Cash Sweep Program is a cash management program provided by Futu Inc. This program is only open to US securities accounts under FUTU US. Customers can deposit idle cash to the bank(s) through this program and earn interst. Moreover, the deposited funds(swept cash) will still be considered as the purchasing power of securities account and will not have any impact on securities transactions. When the cash in the securities account is negative, the funds will be redeemed from the bank(s) automatically, and when the cash is greater than 0, it will be automatically deposited in the bank(s).
The funds deposited to the bank(s) under Cash Sweep program are uniformly protected by the Federal Deposit Insurance Corporation (FDIC), and every movement is under supervision.
On the US securities account page of the FUTU US broker, click on "up" icon on the right of the cash, or the "Cash Sweep" icon, and you can enter the Cash Sweep program introduction page and participate in program by confirming your joining.
On the Cash Sweep page, close the switch button to exit the Cash Sweep program. The idle cash deposited in the bank(s) and accrued interest will be returned to the U.S. securities account within 2 trading days.
The interest of the Cash Sweep program is calculated daily and paid monthly, and will generally be paid to the swept account at the end of the month. You can use filter to see all the records of program in the securities account "fund details".
Participating in the Cash Sweep program, the funds deposited in the bank will still be considered as the purchasing power of the securities account. When the cash purchasing power of the securities account is negative, the idle cash will be automatically redeemed from the bank(s) to the securities account before the transactions are settled to avoid the payment of finnacing interest. When the cash is positive, it will be automatically deposited in the bank(s) at 14:00 on each trading day to earn interest.