurance up to $250,000. Different ownership categories of accounts are separately insured.
If you have other deposits at the Program Banks outside of the Bank Deposit Sweep Program, you must aggregate all such deposits with your Bank Deposit Sweep Program balance for purposes of determining FDIC coverage. If your total funds on deposit at any Program Bank exceed the applicable FDIC insurance limit, the FDIC will not insure your funds in excess of the limit. Please note that you, and not Wells Fargo Advisors, are responsible for monitoring the total amount of your deposits at the Program Banks in order to determine the extent of FDIC insurance coverage available. If you expect to have total deposits at the Program Banks, including balances through the Bank Deposit Sweep Program, that exceed FDIC insurance coverage limits, you should carefully consider whether you should arrange for the direct investment of amounts exceeding such coverage.
To assist with calculating your aggregated deposits and the associated insurance coverage, the FDIC has an Electronic Deposit Insurance Estimator.
Please see the Cash Sweep Disclosure Statement (PDF)* for more information on FDIC insurance coverage. FDIC insurance is subject to FDIC rules, including for pass-through coverage, which require certain conditions to be satisfied for deposit insurance coverage to apply.
Money Market Fund Sweep
The Money Market Fund Sweep automatically sweeps uninvested cash balances into a money market fund.
The Money Market Sweep is the default Sweep Feature for certain types of brokerage accounts.
Note: To learn more about these Cash Sweep features or alternatives, please contact your Financial Advisor.
