Cash Sweep Options at Firstrade
Firstrade offers several ways to earn interest on uninvested cash. One of the most popular choices is their cash sweep program.
The FDIC-Insured Cash Sweep Program is managed by Firstrade’s clearing firm, Apex Clearing. Eligible customers can earn interest on their idle cash without needing to transfer funds to a bank account.
Keep reading for more details.
How to Sign Up for (or Cancel) Firstrade Cash Sweep
Signing up for Firstrade’s FDIC sweep program is simple, but you cannot enroll (or cancel) it directly on Firstrade’s website.
Instead, Firstrade handles sweep program requests through email. The easiest way to contact customer service is through Firstrade’s internal mail system on their website.
This system will automatically fill in your contact information, and you just need to select a topic and write your request. You can request to either sign up for or cancel the FDIC Cash Sweep for your account.
Firstrade Cash Sweep Rates
Firstrade offers an interest rate of 0.15 on cash swept into their partner banks. There is no tiered pricing structure for the cash sweep program, so all account holders receive the same APY on their uninvested cash.
Is Cash Sweep Safe?
Firstrade’s cash sweep program is safe. Since the funds are deposited in established financial institutions, any cash involved in the program is insured by the FDIC.
The FDIC covers up to $250,000 per program bank. Apex Clearing partners with 20 banks for its FDIC-Insured Sweep Program.
If you don’t want your funds swept into certain partner banks, you can exclude any of them by sending a request to Firstrade through their message system.
Withdrawals and Cash Sweep
Withdrawing funds from partner banks is easier than you might think. When your money is moved to Firstrade’s partner banks (via Apex Clearing), it is part of the back-end operations. Your account balance stays the same, and you can still invest or withdraw funds from your account without any restrictions from the cash sweep program.
In other words, enrolling in Firstrade’s cash sweep program doesn’t change the usability of your account balance.
Firstrade Cash Management Account
Along with Firstrade’s FDIC-Insured Cash Sweep Program, fixed-income securities, and mutual funds, customers can also consider the cash management feature. However, cash management is different from cash sweep.
Cash management is linked to the same brokerage account that the cash sweep program uses. But unlike the sweep program, cash management doesn’t earn interest on idle cash. It does, however, allow you to spend or withdraw your funds using a VISA debit card, providing more flexibility.
To activate cash management, go to ‘Accounts’ and then ‘Profile.’ This option is only available to account holders with at least $25,000 in their account, which is the minimum for cash management.
Broker Review
Firstrade Review »
Updated on 4/15/2026.
I work in investment analytics and have been investing in the market since I was in high school. I enjoy anything that involves lots of strategy (i.e. a good game of chess), which is why I was naturally drawn to investing and researching companies. Outside of investing, I’m a big fan of the outdoors. In summer, you’re most likely to find me kayaking, camping, and hiking in the mountains.
|