Millennium Trust provides a cash sweep program that offers daily liquidity and competitive interest rates. In a cash sweep program, your idle cash is automatically transferred into an interest-bearing, bank demand account. Your account type determines which cash sweep vehicle is used.
FDIC INSURED SWEEP PROGRAM
IRAs/Qualified Retirement Accounts
Millennium Trust provides a Cash Sweep Program for investment of idle cash in multiple unaffiliated banks providing up to $5 million in FDIC insurance per account.*
HOW THE PROGRAM WORKS
The program uses interest-bearing, bank demand accounts at multiple 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).
BALANCES OVER $5 MILLION
Balances over $5 million will be held in the Federated Government Obligations Fund – Trust Shares* (GORXX).
ADDITIONAL CASH SWEEP VEHICLES
Federated Government Obligations Fund
Taxable Accounts
All idle cash will be held in the Federated Government Obligations Fund – Trust Shares** (GORXX).
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).
*Some limits may apply for clients with multiple IRAs/Qualified Retirement accounts and if combined idle cash is over $5 million.
**Please review the applicable 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 and the Fund is not FDIC insured and may lose value.
Cash Sweep Program