Cash Management

Legacy Rates and Tiers

Effective October 1, 2024 Benjamin F Edwards announced the decision to reduce the number of sweep options available in the Cash Sweep Program. The program will now consist of two portions; the Insured deposit program and the excess sweep program. The insured deposit program will continue to be administered by R&T as it has for the last 5 years. The excess sweep program will consist of the Federated Hermes Government Reserves (FGR) fund. For accounts with single ownership/titling the CSP will afford 2.5mm of FDIC insurance and any balances over that threshold will flow into the excess sweep program of FGR which is included in the SIPC insured calculation. For accounts with multiple owners the CSP will be FDIC insured up to 5mm with the same excess sweep option of FGR.

Where accounts have previously switched from IDPF to another sweep selection, they will be switched back to IDPF. If some or all of your cash is currently invested in a non-IDPF sweep option, these balances will remain and will be switched to redemption-only as your excess sweep option. In a scenario where another sweep option was selected, different than FGR, BFE will monitor those balances down to zero, we will switch the excess sweep to the FGR fund as stated in the Terms and Conditions.

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 CAP RESERVES
Acronym: FCR
Ticker: FRFXX
7 Day Yield: 4.51%

FEDERATED HERMES GOVT RESERVES
Acronym: FGR
Ticker: GRFXX
7 Day Yield: 4.34%

FEDERATED HERMES MUNI OBLIG CS
Acronym: FMCS
Ticker: MFSXX
7 Day Yield: 2.73%

PERSHING GOVERNMENT ACCOUNT
Acronym: PGR
Ticker: GRFXX
7 Day Yield: 4.34%

PERSHING PRIME RESERVES
Acronym: PPR
Ticker: FRFXX
7 Day Yield: 4.51%

FEDERATED HERMES GOVT OBLIGATIONS

Acronym: GOIL
Ticker: GOIXX
7 Day Yield: 5.16%

Expense Ratio and 12b-1 fee information can be found below.

* Federated Hermes Muni Obligation Fund

* Federated Hermes Government Obligations 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.