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Sweep Accounts

An automated sweep account helps you optimize earnings on your excess cash while conveniently maintaining the balances you need to cover expenses. First Trust has two excellent options available for you.

Corporate Sweep*

First Trust Bank's Corporate Sweep Account automatically connects a First Trust Commercial Checking account with an investment account.

It allows our business customers to have a secure way to maintain large deposit balances, maximize investment returns on excess cash, and allow for a high level of checking account activity.

  • You are a likely candidate for First Trust's Sweep Account if you have average monthly collected balances greater than $30,000 (after compensating balance requirements) or are a business that has significant fluctuations in excess cash positions.

Sweep Account Advantages:

  • End-of-day sweep so investment balances are maximized.
  • Adjustments to maintain the target balance are made in and out of the sweep automatically each day. Most of our customers use their target balance to cover transaction costs for their commercial checking account
  • Depository accounts and investment accounts can all be linked.
  • The funds in your investment account will be used each business day to acquire a repurchase agreement.

Please speak with a First Trust banker regarding interest rates and the sweep agreement.

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*Checking account transaction fees apply.

Money Management Sweep*

First Trust's Money Management Sweep Account connects Business Complete Plus customers with a Money Management Savings Account.

A target balance is maintained on the business checking account.

  • The minimum target balance required for this sweep is $30,000.
  • Customers may, of course, move funds to a Money Management Savings account themselves with no target balance, by using the Transfer function on online banking.

Excess cash is moved at the end of each day into the savings account.

  • Money flows into the money management sweep each day as excess cash is available.
  • Checks are paid from the Business Complete checking account until a minimum limit is reached, at which point the checking account is replenished.

Money Management Sweep is FDIC insured up to the limits allowed.

*Federal regulations allow six transfers from the money management savings account back to the checking account each monthly account cycle. See Account Disclosure for more detailed information about deposit accounts.

FDIC Equal Housing Lender