Citizens Bank offers three types of sweep accounts, Investment Sweep, Credit Sweep, and Cash Sweep.
Investment Sweep and Credit Sweep accounts provide automatic transfers between a commercial line of credit and a linked checking account, with different results. The Cash Sweep account is FDIC insured. For full details, read below.
Investment Sweep
Benefits
- Allows clients with limited resources an efficient way to manage their daily cash position
Features
- Automatic movement of funds above a pre-determined target balance to an investment
- Funds available in excess of balances are required to offset services charges
Credit Sweep
Benefits
- Line of Credit funds the checking account to protect against overdrafts
- Excess funds over target balance in checking account are automatically moved to pay down line of credit
Features
- Automatic movement of funds above a pre-determined target balance to an investment
- May be combined with Investment Sweep
Cash Sweep
Benefits
- FDIC insured money market deposit account
- Automatic sweep feature
- Earn competitive interest rate on idle balances
- Deposits remain in community to be reinvested
Features
- Automatic movement of funds above a pre-determined target balance to an investment
- May be combined with Investment Sweep