Sweep Accounts

Maintain the liquid funds your business needs for its daily operations while saving time and money.

What is a Sweep Account and how does it work?

A sweep account is a bank account with an automated minimum or maximum balance. Businesses set target daily balances on their sweep account, and funds are ‘swept’ or transferred to or from the account to meet the desired balance.

Sweep accounts can be set up to sweep funds from another account or revolving line of credit when needed, as a form of overdraft protection. Alternatively, sweep accounts can be set up to move excess funds that exceed your target daily operating balance to an interest-bearing reserve account, or to pay down a line of credit or other loan.

How you choose to set up your sweep account will depend on the operational needs of your business and may even change over the course of the year if your business experiences regular fluctuations in cash flow.

Benefits of a Sweep Account

Depending on how you use your account, sweep accounts can help your business:

  • Better manage cash flow
  • Pay off loans or lines of credit more quickly
  • Maximize earned interest
  • Decrease time spent on day-to-day account management
  • Reduce overdraft fees

Why open a Sweep Account with Field & Main?

At Field & Main, our commercial banking experts live and work in the communities they serve and are dedicated partners in the success of your business. With Urgency & Care that you would expect from your local trusted advisor, Field & Main Bank continually strives to meet your small business banking needs. We offer exceptional accessibility and availability with direct lines of communication for all our commercial clients. And because we’re based right here in Central Kentucky, Western Kentucky, and Southern Indiana, your business can benefit from local and in-person one-on-one assistance, whenever you need it.

Open a Business Sweep Account Today

Ready to take advantage of our efficient and secure treasury management services and dedicated, local service? Visit one of our convenient branches in Henderson, Cynthiana, Evansville, and Lexington to learn more about what we can do for your business.

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