TIAA-CREF Individual & Institutional Services, LLC (“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 Sweep Product is designed to sweep Eligible Cash Balances in your Brokerage Account into bank deposit accounts at EverBank, N.A. ("the Bank") and other banks as described below. Two separate bank sweep options are used in combination: (1) the TIAA Brokerage Sweep or TIAA Managed Sweep ("TIAA Sweep Product") will be used as the primary bank sweep option for uninvested cash balances up to a maximum amount set by the Bank (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 the Bank. TIAA Brokerage Sweep is used for Self-Directed brokerage accounts and TIAA Managed Sweep is used for TIAA managed accounts, including TIAA Portfolio Advisor and TIAA Personal Portfolio. TIAA Managed Sweep will generally pay a higher rate of interest than TIAA Brokerage Sweep. The LIDs overflow is used when your Eligible Cash Balanced swept into the TIAA Brokerage Sweep or TIAA Managed Sweep exceed the FDIC insurance limits. You are solely responsible for monitoring the aggregate amount that you have on deposit with the Bank (through the the TIAA Sweep Product and otherwise) and any other bank(s) participating in LIDs Overflow with respect to FDIC insurance limits. A list of LIDS Overflow Program banks can be found at Liquid Insured Deposit Program Banks- List of banks that participate in the FDIC sweep programOpens pdf. Your account statement will list the LIDS Overflow banks being used in your account if applicable.
Pershing, TIAA Brokerage, the Bank, and your investment professional do not monitor or take any responsibility for money you may have at a Bank outside the TIAA Sweep Product 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 TIAA 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. 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 LIDS Overflow 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||interest rate||Annual Percentage Yield (APY) AS OF 11/15/2023||initial amount to open|
|TIAA Brokerage Sweep Product (TBS)||1.05%||1.06%||$0.01|
|TIAA Managed Sweep Product (TMS)||2.53%||2.56%||$0.01|
|Liquid Insured Deposits (LIDs for Self-Directed Accounts) (RFI)||2.53%||2.53%
|Liquid Insured Deposits (LIDs for Managed Accounts) - (RFIM)||2.53%