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National Financial Adds to Sweep Options

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Fidelity’s National Financial has launched a new Bank Deposit Sweep Program, which enhances its existing single-bank sweep program by offering its affiliated broker/dealers the opportunity to sweep cash from customers’ eligible brokerage accounts into interest-bearing, FDIC-insured bank accounts at up to eight different banks.

The Sweep Program also offers tiered interest rates based on the brokerage account balances, consolidated statements and tax reporting, and account access that permits using the cash to cover securities purchases, and check and debit card transactions.

Commonwealth Financial Network is the first independent B/D to make the new sweep program available to its end clients. In a statement, Commonwealth CEO Wayne Bloom lauded the National Financial program at a time when “preserving capital while minimizing market risk is important to many investors.”