{
  "source": "Movable Capital (movablecapital.com). Free to reuse with credit.",
  "benchmark": {
    "rate": 3.7,
    "date": "2026-10-21",
    "source": "U.S. Treasury, Daily Par Yield Curve Rates"
  },
  "brokers": [
    {
      "id": "merrill",
      "name": "Merrill Edge",
      "defaultOption": "Merrill Lynch Bank Deposit Program",
      "defaultRatePct": 0.01,
      "tierNote": "Under $1M; 0.05% from $1M",
      "issuerUrl": "https://olui2.fs.ml.com/publish/content/application/pdf/gwmol/iccratesheet.pdf",
      "verifiedOn": "2026-10-20"
    },
    {
      "id": "schwab",
      "name": "Charles Schwab",
      "defaultOption": "Bank Sweep / Schwab One Interest",
      "defaultRatePct": 0.01,
      "tierNote": "All balances",
      "issuerUrl": "https://www.schwab.com/cash-investments",
      "verifiedOn": "2026-10-22"
    },
    {
      "id": "etrade",
      "name": "E*TRADE (Morgan Stanley)",
      "defaultOption": "Bank Deposit Program",
      "defaultRatePct": 0.01,
      "tierNote": "Under $500k; 0.05% to $1M",
      "issuerUrl": "https://us.etrade.com/l/options-uninvested-cash",
      "verifiedOn": "2026-10-23"
    },
    {
      "id": "fidelity-fdic",
      "name": "Fidelity IRA (FDIC sweep option)",
      "defaultOption": "FDIC-Insured Deposit Sweep Program",
      "defaultRatePct": 1.96,
      "tierNote": "All balances, if chosen as the core position",
      "issuerUrl": "https://digital.fidelity.com/prgw/digital/fdic-interest-rate/ira",
      "verifiedOn": "2026-10-22"
    },
    {
      "id": "fidelity-spaxx",
      "name": "Fidelity (SPAXX core position)",
      "defaultOption": "SPAXX, Fidelity Government Money Market",
      "defaultRatePct": 3.52,
      "tierNote": "7-day yield",
      "issuerUrl": "https://fundresearch.fidelity.com/mutual-funds/summary/31617H102",
      "verifiedOn": "2026-10-21"
    },
    {
      "id": "wells",
      "name": "Wells Fargo Advisors",
      "defaultOption": "Bank Deposit Sweep",
      "defaultRatePct": 0.02,
      "tierNote": "Household assets under $1M",
      "issuerUrl": "https://www.wellsfargoadvisors.com/financial-services/account-services/cash-sweep/rates.htm",
      "verifiedOn": "2026-10-23"
    },
    {
      "id": "morganstanley",
      "name": "Morgan Stanley Wealth Management",
      "defaultOption": "Bank Deposit Program (brokerage accounts)",
      "defaultRatePct": 0.01,
      "tierNote": "Under $500k; advisory accounts get 3.85% from $250k",
      "issuerUrl": "https://www.morganstanley.com/wealth-general/ratemonitor",
      "verifiedOn": "2026-10-23"
    },
    {
      "id": "vanguard",
      "name": "Vanguard",
      "defaultOption": "VMFXX, Vanguard Federal Money Market (settlement fund)",
      "defaultRatePct": 3.83,
      "tierNote": "7-day SEC yield",
      "issuerUrl": "https://investor.vanguard.com/investment-products/money-markets",
      "verifiedOn": "2026-10-21"
    }
  ]
}