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Business Banking Services: Business Sweep

New England Bank's BUSINESS SWEEP account is available for any business customer who maintains large collected balances in a checking account. It provides a way for idle funds to be put to work earning a market rate of interest.

This account features:

  • Automatic "Sweep" of excess funds from your checking account to your sweep account in order to maximize earnings for your business.
  • Funds are transferred to and from your designated checking account nightly based on a predetermined "target" checking account balance.
  • Access to your account 24 hours a day, 7 days a week through Internet Banking or toll-free Telephone Banking.
  • Interest is compounded daily and posted monthly.
  • A $50 maintenance fee will be charged to the sweep account.
  • BALANCES IN THE SWEEP ACCOUNT ARE NOT FDIC INSURED BUT ARE BACKED BY SECURITIES HELD AND SET ASIDE SPECIFICALLY FOR SWEEP ACCOUNT BALANCES.


Come in and open your BUSINESS SWEEP
account at any one of our conveniently located branch offices. At New England Bank, we're "All the bank you'll ever need."

 

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