For earning more interest, it’s automatic
Turn your excess end-of-day balances into extra income without the additional work of monitoring and transferring the funds yourself. That’s the beauty of a Signature Bank Sweep Account. You can maximize excess balances and earn interest when we “sweep” your available funds into one of our Money Market Accounts.
Here’s how Sweep Accounts work:
- You determine a balance threshold.
- When end-of-day balances exceed your threshold, SB automatically sweeps excess funds into the investment you have selected.
- Interest is calculated and accrued daily.
- Earned interest is posted to your Money Market Account at month’s end.
Our MMA Sweep is designed to help improve the productivity of your funds. We calculate the amount of collected funds in your commercial account after we post all credits and debits. We automatically sweep surplus cash above the threshold balance into the MMA.
*Subject to certain account limitations