A bank deposit sweep product is a sweep feature that automatically transfers ("sweeps”) any free balances from your brokerage account into deposit accounts at one or more FDIC member banks as applicable, intended to provide daily interest on cash balances. The goal is to keep customers’ assets working intended to provide an investment return in a conservative and efficient manner.
For more information about how the bank deposit sweep works, including participating banks and important considerations, please review our General Disclosures