Sweep Accounts

A sweep account is a business banking account that automatically shifts (or “sweeps”) cash balances that are in excess of a set minimum balance into an investment account at the end of each business day.

Benefits of Sweep Accounts:

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Increased Investment

A sweep account allows a business to invest smaller dollar amounts on a regular basis. This allows you to get higher returns on cash that might otherwise dwindle in your business checking accounts.

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Sweep accounts are super convenient. Chesapeake Bank automatically moves the extra cash into an investment account for you without requiring you to make the transfer yourself.

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Maintained Balances

A sweep account works for you to keep your minimum balance where you need it. If your cash balance drops below your minimum, cash is swept back in to cover withdrawals.

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Because most small businesses don’t have the time or capital to reap the benefits of more profitable investments, sweep accounts make a lot of sense. If you keep business checking balances over $100,000, ask your Chesapeake Bank business banker for more information about a Chesapeake Bank sweep account. Or contact one of our Local Branches.

Call us toll-free: 877-695-8239

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