Our sweep account provides you with the benefit of being able to offset activity fees with an earnings credit rate higher than the market norm coupled with the ability to earn interest on your excess funds. This account allows you to minimize your fees while maximizing your earnings potential. The automated sweeps can occur daily, whereas a money market account has a restricted number of monthly withdrawals.
By setting up a target balance that will offset service fees based on your average monthly activity, any amount above the target will be swept over and interest earned. Conversely, if your account falls below the target balance funds will be swept into the main account to bring the balance to the appropriate level. This ensures your earnings credit will be an ample amount to offset your typical activity.
- $100 minimum balance to open
- $56 monthly maintenance fee
- $.16 per debit
- $.35 per credit
- $.11 per deposited item
- $.12 per ACH debit
- $.15 per ACH credit
- Earnings credit: The earnings credit rate is applied to the average monthly investable account balance to determine the monthly earnings credit allowance. Please contact the Bank for the current earnings credit rate applicable to this account.
For more information, or to open an account, please contact Account Services.