Maximize your company’s excess funds with Bank SNB’s sweep account service. With a sweep account, you can automatically sweep excess funds to and from a money market account or line of credit, increasing your interest income and/or minimizing interest expense.
Sweep accounts eliminate the need for manual transfers, saving clerical time and expense. It also lessens overdraft situations and earns you interest on idle funds. For a maximum return, use our Relationship Sweep, which combines the money market and line of credit sweep.
How it works:
- Set a target balance for your central operating account.
- Debits and credits to your operating account are tallied daily. Excess funds above your target balance are automatically swept to a money market account to earn interest or to your line of credit to pay down interest expense.
- If the balance in your checking account falls below your target, money is automatically swept from the money market or line of credit to cover your funding needs.
- Fully maximize your investments with our Relationship Sweep. Your excess funds are first applied to your line of credit, and remaining balances are swept to a money market account.
We know every company’s needs are different. Let Bank SNB’s experienced and knowledgeable staff help you determine the optimal banking solutions for your company’s unique needs.
Talk with a Bank SNB treasury management representative in your area to determine if a sweep account is right for you.