Maximize interest earnings or minimize interest expense with a Sweep account.
Sweep accounts are common business investment tools for those that need daily cash flow, but also want to maximize their earning potential on cash reserves or pay down outstanding balances on a loan. GRB’s Sweep options offers significant flexibility in how the account is set up, including ensuring a minimum balance is always maintained in the main account.
Investment/Savings Sweep
GRB’s investment sweep will automatically transfer excess balances from your master account into an interest-bearing account, allowing your business to earn a competitive rate of return on your funds.
There are a number of benefits associated with investment sweep accounts:
- Lower minimum investments. A sweep account allows a business to invest smaller dollar amounts on a regular basis. Typically, overnight investments require minimum amounts that are out of reach for most small companies.
- Convenience. Sweep accounts automatically move extra cash into an investment account, no intervention required.
- Access to funds. Investment sweep accounts offer fast access to your invested funds. Depending on the situation and account, funds can even be made available same day.
- Yield. Sweep accounts offer better rates than business checking and savings accounts.
Line of Credit Sweep
GRB’s loan sweep links your business checking account and line of credit. Line advances and paydowns are initiated automatically as needed allowing your business to minimize the interest you’re paying on the line of credit’s outstanding balance.
You can even take advantage of both sweeps – Utilize a multi-sweep to sweep excess funds to an interest-bearing account and a line of credit.
Zero Balance Account Sweep
Zero Balance Accounts (ZBAs) are checking accounts where a balance of zero is maintained by automatically sweeping funds from a master account in an amount only large enough to cover checks or other debits presented. When excess fund are in the ZBA from deposits or other credits, the excess balance is automatically swept to the master account. GRB provides ZBAs for businesses so they can manage funds more effectively, eliminate excess balances in separate accounts and maintain greater control over their disbursements.
Fully FDIC-Insured Sweeps
Looking for a sweep that is fully FDIC insured? Check out GRB’s Fully FDIC-Insured Deposits page for more information.