Cash in your brokerage account may be costing you thousands 

Savers rethinking their cash options amid rising rates and recent bank failures shouldn’t overlook their brokerage “sweep” accounts. 

Many brokerage firms automatically sweep customers’ uninvested cash into bank-deposit vehicles that may come with federal deposit insurance coverage but offer yields that in many cases have remained stubbornly low even as the Federal Reserve aggressively hikes rates. At Morgan Stanley MS, for example, sweep rates start at 0.01%, rising to 0.5% for cash of $5 million and above, whereas the average…