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 type of money funds:

Treasury
For investors seeking current income, liquidity, and a higher level of safety through a U.S. Treasury1 portfolio.
Prime
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.

 

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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

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Want to Learn More?

Contact us for additional information and answers to your cash management questions.

Customer Support is available:

  • Mon - Fri: 8 am to 7 pm
  • Sat: 9 am to 4 pm
  • (800) 584-8859
  • Email Us

Compare Business Savings Accounts

  Business Savings » Business Premium Savings » Certificate of Deposit »
Minimum Balance $500.00 $25,000.00 Varies from $500 to $10,000
Monthly Fee (if below minimum) $3.00 $15.00 n/a
Minimum Balance to open $100.00 $100.00 Varies
Penalty for early withdrawals No No May apply
Excessive Transaction fee $5
$5
Funds may not be withdrawn without penalty during the term except from our Liquid CD
Interest Rate Details » *tiered rates pay higher APY on higher balances. Details » Fixed and variable rates available and are tiered based on balance. Details »
Well suited to these savings goals Savings accounts with balance less than $25,000, saving with the option to withdraw without penalty Balances greater than $25,000, saving with the option to withdraw without penalty Longer-term savings goals with no anticipated need to withdraw during CD's term