Business Savings
Business Savings, Sweeps and CDARS®
Make your cash work harder.
Here's what you need to know
when you open a Statement Savings account with Bank Midwest
Minimum Opening Deposit
$100
Minimum Balance
$100
Monthly Fees*
$0
*Provided minimum balance requirements are met.
Interest Rate
RATE
0.05%
APY*
0.05%
*Annual Percentage Yields (APYs) effective as of March 15, 2023, and subject to change without notice. $100 minimum opening deposit. Fees may reduce earnings.
Set the Rules and Go
Sweep Accounts
At the end of each business day, we’ll automatically transfer extra cash in $1,000 increments above your target balance from your business checking account into an interest-bearing sweep account. Interest is paid according to daily balance levels and credited after each statement cycle.
If your daily cash needs exceed the amount of deposits, your funds will automatically be swept back to your business checking account to cover checks presented and return your account to your target balance.
We’ll send email confirmations in addition to your combined monthly statements.
Interest rates on the sweep account are determined by the bank and are subject to change on a daily basis*.
*The larger the balance you maintain, the higher your rate of interest.
FDIC Protection on Higher Balances
We partner with CDARS® and other network solutions to protect your cash.
Enjoy full FDIC insurance on deposits larger than $250,000**. Avoid the hassle of working with multiple banks and accounts to insure your funds. We have services that can provide you with peace of mind protection and the convenience of working with one bank.
**Limits apply.
Make Business Savings Work For You
We’ll help you make your money work for you.
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