Cash Sweep Program
Our Cash Sweep Program automatically “sweeps” uninvested cash balances into a Cash Sweep Option until such balances are invested or otherwise used to satisfy obligations arising in the account. The available Cash Sweep Options currently offered are:
- Standard Bank Deposit Sweep
- Expanded Bank Deposit Sweep
- Money Market Fund Sweep
Eligibility is based on the type of investment account and nature of account ownership. We reserve the right to change the eligibility criteria for the Cash Sweep Program and Cash Sweep Options.
List of Participating Program Banks in the Bank Deposit Sweep Programs (PDF).
Wells Fargo Clearing Services, LLC Cash Sweep Program Disclosure Statement (PDF) (Effective 12/2024)
Clients of Wells Fargo Advisors can find information and disclosures about its Cash Sweep Program at wfa.com/cashsweep.
Cash Sweep Rates & Yields
Bank Deposit Sweep Rates as of
| Household Assets | Interest Rate | Annual Percentage Yield |
|---|---|---|
| $0 - $999,999 | 0.02% | 0.02% |
| $1,000,000 - $4,999,999 | 0.05% | 0.05% |
| $5,000,000 - $9,999,999 | 0.10% | 0.10% |
| $10,000,000 - $19,999,999 | 0.15% | 0.15% |
| $20,000,000 and up | 0.20% | 0.20% |
The Bank Deposit Sweep Programs will generally pay a higher rate of interest to retirement accounts and accounts where the Clearing Agent, the Introducing Firm, or affiliate of the Introducing Firm act as an investment advisor. This higher rate will typically be unavailable to accounts introduced to the Clearing Agent where neither the Clearing Agent nor the Introducing Firm (including an affiliate of the Introducing Firm) act as an investment advisor on those accounts.
Cash Sweeps - Money Market Funds
As of
For accounts ineligible for the Bank Deposit Sweep Programs, such as (government accounts, insurance companies, banks and credit unions).
| Fund | 7-day Current Yield | 7-day Effective Yield |
|---|---|---|
| *Allspring Government Money Market Fund - Sweep Class1,2 | 3.89% | 3.96% |
| Goldman Sachs Financial Square Government Fund2,3 | 4.20% | 4.28% |
*The money market mutual funds offered in the cash sweep program include those with which an affiliate of Wells Fargo Advisors retains an ownership interest and to which an affiliate provides services for a fee.
The Standard Bank Deposit Sweep consists of interest-bearing deposit accounts at two or more Program Banks affiliated with WFCS, LLC ("Affiliated Banks"). The Expanded Bank Deposit Sweep consists of interest-bearing deposits at up to five banks including affiliated and unaffiliated banks. If your account is in the Expanded Bank Deposit Sweep, depending on market conditions and/or the size of your account, cash may be swept to only affiliated Banks, to only unaffiliated Banks, or to a mix of both. The rate of return for each sweep option shown will vary over time and may be lower than rates available to clients making deposits directly with Affiliated Banks, or other banks, or available by investing directly in other money market funds not offered through the sweep program. The rate will be tiered based upon account type and the overall household value of your account(s). For further information, please see the Cash Sweep Disclosure Statement (PDF) or Allspring Government Money Market Fund Sweep Class Prospectus (PDF) or Goldman Sachs Financial Square Fund.
Yields represent past performance. Past performance is no guarantee of future results. Current performance may be lower or higher than the performance quoted above. Yields will fluctuate as market conditions change.
The 7-Day Current Yield and 7-Day Effective Yield of a fund are calculated in accordance with securities industry regulations and do not include capital gains. The 7-Day Current Yield may differ slightly from the actual distribution rate of a given portfolio because of the exclusion of distributed capital gains, which are non-recurring. The 7-Day Effective Yield assumes reinvestment of dividends for one year. The 7-Day Current Yield is based on a recently ended seven-day period. It is computed by determining the net change, exclusive of capital changes, in the value of a hypothetical pre-existing account having a balance of one share at the beginning of the period, then subtracting a hypothetical charge reflecting deductions from that shareholder account, then dividing the difference by the value of the account at the beginning of the base period to obtain the base period return and then multiplying the base period return by (365/7), with the resulting yield figure carried to at least the nearest hundredth of one percent.
Mutual funds are sold by prospectus. Before investing, please consider the investment objectives, risks, charges and expenses of the fund carefully. The prospectus, and if available, the summary prospectus, contains this and other information and can be obtained by calling the fund company or your financial advisor. Read the prospectus, and if available, the summary prospectus, carefully before you invest.
For government money market funds: You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.
- 1 The Manager has contractually committed to waive fees and/or reimburse expenses. Absent these waivers and/or expense reimbursements, performance would have been less favorable. Details regarding fees and expenses can be found in the Fund's' prospectus.
- 2 The guarantee on U.S. government securities applies only to the underlying securities of the Fund if held to maturity and not to the value of the Fund's shares.
- 3 For advisory accounts ineligible for Bank Deposit Sweep programs(such as government, insurance companies, banks and credit unions).
Wells Fargo Clearing Services, LLC (WFCS) is a non-bank affiliate of Wells Fargo & Company. Wells Fargo & Company (“Wells Fargo”) holds a limited ownership interest in Allspring Global Investments (“Allspring”), a trade name used to describe the asset management businesses of Allspring Global Investments Holdings, LLC. Wells Fargo receives compensation from Allspring for the distribution, administrative, research, and operational services that they provide.
If you have questions concerning your Cash Sweep Rates, please contact your Financial Advisor.