Business Money Market Sweep
Designed for small businesses that have excess cash, and have limited sweep transactions from money market to checking.
Features & Benefits
- A primary business checking account (any type) is required to open a Business Money Market Sweep account1
- Variable rate, compounded daily,2 paid monthly
- Conduct up to 6 transfers (sweeps) out of the account per month at no charge3
- Call our U.S.-based customer service center available 7am to 7pm Monday–Saturday 844-210-3602
- Go paperless with eStatements, eNotices, and eTax Documents4
The monthly maintenance fee for this account is $20. There is no monthly fee waiver available with this account.
|Business Money Market Sweep|
|Balance||Interest Rate||Annual Percentage Yield (APY)5|
|$0 - $9,999.99||0.05%||0.05%|
|$10,000 - $49,999.99||0.10%||0.10%|
|$50,000 - $99,999.99||0.10%||0.10%|
|$100,000 - $249,999.99||0.20%||0.20%|
|$250,000 - $999,999.99||0.20%||0.20%|
Your Vectra Bank Business Bankers are available to answer your questions and help with all of your financial needs. Please give us a call at 844-210-3602, visit a branch near you or complete the form below.
Please refer to the Deposit Account Agreement, Account Disclosure, Deposit Rate Sheet, and the Business Accounts Schedule of Fees, or speak with a banker for more details.
1. Sweep Accounts – Please see your Vectra Bank professional banker for details.
2. Savings and Money Market Interest – Interest is calculated using the daily balance method. This method applies a daily periodic rate to the collected balance in the account each day. Annual Percentage Yield (APY) is variable and may change after the account is opened. Other fees may apply and may reduce earnings. Contact a Financial Center for details.
3. Excessive Savings or Money Market Withdrawals – Federal banking regulations allow up to six (6) withdrawals by check, debit card, or pre–authorized, telephone, or computer transfer to another account or third party during a monthly statement cycle of at least four weeks. However, you may make an unlimited number of withdrawals from your account in person, by ATM, or by mail. A excessive withdrawal fee of up to $15 is assessed if you exceed your withdrawal limits during a monthly statement cycle.
If the above limits are exceeded three (3) times in a twelve (12) month period, the account will be closed or changed to a different type of account.
4. eDocuments – To avoid the Paper Statement Fee of $3, you must enroll in Online Banking, and opt your account out of receiving paper statements. You may opt to receive either electronic or paper account notices and tax documents at no additional cost. If multiple accounts are linked in a combined statement, you must have opted your primary account out of receiving paper statements.
5. Interest Rates and Annual Percentage Yields (APY) – Interest rates and annual percentage yields (APY) are current as of and may change daily as determined solely by Vectra Bank Colorado. Interest is compounded daily and credited monthly on interest bearing deposit accounts. Interest begins to accrue no later than the business day we receive credit for non–cash items (for example, checks). Applicable service fees could reduce earnings on account. We use the daily balance method to calculate interest on your account. This method applies a daily periodic rate to the principal in the account each day. See Business Account Terms and Deposit Agreement for additional information about fees, terms and conditions.