Business savings sweep
Earn interest on your operating assets.
Maximize earnings with automatic transfers from your checking account to your savings account.
What is a Business Savings Sweep account?
Our sweeps service takes everyday balances and automatically sweeps (moves) excess balances daily from your U.S. Bank business checking account to an FDIC-insured interest-bearing savings account.
How does it work?
Your funds sweep daily from your business checking account to your savings account in $500 increments. If your checking account balance dips, funds move back to cover outlays and replenish your balance.
Business Savings Sweep account benefits
- FDIC insured
- Lets you set the target checking balance to maintain (minimum of $10,000 required)
- Pays a higher interest rate as your balance grows
- Accrues interest daily and pays interest monthly
Once the sixth sweep from savings to checking occurs in a monthly statement cycle, all funds remain in the checking account until next monthly cycle (as required by federal regulation).
Open a Business Savings Sweep account
Have these documents ready:
Your business’s Employer Identification Number (EIN) or tax ID number (Sole proprietors can use the owner’s Social Security number)
Articles of Incorporation, Articles of Organization, or a charter or a similar legal document that indicates when your company was formed (not required for sole proprietors)
Government-issued photo ID and Social Security number for you and anyone else authorized to sign checks or make transactions on behalf of your organization