William Blair’s Bank Deposit Sweep Program helps you manage cash in your William Blair accounts. It allows you to maintain liquidity for investment or cash management needs while earning interest. Your cash will also be eligible for FDIC insurance, up to applicable limits.
If you participate in the sweep program, available cash balances you may hold in an account (as a result of securities transactions, dividend and interest payments, cash deposits and other activities) will automatically transfer or "sweep" into interest-bearing deposit accounts maintained at one or more participating banks that are not affiliated with William Blair, but which are eligible for insurance by the FDIC up to applicable limits. View a complete list of participating banks.
Currently, deposit accounts are eligible for FDIC insurance up to $250,000 per depositor, per bank, through a network of participating banks. Eligibility for insurance through our sweep program is limited up to a total of $2.5 million per depositor, for each account category ($5 million for joint ownership accounts). See our sample scenario.
To the extent that you hold cash balances at any of the participating banks separate from the sweep program, such balances will be counted together with the balances swept through our program at that particular bank. You should therefore check your account statements, along with any bank statements separate from our sweep program, to monitor your cash level in any given bank account so that you can determine the amount that is eligible for FDIC insurance.
Interest on your deposits is based on interest rate tiers. For more information, view the current interest rate tiers.
For complete information regarding our Bank Deposit Sweep Program, view the Bank Deposit Sweep Program Disclosure Document and the FAQs about the program.
