Cash sweep options from Raymond James
Cash is an important part of every financial plan, but there is no reason why it should sit idle when it can earn you income. Our cash sweep programs help diversify your cash the same way we help diversify your investments. That way, your cash can continue working toward your long-term financial goals while remaining accessible for your near-term needs.
How our cash sweep programs work
The available cash in your Raymond James account is automatically transferred into an interest-bearing account allowing your cash to earn competitive interest while also receiving FDIC insurance, or SIPC and/or excess SIPC protection.
We offer two types of sweep programs for you to choose from, including the Client Interest Program (CIP) that pays interest on cash awaiting investment and the Raymond James Bank Deposit Program (RJBDP). CIP offers SIPC and excess SIPC protection, while the Bank Deposit Program “sweeps” any cash you have with us into accounts at multiple banks, with each bank providing FDIC insurance up to $250,000, allowing you to have combined FDIC insurance of up to $3 million ($6 million for joint accounts).
You can select either of the sweep types listed above, or one of our unique combination programs that provide SIPC and excess SIPC protection on cash deposits that exceed the FDIC limit. We’re one of only a handful of firms providing you with options like these – and it’s just one of the many ways we put our clients first.
Raymond James offers several sweep account options, outlined below. For the selection that’s best for you, please talk to your financial advisor.
- Raymond James Bank Deposit Program (RJBDP)
- Raymond James Trust Sweep Program
- Client Interest Program (CIP)
- Raymond James Bank with Check Writing
Diversification of investments does not guarantee a profit nor protect against loss.
The banks we sweep your funds to are based on a priority list, which is available at raymondjames.com/rjbdp. All deposits and withdrawals at the banks will be made by Raymond James on your behalf. If you maintain funds separately with banks in our program, you should monitor your total deposits at the applicable bank(s) to ensure they do not exceed FDIC insurance limits of $250,000 ($500,000 for joint accounts). Your funds will earn the same interest rate at all of the banks, based on your total balances with Raymond James. Interest rate tiers and current rates are available online at raymondjames.com/sweeprates and through your financial advisor.
All funds held at Raymond James Bank and participating banks in the Bank Deposit Program are insured by the Federal Deposit Insurance Company (FDIC) up to $250,000 per depositor, per insured bank, for each account ownership category. Additional information can be found at fdic.gov or by calling 877.ASK.FDIC (877.275.3342).
Raymond James & Associates, Inc. and Raymond James Financial Services, Inc. are affiliated with Raymond James Bank, National Association (N.A.). Unless otherwise specified, products purchased from or held at Raymond James & Associates or Raymond James Financial Services are not insured by the FDIC, are not deposits or other obligations of Raymond James Bank, N.A., are not guaranteed by Raymond James Bank, N.A., and are subject to investment risks, including possible loss of the principal invested.
Raymond James & Associates is a member of the Securities Investor Protection Corporation (SIPC), which protects securities customers of its members up to $500,000 (including $250,000 for claims for cash). An explanatory brochure is available upon request or at sipc.org or by calling (202) 371-8300. Raymond James has purchased excess-SIPC coverage through various syndicates of Lloyd's, a London-based firm. Excess SIPC is fully protected by the Lloyd's trust funds and Lloyd's Central Fund. The additional protection currently provided has an aggregate firm limit of $750 million, including a sub-limit of $1.9 million per customer for cash above basic SIPC for the wrongful abstraction of customer funds. Account protection applies when a SIPC-member firm fails financially and is unable to meet obligations to securities clients, but it does not protect against market fluctuations.