Cash Sweep Program

Millennium Trust's Cash Sweep Program offers daily liquidity and competitive interest rates. In a cash sweep program, uninvested cash is automatically transferred into an interest-bearing account. Your account type determines which cash sweep vehicle is used. Please read below for more information.

FDIC INSURED SWEEP PROGRAM

IRAs/Qualified Retirement Accounts

Our FDIC insured Cash Sweep Program utilizes multiple unaffiliated banks to provide up to $2.5 million in FDIC insurance per account for the investment of idle cash.*  To view the list of banks participating in the Program, click here.

How the Program Works

The program uses interest-bearing, bank demand accounts at various unaffiliated banks to provide the benefit of FDIC insurance. Idle cash balances in retirement accounts are automatically swept into the participating banks in the program, with the maximum amount of idle cash held at any individual bank being $250,000 (the current limit available for FDIC insurance per depositor).

Balances over $2,500,000

Balances over $2,500,000 will be held in the Federated Government Obligations Fund – Trust Shares** (GORXX). Please review the Fund’s prospectus which provides details of this and other important information and which is available from Millennium Trust. Investors may also obtain current information by viewing the Fund’s Fact Sheet.

*Some limits may apply for clients with multiple IRAs/Qualified Retirement accounts and if combined idle cash is over $2.5 million.

 

ADDITIONAL CASH SWEEP VEHICLES

Federated Government Obligations Fund
Taxable and Advisor Services Accounts

All idle cash will be held in the Federated Government Obligations Fund – Trust Shares** (GORXX). Please review the Fund’s prospectus which provides details of this and other important information and which is available from Millennium Trust. Current information is available on the Fund’s Fact Sheet.

Northern Institutional U.S. Government Select Portfolio
Private Fund Custody Accounts

All idle cash will be held in the Northern Institutional U.S. Government Select Portfolio** (BGSXX). Please review the Fund’s prospectus which provides details of this and other important information and which is available from Millennium Trust. Current information is available on the Fund’s Fact Sheet.

**Investors should carefully consider the investment objectives, risks, charges and expenses of mutual funds before investing. As with other money market mutual funds, the Fund’s yield will fluctuate, the Fund is not FDIC insured, and may lose value.