Retirees, Avoid Sweep Accounts With Low Yields
by Eleanor Laise, Senior Editor, Kiplinger's Retirement Report
Mar 29, 2019
2 minutes
Don't let your broker sweep your cash yield into the basement.
Many major brokerage firms in recent years have eliminated higher-yielding money-market funds as a sweep option, pushing customers into lower-yielding bank sweep accounts. Often, the cash is routed to banks affiliated with the brokerage firm, plumping up the firm's profits.
Brokerage firm Edward Jones eliminated
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