Yankee Sweep

With the Yankee Sweep® service, financial institutions can offer investors a cash management product that helps balance competing demands for returns, risk management, and liquidity.

How Does Yankee Sweep Compare to Prime Money Market Funds?

  Yankee Sweep Prime Money Market Funds
Returns Yields may outperform prime money market funds Yields may be lower
Risk Profile
  • Funds are deposited with U.S.-chartered branches (subject to Federal Reserve Board oversight) of foreign banks. These banks, called Yankee Banks, are:
    • International banks with ratings from Standard & Poors, Moody's, or Fitch.
    • Among the largest banks in the world
  • Floating net asset value requirements do not apply
  • Funds are invested in a variety of short-term instruments, such as commercial paper, Yankee CDs, and repos
  • Required to maintain a floating net asset value
Liquidity Daily liquidity1 with no money market fund withdrawal gates or fees May be subject to withdrawal gates and fees

How Does Yankee Sweep Work?

Yankee Banks are grouped into different lists from which an investor may choose. Generally, the investor’s deposit will be placed evenly between the banks on the chosen list, and the interest rate earned will be a blend of the rates offered by these banks. Bank lists may offer diversification by country. 

Yankee Sweep Flow of Funds

To learn more about how Yankee Sweep and other Promontory Network services can help your institution build valuable relationships, contact us.

1 Funds may be held in MMDAs and, under federal regulations, banks may require seven (7) days advance notice of withdrawals for such funds.