SmartMoney's "For Better Yields, It's Bank -- Not Brokerage". It says, "Cash held at brokerage houses is typically deposited in so-called 'sweep' accounts. These accounts offer convenience and liquidity, with features like check-writing capabilities, a debit card and free ATM withdrawals. Some brokerages call them cash or financial management accounts, and others have even branded them 'savings accounts.' The problem is that the yields these accounts deliver are paltry these days.... There are no hard numbers on the amount of cash lying around in sweep accounts these days, and chances are that with the stock market's recovery from its 2009 lows and the Federal Reserve's rock-bottom rate policy, some investors are moving it into equities or higher-yielding bank accounts. Still, the assets parked in sweep accounts could add up to $600 billion, according to Peter Crane, president of Crane Data LLC, which tracks money-market mutual funds." The article adds, "These days, sweep accounts pay an average 0.05%, according to Crane Data, but depending on the brokerage, you could be earning as little as 0.01% and rarely more than 0.07%." Note that the piece contains a data table with rates excerpted from Crane Data's weekly Brokerage Sweep Intelligence. See also, NY Times' and AP's "4 Tips on Shopping for Money-Market Mutual Funds".

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