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