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Best broker cash sweep rates for July 2024

Finder's regular analysis identifies the best brokers for earning interest on your uninvested cash.

Cash sweep programs offer a way to earn interest on your idle money as you wait to invest, and your cash is typically insured by the Federal Deposit Insurance Corporation (FDIC). But brokers pay different rates on uninvested cash and, depending on the number of partner banks, different levels of FDIC insurance.

Here are the best brokerage account interest rates of 2024. Rates are accurate as of July 1, 2024.

10 best cash sweep rates for your uninvested brokerage cash

Robinhood

Robinhood Gold

4.3
★★★★★

Finder score

3% IRA match
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Robinhood automatically sweeps uninvested brokerage cash into its program banks, where it's eligible for FDIC insurance up to $2.25 million. Earn a 5% APY with Robinhood Gold, or 0.01% APY without.

eToro

eToro

4
★★★★★

Finder score

Copy crypto picks from top traders
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Customers with an eToro options account can earn 4.9% in interest on uninvested cash, with monthly payouts, no withdrawal limitations and up to $5 million in FDIC insurance. An operational fee of $2 per month applies to each account enrolled in the program, but eToro waives the fee for clients with a total eToro portfolio value of $5,000 or more.

Moomoo

Moomoo

4.3
★★★★★

Finder score

Get 8.1% APY for 3 months on idle cash and up to 15 free stocks with qualified deposits. T&Cs apply.
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Existing customers can earn a 5.1% APY on uninvested cash, with up to $1 million in FDIC insurance at partner banks. New, qualified customers can earn an extra 3% APY in addition to the 5.1% base APY for three months for a total of 8.1% APY. Offer ends Sep 30, 2024.

Fidelity Investments

Fidelity Investments

4.6
★★★★★

Finder score

Read review

Fidelity offers two ways to earn on uninvested cash. Choose an automatic sweep into Fidelity's core money market mutual fund, the Fidelity Government Money Market Fund (SPAXX), or an FDIC bank program. As of July 1, 2024, earn a 7-day yield of 4.97% with SPAXX or 2.72% APY with the FDIC program.

Webull

Webull

4.7
★★★★★

Finder score

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Earn 5% APY on uninvested cash with Webull's high-yield cash management account. Receive FDIC insurance up to $1 million in total across Webull's five partner banks.

Interactive Brokers (IBKR)

Interactive Brokers

4.7
★★★★★

Finder score

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IBKR Pro customers can earn an interest rate of 4.83% on uninvested cash, while IBKR Lite customers can earn an interest rate of 3.83%. You earn no interest on the first $10,000 of cash, and only accounts with a net asset value of $100,000 or more are paid interest at the full rate. Only IBKR Pro customers are eligible for IBKR's Insured Bank Deposit Sweep Program, which offers up to $2.5 million of FDIC insurance.

Wealthfront

Wealthfront

4.5
★★★★★

Finder score

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Earn a 5% APY on your uninvested cash, with no minimum or maximum account balance requirements and up to $8 million in FDIC insurance.

Betterment

Betterment

4.4
★★★★★

Finder score

Read review

Betterment's high-yield cash account offers a 5% APY, with up to $2 million in FDIC insurance through its program of partner banks.

Public

Public.com

4.2
★★★★★

Finder score

Get up to $10,000 and transfer fees covered when you move your portfolio to Public
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Open a Public high-yield cash account and earn an APY of 5.1% on your cash. Public partners with 20 banks to offer FDIC insurance up to $5 million.

Charles Schwab

Charles Schwab

4.5
★★★★★

Finder score

Read review

Earn a 0.45% APY on the uninvested cash in your Schwab brokerage and retirement accounts and access your money at any time. Funds are automatically swept into one or more FDIC-insured banks.

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Methodology: How we choose the best broker cash sweep rates on uninvested cash

Finder’s investments experts review 17 brokers available on the market to find the brokers offering the most competitive cash sweep programs. We consider interest rates on uninvested cash and available FDIC insurance.

We update our best picks as products change, disappear or emerge in the market. We also regularly review and revise our selections to ensure our best provider lists reflect the most competitive available.

What is uninvested cash, and how does it work?

You guessed it — uninvested cash is the total amount of uninvested money in your brokerage account. Uninvested cash, also known as brokerage cash, can include things like instant deposits, unsettled funds and dividend payments. While most brokers tell you how much uninvested cash you have, you can calculate your uninvested cash by taking the difference between your portfolio value and the value of your investments.

What to look for in cash sweep programs

A cash sweep program is a program some brokers offer that is designed to hold cash balances awaiting investment. Through the program, uninvested cash is automatically deposited into interest-bearing accounts at one or more partner banks. Partner banks are usually insured by the Federal Deposit Insurance Corporation (FDIC).

Cash sweep programs that partner with several banks can offer FDIC insurance beyond the typical $250,000 offered by a single bank. For example, if a cash sweep program has five partner banks, your money can become eligible for FDIC insurance up to $1.25 million.

When reviewing cash sweep programs, consider the annual percentage yield (APY), total FDIC insurance and whether you earn the APY automatically or have to sign up for a separate product.

Compare the best brokerage account cash sweep rates

While you may not want to choose a broker based solely on its cash sweep rates, it’s an important factor to consider when comparing the best brokerage accounts.

Here’s a summary of some of the most popular brokerage account cash sweep rates to compare.

BrokerCash sweep APY
RobinhoodUp to 5%
eToro4.9%
Moomooup to 8.1%
Fidelity InvestmentsUp to 4.97%
Webull5%
Interactive BrokersUp to 4.83%
Wealthfront5%
Betterment5%
Public5.1%
Charles Schwab0.45%

All rates and data are accurate as of July 1, 2024

Frequently asked questions

What is uninvested cash?

Uninvested cash is the reserve cash in your brokerage account that you’ve yet to invest.

What do I do with uninvested cash in my brokerage account?

Uninvested cash is available to trade or withdraw.

Where is the best place to put uninvested cash?

The best place to put uninvested cash is in an account that earns interest, so that your money is working for you as you wait to invest.

Matt Miczulski's headshot
Written by

Editor, Investments

Matt Miczulski is an investments editor at Finder. With over 450 bylines, Matt dissects and reviews brokers and investing platforms to expose perks and pain points, explores investment products and concepts and covers market news, making investing more accessible and helping readers to make informed financial decisions. Before joining Finder in 2021, Matt covered everything from finance news and banking to debt and travel for FinanceBuzz. His expertise and analysis on investing and other financial topics has been featured on CBS, MSN, Best Company and Consolidated Credit, among others. Matt holds a BA in history from William Paterson University. See full bio

Matt's expertise
Matt has written 190 Finder guides across topics including:
  • Trading and investing
  • Broker and trading platform reviews
  • Money management

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