Business Sweep Account
A Complete Cash Management Solution
Manage your working capital more efficiently with Investors' Business Sweep Account.
This seamless cash management solution provides a way for you to earn interest on the idle balances in your noninterest bearing business checking account, provides a competitive yield, is FDIC insured and convenient to use. Deposits to your Business Sweep Account are always kept at Investors*—they are not swept to an account outside the U.S. or to an uninsured money fund.
Eligible Depositors: Businesses, corporations, commercial depositors and, public funds and non-profit organizations.
Investors' Business Sweep Account is easy to set-up and manage. The automatic transfer of balances between your accounts means minimal ongoing maintenance.
Plus:
- There is an unlimited number of transactions to support your cash flow needs.
- Integration into existing business checking accounts is seamless.
How Investors' Business Sweep Account Works
After opening your Business Sweep Concentration Account, or converting your existing Investors business checking account, a target balance is determined through analysis. At the end of each day, collected funds in excess of the target balance are automatically transferred to a money market account nightly at Investors. These excess funds earn interest—ensuring that your working capital is maximized.
If your end-of-day balance falls below your target, funds are automatically swept back into your checking account to meet your liquidity needs. Best of all, these sweeps are automatic. There is no need for you to worry about managing your daily balances or rushing to transfer money at the end of the day. Interest is accrued daily as simple interest and credited monthly. There is no minimum period that the funds must remain on deposit. However, interest accrued from the first day of the month is forfeited if the entire balance is withdrawn prior to the crediting of the month end interest.
It takes just a few minutes to open an Investors Business Sweep Account. As soon as your account is activated, you'll start earning interest on your excess balances and eliminate the end of day scramble to calculate balances and transfer funds.
Get Started Now
Visit your local branch to speak with an Investors business banker today.
Or, call 855-iBank4U (422-6548), Option 6, ext. 42954.
Or, E-mail Investors Business Banking.
*All funds in a “noninterest-bearing transaction account” will continue to be insured in full by the Federal Deposit Insurance Corporation from December 31, 2010, through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC’s general deposit insurance rules. The term “noninterest-bearing transaction account” includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest. It also includes IOLTA/IOLA (Interest on Attorney Trust Accounts) regardless of the interest rate. It does not include other accounts, such as traditional checking or demand deposit accounts that may earninterest, NOW accounts, and money-market deposit accounts. For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov.
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