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Home > Business Banking > Account Choices > Sweep Accounts
 

Sweep Accounts

Put your excess cash to work earning interest while avoiding overdraft charges.

 
 
 
  • Increase returns by having idle Analyzed Business Checking account balances automatically invested into a Sweep Account earning higher interest
  • Retain liquidity while saving time
  • No per-transfer charges
  • Easy set up - simply establish a target minimum checking balance to avoid fees

How an Island Sweep Account Works
At the close of each business day and after daily transaction obligations are met, North Island calculates your excess Analyzed Business Checking Account funds and automatically "sweeps" them into a Sweep Account. If your checking account drops below the designated minimum balance level, funds will be automatically swept back to meet the desired balance. Access Business Online Banking to determine your daily position and calculate dividends.

Apply Now

Contact your Business Relationship Officer, local Branch Manager, or call (800) 293-6494, option 1

Rates effective September 1, 2008

Balance Range Dividend Rate
$0 - $49,999.99 1.80%
$50,000.00 - $249,999.99 2.03%
$250,000.00 - $2,499,999.00 2.14%
$2,500,000.00 - $999,999,999.99 2.36%
See Also
Consider an Analyzed Business Checking account if your business has heavy transaction activity or uses a broad range of Island services.
 
Maximize your use of funds and increase your account control with Zero Balance Accounts.

 

Terms & Conditions

The interest earned on Sweep balances combines the rates in the four tiers listed above. The funds within each tier earn the disclosed rate. Therefore, the net blended rate is lower than highest tier rate.
 

Programs (including but not limited to fees, rates, and features) are subject to change without notice. After account is opened, dividend rate may change at North Island Credit Union's discretion. Fees may reduce earnings.