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 be for the cash deposited into the Sweep Program. Other benefits include the ability to have up to $1,000,000 ($250,000 per depositor, per insured bank for each account) Federal Deposit Insurance Corporation (FDIC) insurance for deposits in your Wells Fargo Advisors account when deposits are held at all four Affiliated Banks.
Your available cash — including deposits, dividends, interest and proceeds from sales in your brokerage account — will be automatically deposited into interest-bearing deposit accounts at up to four banks affiliated with Wells Fargo & Company ("Affiliated Banks"), providing FDIC insurance.
FDIC insurance coverage for the Bank Deposit Program
Balances in the Bank Deposit Sweep are insured up to $250,000 (or other applicable amount) per Affiliated Bank by the FDIC for each category of legal ownership for a total of $1,000,000 in FDIC insurance coverage.
The following banks are affiliates of Wells Fargo Advisors (“WFA”) and will be operating as affiliated program banks (“Affiliated Banks”) in the Bank Deposit Sweep Program:
- Wells Fargo Bank, N.A.
- Wells Fargo Bank South Central, N.A.
- Wells Fargo Bank Northwest, N.A.
- Wells Fargo Financial National Bank
Balances in the Bank Deposit Sweep in excess of $1,000,000 will be deposited at Wells Fargo Bank, N.A. and may not be FDIC insured.
For purposes of calculating FDIC insurance limits, the cash balances in the Bank Deposit Sweep Program at any one of the Affiliated Banks will be combined with deposit balances held directly by or indirectly for you at the same bank (including checking accounts, CDs and other deposits in your name or held through an agent or fiduciary in the same capacity) in the same ownership category. You are responsible for monitoring the total amount of all direct or indirect deposits held by you or for you with these banks for purposes of determining the amounts eligible for coverage by FDIC insurance, including deposits in brokerage sweep accounts and/or deposit accounts. The limitations on FDIC coverage apply to your deposits, whether made by you on your own or through the Bank Deposit Sweep Program. To assist with calculating your aggregated deposits and the associated insurance coverge, the FDIC has an Electronic Deposit Insurance Estimator.
Please see the Cash Sweep Disclosure Statement (PDF)* for more information on FDIC insurance coverage.
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 as listed in the eligibility table, and for day-trading accounts. Wells Fargo Advisors Sweep Features Eligibility (PDF)*.
Note: To learn more about these Cash Sweep features or alternatives, please contact your Financial Advisor.