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 swept into a program bank account will be covered by FDIC-insurance of up to $1.25 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 $1.25 million or $250,000 per program bank, subject to FDIC limitations.

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.

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.

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