Cash balances above 2,750,000 remain subject to safeguarding under the SEC's Customer Protection Rule 15c3-3, backed by the firm's equity capital. Schwab Purchased Money Market funds with no minimum balance include: Schwab Value Advantage Money Fund SWVXX 1.30 Schwab Government Money Fund SNVXX 0.97 Schwab Municipal Money Fund SWTXX 0. Our banking license is registered in Malta. IBKR sweeps each participating client's free credit balances daily to one or more banks, up to 246,500 per bank, allowing for the accrual of interest and keeping within the FDIC protected threshold. Both the Bank sweep and Schwab One sweep interest rates are awful at 0.12. Please note that due to FSCS and FOS eligibility criteria not all business customers will be covered. A sweep account is a special type of account that can be linked to a bank account or brokerage account. SweepBank is a part of an international financial group that has served more than 2 million customers in 23 countries since 2005. We are covered by the Financial Ombudsman Service (FOS). Lloyds Bank Corporate Markets Wertpapierhandelsbank GmbH is supervised by the Bundesanstalt für Finanzdienstleistungsaufsicht.Įligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). The company is registered with the Amtsgericht Frankfurt am Main, HRB 111650. Lloyds Bank Corporate Markets Wertpapierhandelsbank GmbH has its registered office at Thurn-und-Taxis Platz 6, 60313 Frankfurt, Germany. Lloyds Bank Corporate Markets Wertpapierhandelsbank GmbH is a wholly-owned subsidiary of Lloyds Bank Corporate Markets plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278, 169656 respectively. Cash Sweep puts your cash to work by sweeping funds from a commercial checking account into a liquid investment account, or by paying down line of credit. Registered office 25 Gresham Street, London EC2V 7HN. Registered Office: The Mound, Edinburgh EH1 1YZ. Registered Office: 25 Gresham Street, London EC2V 7HN. Under the Bank Sweep Product, eligible cash balances in your Brokerage Account are automatically swept into interest bearing deposit accounts at the Bank. Lloyds Bank is a trading name of Lloyds Bank plc, Bank of Scotland plc, Lloyds Bank Corporate Markets plc and Lloyds Bank Corporate Markets Wertpapierhandelsbank GmbH. Under a Sweep Program as defined by CFR 240.15c3-3(a)(17) a broker or dealer may offer its customer the option to automatically transfer free credit balances in a securities account to either a money market mutual fund product or an account at a bank whose deposits are insured by the Federal Deposit Insurance Corporation, FDIC.
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