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.
|Balance Range||Dividend Rate|
|$0 - $49,999.99||0.10%|
|$50,000.00 - $249,999.99||0.10%|
|$250,000.00 - $2,499,999.00||0.10%|
|$2,500,000.00 - $999,999,999.99||0.10%|
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.