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Sweep Accounts

First Trade's Sweep Account is designed for nonprofit organizations looking to maximize their earnings potential.
Sweep Account Type Information
Investment Sweep Account1
  • Designed for clients who seek to maximize liquid funds with an automated movement of excess funds into a collateralized investment vehicle
  • Any funds in a Business First Checking account over a determined targeted balance are swept into a secondary account — the Repurchase Agreement
  • Funds are swept back automatically to the Business First Checking to support any funding needs
Nonprofit Sweep Account
  • Initial analysis performed on all deposit accounts to determine a target balance to offset service fees
  • Once a target balance is established, a Business First Checking and a Sweep Account are opened
  • All available funds in the Business First Checking in excess of the target balance are swept into the interest-bearing Sweep Account
  • Funds are swept back automatically to the Business First Checking to support any funding needs

 

1 This product is not a bank product, is not insured by the Federal Deposit Insurance Corporation, is not a deposit or other obligation of, or guaranteed, by the bank and is subject to investment risks, including possible loss of the principle amount invested.

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