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What is the cash sweep program?
What is the cash sweep program?
Updated over a week ago

The cash sweep program will be discontinued. Click here for more information.

How does the Cash Sweep Program work?

If you are enrolled in the cash sweep program, uninvested cash held in your Public brokerage account will be automatically “swept” into an FDIC-insured account maintained by Apex Clearing, our clearing firm, at a program bank. While in Apex Clearing’s account, your cash is protected by FDIC-insurance for you as an individual depositor, so you get the full benefit of maximum FDIC-insurance coverage. Cash sweep disclosures can be found here.

Cash swept into a program bank account will be covered by FDIC-insurance of up to $5 million or $250,000 per program bank (inclusive of deposits you may already hold at the bank in the same ownership capacity).

Apex Clearing earns interest on cash held at program bank accounts and shares a portion of that interest with Public. The interest is then used by Public to provide you with all the services you love, many at no cost to you.

When is my cash protected by SIPC? When is it protected by FDIC?

Assets held in your brokerage account that are not swept to FDIC-insured program banks are protected by SIPC, which protects securities customers up to $250,000 in cash claims, or $500,000 in total inclusive of securities.

Once cash is swept to a program bank, it is no longer within your brokerage account; thus is not protected by SIPC, but is eligible for FDIC protection of up to $5 million or $250,000 per program bank, subject to FDIC limitations.

Does the Cash Sweep Program pay me interest?

You may earn interest on excess cash balances that Apex sweeps to Program Banks. The interest rate is based on several factors, including the current interest rate environment, and is subject to change without notice. Over any given period, the interest rates on your swept excess cash balances may be lower than the rate of return on similar non FDIC-insured investments or deposit accounts offered outside of the Program, including deposit accounts held directly by you with a Program Bank. Interest payments to you and movements of your excess cash balance will be reflected on your Apex Account statement. Interest accrues daily and is paid into the deposit account at each Program Bank. Any interest paid to you will be posted directly to your Apex Account. Interest rates and APY on funds in the Program will vary over time and can change daily without notice to you.

What banks are in the program?

A list of all program banks can be found here.

Do I still have access to cash that has been swept to a program bank?

Yes. Even if your cash is swept to a program bank, you can always withdraw your cash or invest the cash into new assets at any time.

How do I know if I'm enrolled? If I'm not enrolled, how can I join the Program?

If you opened your Public brokerage account after October 15th, 2020, then you were enrolled in Cash Sweep at the time of account opening. If you joined prior to October 15th, 2020 and would like to enroll, you can email us at with “Opt-in to Cash Sweep” in the subject line.

Can I leave the Program?

You may opt-out of the Cash Sweep Program at any time by emailing us at with “Cash Sweep Opt-Out” in the subject.


Brokerage cash sweep is an added feature to your Open to the Public Investing, Inc. brokerage account. Neither Open to the Public Investing, Inc. nor any of its affiliates are banks. This is not an offer or solicitation to use the Cash Sweep Program. Not investment advice. See for more information.

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