Sweep Accounts
Reduce idle balances and gain control of your cash assets with a sweep account
By Michele Herrera
Retail Banking Manager, Woodbury
Making the most of your available cash is an important part of effective business financial management. In my role at North American Banking Company, I often work with businesses that want to reduce idle balances and put excess funds to work more efficiently. One solution that can help is a sweep account.
A sweep account automatically moves funds based on predetermined parameters, helping businesses maximize earning potential or reduce borrowing costs while maintaining access to the cash they need for day-to-day operations.
A sweep account can help your business:
- Reduce idle cash balances.
- Maximize earnings on excess funds.
- Improve overall cash management efficiency.
- Automate the movement of funds between accounts.
- Support your business's unique liquidity needs.
At North American Banking Company, we understand that every business has different cash flow requirements. That's why we take a personalized approach to designing sweep account solutions. Our team will work with you to customize your sweep activity based on your goals, operating needs, and financial objectives.
I've found that businesses often appreciate the simplicity of having excess funds automatically managed rather than manually moving money between accounts. A well-designed sweep account can help you make better use of your available cash while simplifying day-to-day financial management.
If you'd like to learn more about how a sweep account can support your cash management strategy, I'd be happy to discuss your business's needs. Call or visit North American Banking Company at one of our convenient Twin Cities branches to learn more.
