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 $5 million in FDIC insurance per account for the investment of idle cash.*
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 $5 Million
Balances over $5 million 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 $5 million.
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). 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
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.
