TIAA-CREF Individual & Institutional Services, LLC (“TIAA Brokerage”) provides several options for managing cash balances in your brokerage account. Availability of the options listed below is based on account type. Not all options are available in every account type. You can log in to your account or call 800-842-2252 to find out more about which options are available for your account and for current interest rate information.
Bank deposits
FDIC-Insured Options
The TIAA Sweep Product is designed to sweep eligible cash balances in your Brokerage account into bank deposit accounts at EverBank, N.A. ("the Bank") and other banks as described below. Two separate bank sweep options are used in combination: (1) the TIAA Brokerage Sweep or TIAA Managed Sweep ("TIAA Sweep Product") will be used as the primary bank sweep option for uninvested cash balances up to a maximum amount set by the Bank (not to exceed the current per-individual depositor Federal Deposit Insurance Corporation ("FDIC") insurance limits); and (2) the Liquid Insured Deposits Program ("LIDs Overflow") to be used as an overflow for uninvested cash balances in excess of the maximum accepted by the Bank. The TIAA Brokerage Sweep is used for self-directed brokerage accounts and the TIAA Managed Sweep is used for TIAA Brokerage managed accounts, including TIAA Portfolio Advisor and TIAA Personal Portfolio. The TIAA Managed Sweep will generally pay a higher rate of interest than the TIAA Brokerage Sweep. The LIDs Overflow is used when your eligible cash balances are swept into the TIAA Brokerage Sweep or TIAA Managed Sweep exceed the FDIC insurance limits. You are solely responsible for monitoring the aggregate amount that you have on deposit with the Bank (through the TIAA Sweep Product and otherwise) and any other bank(s) participating in LIDs Overflow with respect to FDIC insurance limits. A list of the LIDS Overflow program banks can be found at Liquid Insured Deposit Program Banks- List of banks that participate in the FDIC sweep programOpens pdf. Your account statement will list the LIDS Overflow banks being used in your account if applicable.
Pershing, LLC ("Pershing"), TIAA Brokerage, the Bank, and your investment professional do not monitor or take any responsibility for money you may have at a bank outside the TIAA Sweep Product or money you have at any bank participating in the LIDS Overflow. Rates are variable and may change without notice. The TIAA Brokerage Customer Account Agreement and full terms and conditions for each sweep product are available below for more information. Availability of the TIAA Sweep Product is based on account type, and all options may not be available.
TIAA Brokerage Customer Account Agreement
TIAA Sweep Product Terms and ConditionsOpens pdf
Liquid Insured Deposit Terms & Conditions (Self-Directed Accounts)Opens pdf
Liquid Insured Deposits Terms & Conditions (Managed Accounts)Opens pdf
The bank deposits at each bank are insured by the FDIC up to $250,000 for each category of legal ownership. Please review the FDIC Insured Bank Deposits section on your account statement for participation information and specific bank allocation. The banks that participant in the LIDS Overflow program periodically change. To opt out of a participating bank please call TIAA Brokerage at (800) 842-2252, weekdays 8 a.m. – 7 p.m. (ET).
| fdic-insured bank sweep options | interest rate | Annual Percentage Yield (APY) - AS OF 12/19/2024 | initial amount to open | account availability |
|---|---|---|---|---|
| TIAA Brokerage Sweep Product (TBS) | 0.90% | 0.90% | $0.01 | Self-Directed (Account prefix of A51, A52, A54, A55, A59) |
| TIAA Managed Sweep Product (TMS) | 4.18% |
4.27% | $0.01 | Managed (Account prefix of A57, A58, A77) |
| Liquid Insured Deposits (LIDs for Self-Directed Accounts) (RFI) | 1.69% | 1.69% |
$0.01 | Self-Directed (Account prefix of A51, A52, A54, A55, A59) |
| Liquid Insured Deposits (LIDs for Managed Accounts) - (RFIM) | 1.99% |
1.99% |
$0.01 | Managed (Account prefix of A57, A58, A77) |