FDIC Sweep Program (“FDIC - Insured Sweep Program”) is an interest-bearing deposit program insured by Federal Deposit Insurance Corporation (FDIC). It is offered through our clearing partner, Apex Clearing Corporation.
Uninvested cash in your account is automatically deposited to the FDIC Sweep Program. It will earn interest based on the amount and duration of deposits and applicable interest rates.
Deposits to the FDIC Sweep Program are covered by FDIC insurance up to $250,000 per account holder per insured bank, see a list of participating banks. Please review additional product overview at www.fdic.gov.
For more information on FDIC Sweep Program, please read the Terms and Conditions to learn more details.
If you would like to enroll or cancel the FDIC sweep program, please email your request.
Note: The FDIC-Insured Sweep Program is not available for margin accounts, SIMPLE IRA accounts, or Education Savings Accounts (ESA). Adding margin to an account will automatically result in unenrollment from the sweep program.
These account types remain protected through Firstrade’s membership with the Securities Investor Protection Corporation (SIPC).