Your cash balances may be swept into tax-free or taxable money market funds.
Investors should consider the investment objectives, risks and charges and expenses of a fund carefully before investing. Prospectuses containing this and other information about the fund are available by contacting your financial advisor. Please read the prospectus carefully before investing to make sure that the fund is appropriate for your goals and risk tolerance.
An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. Although the funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the funds.
Rockfleet is not a tax or legal advisor. All decisions regarding the tax implications of your investments should be made in connection with your independent tax, legal or estate planning advisor.
Please contact your financial advisor for more information on the Credit Interest Program.
If you use RBC Insured Deposits, RBC Capital Markets, LLC, will deposit your funds into one or more FDIC-insured banks participating in the program.
If your deposit is greater than the coverage available at one bank, the excess deposit amounts will be directed into accounts at other participating banks. In this way, RBC Insured Deposits places balances into multiple banks to provide FDIC coverage in excess of the per bank limit. This program is designed to offer $5 million in aggregate FDIC coverage. Please note that if your deposits exceed this amount, the amount in excess of $5 million may not be covered by FDIC deposit insurance.
Deposits placed with banks that are members of the FDIC are covered by FDIC insurance for up to $250,000 per depositor, per insured bank, for each account ownership category (single account, joint account, etc.) should the bank fail. Coverage limits may vary by the specific account registration. Bank deposits are not covered by SIPC.
This program is ideal for clients who wish to earn interest on their cash but who place a high priority on the safety of principal. Individual clients, sole proprietors, government entities and qualifying nonprofits can participate. Please note: advisory retirement clients, and pooled self-trusteed qualified plans are prohibited from participating in the program.
RBC Insured Deposits sweeps cash into interest-bearing accounts at FDIC-insured banks that RBC has thoroughly reviewed; only creditworthy banks participate in the program.
You can maintain deposits in multiple banks with up to $5 million aggregate FDIC insurance coverage, and you have the ability to exclude certain banks from receiving your deposits.
If you hold a CD at RBC Capital Markets, LLC, that was issued by a bank that participates in RBC Bank Insured Deposits, the system will not direct funds to that bank. Bank deposits and CDs you hold at other firms are not monitored by RBC Capital Markets, LLC. If you hold deposits directly at a bank that also participates in RBC Insured Deposits, you may exceed FDIC coverage limits available through that bank - unless you instruct us not to deposit your funds into that particular bank.
You don't have to manage relationships with multiple banks. We do it for you. And we report your cash balance by bank, the interest you earned and the Annual Percentage Yield Earned (APYE) on your statement.
Whether you initially choose to sweep your cash into RBC Insured Deposits or another option, you can change your cash sweep option at any time. In addition, if you have an Investment Access® Account with RBC Insured Deposits, you have the same convenient cash management tools available, such as a Visa® Platinum Debit Card, unlimited check-writing, electronic funds transfer, online bill pay and more.