TIAA Brokerage interest and cash sweep rate disclosure
TIAA Brokerage provides several options for managing cash balances in your brokerage account. Availability of the options listed below is based on account type. Not all options are available in every account type. You can log in to your account or call 800-842-2252 to find out more about which options are available for your account and for current interest rate information.
The TIAA Bank Sweep Product is designed to sweep Eligible Cash Balances in your Brokerage Account into bank deposit accounts at TIAA, FSB and other banks as described below. Two separate bank sweep options are used in combination: (1) the TIAA Bank Sweep Account, will be used as the primary bank sweep option for uninvested cash balances up to a maximum amount set by TIAA, FSB (not to exceed the current per-individual depositor FDIC insurance limits); and (2) the Liquid Insured Deposits Program (LIDs Overflow) to be used as an overflow for uninvested cash balances in excess of the maximum accepted by TIAA, FSB. You are solely responsible for monitoring the aggregate amount that you have on deposit with TIAA, FSB (through the Bank Sweep Account options and otherwise) and any other bank(s) participating in LIDs Overflow with respect to FDIC insurance limits. This information is found within your account statement or contact TIAA Brokerage for assistance. Pershing, TIAA Brokerage and your investment professional do not monitor or take any responsibility for money you may have at a Bank outside the TIAA Bank Sweep Account or money you have at any bank participating in the LIDS Overflow. Rates are variable and may change without notice.
The TIAA Brokerage Customer Account Agreement and full terms and conditions for each sweep product are available below for more information. Availability of the Bank Sweep Product is based on account type and all options may not be available.
The Bank Deposits at each bank are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 for each category of legal ownership including individual retirement accounts and certain other self- directed retirement accounts. Please review the FDIC Insured Bank Deposits section on your Brokerage Statement for participation information and specific bank allocation. The Banks that participant in the program periodically change. To opt out of a participating bank please call TIAA Brokerage at (800) 842-2252, weekdays 8 a.m. – 7 p.m. (ET).
|fdic-insured bank sweep options-7-day yield||interest rate||7-day yield as of 4/15/2022||initial amount to open|
|TIAA Bank Sweep Account (MMTSN/MMTSQ)||0.035%||0.04%||$0.01|
|Liquid Insured Deposits (LIDs for Self-Directed Accounts) (RFI)||0.01%||0.01%||$0.01|
|Liquid Insured Deposits (LIDs for Managed Accounts) - (RFIM)||0.01%||0.01%||$0.01|