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Business Savings Sweep

Business Savings Sweep

Automate the movement of money between your checking account and interest-bearing savings account.

Don’t let your cash sit idle. Our sweeps service takes everyday balance management to the next level by automatically sweeping (moving) excess balances daily from your U.S. Bank business checking account to an FDIC-insured interest-bearing savings account.

Maximize Earnings with a Sweep Savings Account

Never miss another opportunity to earn interest on your operating assets. 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. Because it’s a tiered system, the more you save, the more you earn through higher interest rates.

Our Business Savings Sweep account:

  • Is FDIC insured
  • Lets you set the target checking balance to maintain (minimum of $10,000 required)
  • Sweeps funds over the target balance daily from your business checking to the savings account in $500 increments
  • Sweeps funds back to your business checking account to cover outlays and replenish the checking target balance
  • 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).

How to Open a Business Savings Sweep Account

With these documents, you can open an account today.

To open a U.S. Bank business account, just bring the following documents to any U.S. Bank branch office. Find a Branch Near You
Employer Identification Number (EIN) or tax ID number

Your business’s Employer Identification Number (EIN) or tax ID number (Sole proprietors can use owner’s Social Security number)

Document showing when organization was formed

Articles of Incorporation, Articles of Organization, charter, or a similar legal document that shows when your company was formed (not required for sole proprietors)

Government-issued photo ID

A 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

We’ll also need the following legal documentation specific to the legal structure of your business.

  • Sole Proprietorship – Assumed Name Certificate (Doing Business As)
  • Partnerships (all types) – A partnership agreement listing the name of the partnership and the general partners
  • Limited Liability Corporation (LLC) – Articles of Organization listing the names of members and managers
  • Corporation – Articles of Incorporation
  • Nonprofit Organization – A charter or other governing documents listing each member-elected officer

Federal Regulations Governing Savings and Money Market Transaction Limitations
Preauthorized withdrawals (transfers by telephone, wire or PC, overdraft protection, automatic payments or checks) are limited to a combined total of six per account cycle as prescribed by federal regulations governing savings accounts. Transactions that exceed federal regulations will be charged $15 per transaction. If account limitations are continually exceeded, the savings account will be closed or converted to a checking account as required by federal regulations.

Additional Savings and Money Market Disclosures
The average collected balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period. Unlike checking accounts, checks written on money market accounts are not returned with your statement. For additional disclosures on rates, fees, compounding and crediting, and other balance information, call 800-673-3555 or visit your local branch.

Deposit products offered by U.S. Bank National Association. Member FDIC.

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