With the release of High-Yield Cash Accounts on Public, we are discontinuing our cash sweep program no earlier than 1/21/24. Instead, we are now offering members the option to open a High-Yield Cash Account. A High-Yield Cash Account is a secondary brokerage account with Open to the Public Investing, Inc. Funds in a High-Yield Cash Account are swept to partner banks, where that cash earns interest. See here for a list of current Partner Banks. To learn more about High-Yield Cash Accounts, Read our High-Yield Cash Account Disclosures for more information.

What happens to my funds that were swept through the cash sweep program?

Any of your uninvested cash that has been swept through the cash sweep program will be automatically returned to your brokerage account no later than two business days following the date the program has been discontinued.

Do I need to unenroll myself from the cash sweep program?

There is no action required from you.

How can I enroll in the new High-Yield Cash Account program?

You may enroll by logging in to your Public account and tapping on High-Yield Cash Account under the Yield tab.

How is my cash protected now that the Cash Sweep Program is discontinued?

Assets held in your brokerage account that are not swept to FDIC-insured program banks are protected by SIPC, which protects securities customers of its members up to $500,000 (including $250,000 for claims for cash). An explanatory brochure is available upon request or at www.sipc.org.

For further questions regarding the discontinuation of the cash sweep program, please contact Member Support via in-app chat or email at support@public.com.