Raymond James Trust Sweep Program
Raymond James offers a multibank sweep program that:
- Provides Federal Deposit Insurance Corporation (FDIC) insurance coverage
- Offers competitive interest rates.
With this program, available cash in your Raymond James Trust (RJT) account is deposited into interest-bearing deposit accounts at one or more banks at a rate of 1.50%, as described in the "Bank Priority Lists" section below.
Bank priority lists
There have recently been some changes to the bank priority lists.
|Bank||Change made||Effective Date|
|BBVA USA (changed name from Compass Bank)||Bank name change||June 20, 2019|
|Florida Community Bank||Bank removed||May 31, 2019|
|Origin Bank||Bank removed||May 31, 2019|
|Pinnacle Bank||Bank removed||May 31, 2019|
|Umpqua Bank||Bank added||May 13, 2019|
|Landmark Community Bank||Bank added||May 13, 2019|
|Texas Capital Bank, N.A.||Bank added||March 29, 2019|
Extraco Banks, N.A.
The Bryn Mawr Trust Company
First Mid Bank & Trust NA
Banc of California, N.A.
Amarillo National Bank
|Bank added||March 25, 2019|
|NexBank||Bank added||March 1, 2019|
|Pacific Western Bank||Bank removed||January 7, 2019|
|Towne Bank||Bank removed||December 24, 2018|
|State Bank of India||Bank removed||November 30, 2018|
* As with all banks in RJTSP, any participating foreign-owned banks are fully FDIC-insured with U.S. branches and charters; they are governed and operate under the same laws and regulations as all U.S. banks. For privacy and security reasons, all deposits through RJBDP are made with U.S. branches through an omnibus account so your personal information is not shared with the participating banks.
Current priority lists by region are provided below.
Raymond James clients whose brokerage accounts are through an advisor at a bank within the Raymond James Financial Institutions Division have priority lists specific to those banks. Access those lists here.
See “How the priority lists work” for information on how funds flow between banks and for more information on “excess banks.” Although you may decline to have funds deposited in any bank in the list, you must have a minimum of one excess bank selected for deposit.
Effective June 20, 2019
|Raymond James Trust Bank List|
|TriState Capital Bank*|
|PNC Bank, N.A.|
|Texas Capital Bank, N.A.|
|Bank of Hope|
|U.S. Bank, N.A.|
|Wells Fargo Bank, N.A.|
|The Bank of East Asia Ltd.|
|Cadence Bank, N.A.|
|Landmark Community Bank|
|Franklin Synergy Bank|
|Extraco Banks, N.A.|
|The Bryn Mawr Trust Company|
|First Mid Bank & Trust, N.A.|
|Amarillo National Bank|
|Banc of California, N.A.|
*Irrevocable Raymond James Trust Accounts Only
How the priority lists work
Raymond James establishes contracts with multiple banks, which are included in one or more bank priority lists. Your account’s legal address of record determines which list is used to determine the order in which your available cash in your brokerage account will be deposited into interest-bearing deposit accounts at one or more of the banks set forth on the predetermined list.
If your cash balance exceeds the FDIC insurance limit for all funds at the first bank on the list, the excess cash will be deposited in the next bank. If you still have excess cash, those funds will be deposited in the third bank Raymond James has designated. This process continues through all banks on the priority list, providing FDIC coverage up to $5 million. As always, you have immediate access to your funds should you wish to withdraw or reinvest them.
Your priority list may also include one or more excess banks that will accept funds from retirement accounts without limit and without regard to the maximum applicable deposit insurance amount if all banks on the priority list have received funds up to the applicable deposit limit. If all your funds are withdrawn from an excess bank, the next time your funds are available for deposit in an excess bank they may be deposited in a different excess bank. This may also apply to certain non-retirement accounts that do not elect to have excess funds swept to the Raymond James Client Interest Program, as described below.
For non-retirement accounts, if all banks on the priority list have received your funds up to the applicable deposit limit, your next available funds will be deposited in the Raymond James Client Interest Program (and covered by SIPC/Excess SIPC insurance), as long as you have not opted for an alternative.
The deposit insurance coverage limits refer to the total of all deposits that an account holder has in the same ownership categories at each FDIC-insured institution. Visit fdic.gov for more information.