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Turn your excess end-of-day balances into investment income.
You can maximize excess balances and earn interest when we “sweep” your available funds into one of our short-term investment accounts. You’ll always know where your account stands with daily reporting available through Fifth Third DirectSM, our secure, Internet portal.
Consider these Sweep Account options to help put your idle cash balances to work:
- Consolidated Sweep. The Consolidated Sweep feature allows you to aggregate investable balances from multiple accounts to get a better rate based on the higher balances. We do not commingle balances from the individual accounts and we pay interest back to the individual accounts. You can use any sweep type for a Consolidated Sweep.
- Money Market Account (MMA) Sweep. Our MMDA Sweep is designed to help improve the productivity of your funds. We calculate the amount of collected funds in your commercial account after we post all credits and debits. We automatically sweep surplus cash above the peg balance into the MMDA Sweep.
- NOW Sweep. A NOW Sweep transfers your excess funds from an Analysis Checking account into a NOW interest-bearing checking account. You can use the NOW Sweep if you want an investment vehicle that acts like a NOW account, but want to maintain a balance to cover service fees in your primary operating account.
- Credit Sweep. Sweep funds in excess of the peg balance out of a checking account to offset a loan amount. The Credit Sweep can be set to pay down only or advance balances only. Credit Sweeps can help you reduce interest expenses and cover outstanding debt.
- Eurodollar Sweep. Eurodollars are U.S. dollar-denominated deposits made at our offshore branch in the Cayman Islands.
- Fed Funds Sweep. The Fed Funds Sweep is available only to Financial Institution customers. The Fed Funds Sweep transfers your excess funds, over the peg balance, out of an Analysis Checking account and into a Fed Funds Sweep account.
Deposit and credit products provided through Fifth Third Bank. Member FDIC.
Not all Sweeps accounts are FDIC insured. The standard deposit insurance amount is $250,000 per depositor, for each ownership category. Funds swept from an insured deposit account to a non-deposit investment vehicle or account are not considered a deposit and are not insured by the FDIC. Please visit www.fdic.gov for more information about FDIC insurance coverage.