Optimize Earnings
Maximizing idle and excess funds.
With Webster Bank’s Sweep Accounts, your excess funds can automatically be moved to maximize your earnings in an interest-bearing account or pay down the interest on a business loan.
Automatic Investment Sweep
Save time and money with an automated process that manages and moves excess funds from a designated DDA account into a higher yield money market deposit account at the end of each business day. Funds move once a pre-determined target balance has been exceeded, allowing you to better manage cash flow.
Automatic Loan Sweep
Control borrowing costs with an automated process that manages and moves excess funds from your checking account to your Line of Credit to pay down your loan. Funds are automatically transferred, ensuring the checking account maintains your predetermined target balance.
Account Sweeps Benefits
Get More from Excess Cash
You designate a DDA account as your sweep account and set a target balance. At the end of the day, all excess available balances above the target balance are automatically transferred. For Automatic Investment Sweeps, funds move to a pre-determined interest-bearing account where they earn interest. For Automatic Loan Sweeps, the funds pay down your line of credit, where interest is reduced.
Bundling Automatic Investment Sweep with Automatic Loan Sweep allows you to take advantage of both services. Funds automatically move to your line of credit, unless it is at zero in which case they move to an interest-bearing account.
Ready to find customized commercial treasury management products to maximize your business’s efficiency and productivity? Contact us today.
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