Take Control with Cash Sweeps
In today's highly competitive business environment, your company must make the most of every resource and that includes your cash assets. Because you want your cash to be available to draw on, you may avoid tying up cash in long-term investments, but that doesn't mean you have to let your cash sit idle and not earn interest.
Now you can put your cash to work and have it available whenever you need it, through one of our cash sweep accounts.
What is a Cash Sweep Account?
It's an account that performs the ongoing service of moving surplus cash back and forth between a checking account and a short-term investment account so you can seek competitive dividends on surplus funds while providing quick access to these funds through a draft or check.
How Does It Work?
On a daily basis your net cash flows are automatically invested, “swept”, to a predetermined threshold amount, into the selected money market fund. When needed to cover checks, funds are automatically swept back into your business checking account. Meanwhile, your invested balance is earning a competitive yield or tax-free dividend income.
Depending on your needs, we can sweep your money into any of the following types of money funds:
- For investors seeking current income, liquidity, and a higher level of safety through a U.S. Treasury1 portfolio.
- For those seeking potentially higher levels of income through a high-quality or "prime" portfolio.
- National Tax-Free2
- For those seeking tax-exempt monthly income and stability of principal through a high-quality municipal portfolio.
Explore Cash Management Tools
1 Fund shares, however, are not insured or guaranteed by the U.S. Government.
2 Income may be subject to the federal alternative minimum tax and state and local taxes.
- Not FDIC Insured
- No Bank Guarantee
- May Lose Value
- Not a Deposit
- Not Insured By Any Federal Government Agency