What is a Business Savings Sweep account?

Our sweeps service takes everyday balances and automatically sweeps (moves) excess balances daily from your U.S. Bank business checking account to an FDIC-insured interest-bearing savings account.

How does it work?

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.

Business Savings Sweep account benefits

  • FDIC insured
  • Lets you set the target checking balance to maintain (minimum of $10,000 required)
  • 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).

Open a Business Savings Sweep account

Have these documents ready:

1

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

2

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

3

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