Convenient Cash Management Services. Your Cash at Work—All the Time
Davenport offers professionally managed money market portfolios and an Insured Deposit Program that address three primary goals:
We believe your cash should never be idle. Each account is set up for sweep capabilities: all available cash balances, including dividends, interest, and proceeds from sales and other transactions, are automatically swept daily into the money market fund or the Insured Deposit Program you selected without a minimum dollar amount. Therefore, every dollar is working for you every day.Davenport offers a selection of both taxable and tax-exempt money market funds to meet the variety of investment needs of our retail brokerage clients. These high quality, low risk funds are managed by Federated Investors*, one of the nation’s largest mutual fund companies. Federated ranks among the top 2% of money market managers in terms of total open-end assets under management.1
State Specific Funds2
Pursue income that is exempt from both federal regular income tax and state taxes, provided you are investing in the fund specific to your state of legal residence. Funds are available for the following states:
Davenport also offers a selection of Federated money market funds with similar investment objectives available exclusively to our investment advisory clients. For more information and to determine if these funds are available to you, contact your Investment Executive.
The Insured Deposit Program
Davenport is pleased to introduce its newest addition to our brokerage account sweep choices for managing your cash. Administered by UMB Bank n.a (UMB), the Insured Deposit Program (IDP) offers competitive daily interest rates and FDIC insurance up to $1.5 million**.
The Insured Deposit Program may be used in place of your current money market fund cash sweep option on your Davenport brokerage account. Once selected, future free cash balances will be deposited in the IDP, which consists of accounts established at a number of FDIC insured banks by Davenport as agent for you and other clients. See the IDP Terms & Conditions for further details. Securities Investors Protection Corporation (SIPC) coverage continues on any balances invested in the money market in your brokerage account but those balances are not covered by FDIC insurance. Now may be an ideal time to consolidate cash balances held at other financial institutions with your Davenport brokerage account. Start earning a competitive return on your cash today. To sign up for the Insured Deposit Program sweep choice for your Davenport brokerage account, contact your Davenport Investment Executive today. To view the IDP Terms & Conditions, click here.
Davenport Source AccountSM –It's Your Choice!The Davenport Source AccountSM lets you choose the services you want. In just one account you may select any or all of the available services to make managing your cash convenient and flexible for your everyday life.
Your Choice of one, two, or all three:
The Source AccountSM Rewards Credit Card also offers:
Source AccountSM clients may enjoy the following conveniences:
One, Two, or all Three for No Fee
For more information on any of these services, or to obtain a Source AccountSM Enrollment Kit, contact your Investment Executive at 800-846-6666.
1 Strategic Insight, 8/31/09
An investment in money market funds is neither insured nor guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. Although money market funds seek to preserve the value of your investments at $1.00 per share, it is possible to lose money by investing in the funds.
For more information on the Insured Deposit Program, click here to view the Terms and Conditions or contact your Davenport Investment Executive at 800-846-6666.
*For more complete information on money market funds, view the prospectus provided on this website or contact your Investment Executive at 800-846-6666. You should consider the fund's investment objectives, risks, charges, and expenses carefully before you invest. Information about these and other important subjects is in the fund's prospectus, which you should read carefully before investing.
**IDP Deposits at each participating program bank are covered by FDIC insurance up to the amount provided by law. See the IDP Terms and Conditions for further details. The overall amount of FDIC Insurance will vary based on the number of participating program banks. As of June 2013, the overall amount of FDIC coverage available is $1.5 million.
Brokerage Products are not FDIC InsuredNo Bank GuaranteesMay Lose Value