Through Baird's Cash Sweep Program, Baird offers the opportunity for the first $1.25 million of a client's cash balances to be automatically "swept" into an interest-bearing bank deposit account maintained at several banks.
Any balances held in a bank deposit account or in shares of money market mutual funds may be liquidated at a client's request and the proceeds will be returned to the client's account or remitted to the client. Each account option offers easy access to funds through a Baird Financial Advisor. Interest and dividends paid on your securities at Baird can be deposited automatically into your cash sweep account. For additional information about Baird's Cash Sweep Program, please reference the Cash Sweep Program Disclosure or contact your Baird Financial Advisor.
Bank Deposit Rates
As described below, different interest rates apply based on a client’s statement household account values.
Bank deposit account rates as of 12/09/2019
|FDIC Insured Deposit|
|Statement Household Balance||Rate|
|$0 - $249,999||0.33%|
|$250,000 - $999,999||0.38%|
|$1,000,000 - $1,999,999||0.50%|
|$2,000,000 - $4,999,999||0.59%|
|$5,000,000 or more||0.67%|
The Bank Deposit Account is not a money market mutual fund. Rather, it is a deposit account held at banklist. Because of this, an investor’s deposits in this account are insured by the Federal Deposit Insurance Corporation (FDIC) up to the limitations as described in detail in the Cash Sweep Program Disclosure. The applicable interest rate will be set at a rate determined monthly by Baird based on statement household balance. Click here to review the Priority List of Banks.
Money Market Mutual Fund Rates
Available to select clients as outlined below
7 Day Yield
|Available to excess FDIC balances above $1.25 million per depositor and ERISA plans|
|General Government Securities Money Market Fund||GGDXX||1.11%|
7 Day Yield
|Available to clients whose household cash balances are $5 million or greater.|
Dreyfus Government Cash Management Fund - Institutional Shares
Investors should consider the investment objectives, risks, charges and expenses of each money market mutual fund carefully before investing. This and other information is found in the prospectus. To view and print a prospectus, please select from the funds listed above. Please read the prospectus carefully before investing
Performance data quoted represents past performance. Past performance does not guarantee future results. Yield and investment returns of money market mutual funds will fluctuate so that investors’ shares when redeemed may be worth more or less than their original cost. The funds' current performance may be lower or higher than the performance data quoted.
For Government Money Market Funds: You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.