Cash Sweep Program
Through the Cash Sweep program, clients may earn income on uninvested cash balances in their account. The Cash Sweep program consists of three distinct options:
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.
Wells Fargo Clearing Services, LLC Cash Sweep Program Disclosure Statement (Effective 10/2017)
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
Our Cash Sweep Program allows clients to earn a return on uninvested cash balances by automatically "sweeping" cash balances into a Sweep vehicle until such balances are invested or otherwise used to satisfy obligations arising in the account.
Bank Deposit Sweep Rates as of
|Household Assets||Interest Rate||Annual Percentage Yield|
|$0 - $999,999||0.10%||0.10%|
|$1,000,000 - $4,999,999||0.12%||0.12%|
|$5,000,000 - $9,999,999||0.25%||0.25%|
|$10,000,000 and up||0.30%||0.30%|
Advisory accounts and non-taxable accounts may receive rates higher than the published rates. For current information, please contact your Financial Advisor.
Cash Sweeps - Money Market Funds
For accounts ineligible for the Bank Deposit Sweep (such as government accounts, insurance companies, banks and credit unions), the following sweep option is available.
|Fund||7-day Current Yield||7-day Effective Yield|
|Wells Fargo 100% Treasury Money Market – Sweep Class1,2||0.23%||0.23%|
*The money market funds offered in the cash sweep program include those for which an affiliate of WFCS, LLC provides investment management or other services.
The Standard Bank Deposit Sweep consists of interest-bearing deposit accounts at two 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. 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).
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.
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.
Wells Fargo Clearing Services, LLC (WFCS) is a non-bank affiliate of Wells Fargo & Company. Wells Fargo Asset Management is a trade name used by the asset management businesses of Wells Fargo & Company. Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the funds. The funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA, an affiliate of Wells Fargo & Company. WFCS may receive compensation and indirect benefits from Wells Fargo Funds Management, LLC, Wells Fargo Funds and from other Wells Fargo affiliates.
If you have questions concerning your Cash Sweep Rates, please contact your Financial Advisor.