Diversify your cash and earn potentially higher income through deposits in a branch list of international banks.
For sophisticated clients who meet certain cash requirements,* this cash sweep program provides the opportunity to earn potentially higher rates of return on your idle cash than other cash sweep programs.
Once you are qualified and have elected this program, you will select the branch list of international banks that is right for you. An initial $5 million cash deposit is required, however there is no minimum cash balance requirement after this initial deposit. Available cash will be swept into the branch list you have selected, which consists of multiple highly accredited, international banks.
*For clients who meet minimum requirements of a $10 million relationship and make a $5 million initial deposit.
With the Raymond James International Bank Deposit Program (non-FDIC), available cash in your Raymond James account is deposited, in equal amounts, into interest-bearing deposit accounts at multiple international banks. Should the available banks reach their maximum deposit threshold, excess balances will automatically be deposited into the Raymond James Bank Deposit Program.
All banks in the program will be reviewed by Raymond James Financial Counterparty Risk Management and monitored similar to all of the Raymond James Bank Deposit Program banks.
Offered through the Bank of New York Mellon, this cash sweep option utilizes Raymond James Bank Deposit Program processes. While clients are responsible for determining if these banks are right for them, the S&P and Moody’s credit ratings will be provided on client statements and in Investor Access.
Deposits in the IBDP (Non-FDIC) are not eligible to receive Federal Deposit Insurance Corporation (FDIC) insurance, Securities Investor Protection Corporation (SIPC) insurance, or excess SIPC insurance. The International Bank Deposit Program (Non-FDIC) may not be suitable for all investors. This sweep program requires a minimum cash balance and relationship level for participation.
Effective December 1, 2016