Yes, you will still have access to your business funds, even if they get swept to another bank. You have the freedom to take out or invest funds as you conduct business.
A sweep account is a type of business cash management account that offers high interest for the money that you deposit into it. With this type of account, you use a demand deposit account to pay your business’s daily expenses. At the end of the day, any funds that remain in that account transfer — or sweep — into a high-interest investment vehicle such as a money market account.
Transferring surplus funds into a savings account with a high interest rate allows businesses to maximize the value of the money they don’t spend. Rather than allowing liquid funds to remain idle, the money grows at a compounding rate.
Our business savings options offer some of the most competitive interest rates for companies in Chester, Cumberland, Dauphin, Lebanon and Lancaster Counties. Open a Presence Bank business account to capitalize on a flexible financial growth opportunity.
Our Account Sweep Services offer numerous advantages for small businesses, regional corporations and anyone in between.
Our Account Sweep Services are available with many of our business accounts. This service allows you to seamlessly link a Business Checking account and a Business Savings account.
Our Account Sweep Services move surplus funds from any of our Business Checking accounts, including:
Sweep funds from your business Checking Account to a Business Money Market savings account. You can open a Business Money Market account with a $1,000 deposit to begin earning interest within a tiered structure.
