Current Rates and Tiers
Accounts opened after October 1, 2024 and accts which hold the firm default sweep options.
Interest rates in the Insured deposit program component of the Cash Sweep Program (CSP) will be tiered based on the aggregate account balance of all accounts tied to a social security number. This means your investment values held across same tax id or social security number at Benjamin F Edwards are aggregated together to identify the interest rate tier that will be utilized to calculate the interest you may receive on your CSP balances. The Interest rate tier will be calculated on the observation date as described in the Terms and conditions.
CSP will determine the balances each business day and calculate your interest daily, which will be credited monthly.
As of Cash Sweep Rates: August 19, 2024
FDIC Insured Sweep
Interest Rate Tier 1 |
| Total Aggregate Asset Levels: $1 – $99,999.99 |
| Interest Rate: 0.57% |
| Annual Percentage Yield: 0.57% |
Interest Rate Tier 2 |
| Total Aggregate Asset Levels: $100,000 – $499,999.99 |
| Interest Rate: 0.87% |
| Annual Percentage Yield: 0.87% |
Interest Rate Tier 3 |
| Total Aggregate Asset Levels: $500,000 – $999,999.99 |
| Interest Rate: 1.07% |
| Annual Percentage Yield: 1.07% |
Interest Rate Tier 4 |
| Total Aggregate Asset Levels: $1,000,000 – $2,499,999.99 |
| Interest Rate: 1.89% |
| Annual Percentage Yield: 1.89% |
Interest Rate Tier 5 |
| Total Aggregate Asset Levels: $2,500,000+ |
| Interest Rate: 2.15% |
| Annual Percentage Yield: 2.15% |
Excess Sweep Money Market Funds – SIPC Insured*
FEDERATED HERMES GOVT RESERVES |
| Acronym: FGR |
| Ticker: GRFXX |
| 7 Day Yield: 4.32% |
Expense Ratio and 12b-1 fee information can be found below.
* Federated Hermes Government Reserve Fund
* The Insured Sweep Interest Rates and Aggregate Assets Levels are current, interest rates may change intramonth with market conditions.
* Benjamin F. Edwards remitted yield from administrator of the program 4.86%
* Note: Current Maximum FDIC Insurance offered through the Cash Sweep Program is $2,490,000 per account type, accounts with multiple owners are FDIC insured up to $5,000,000.
For more information about the IDPF Program, please refer to the Terms and Conditions Disclosure in the Important disclosure section of the firm website.