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 August 15, 2023, and subject to change without notice. $100 minimum opening deposit. Fees may reduce earnings.
Sweep Accounts
Set the Rules and Go
- 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.
- 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.
- Receive 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.
Insured Cash Sweep® Service
FDIC Protection on Higher Balances
Enjoy full FDIC insurance on deposits larger than $250,000** with Bank Midwest’s Insured Cash Sweep® (ICS) service. Avoid the hassle of working with multiple banks and accounts to insure your funds.
This service has an accepted network of banks where we place your over-insurance limit checking, savings and money market funds. And, it tracks that your funds are maintained by Bank Midwest. You can enjoy peace of mind and the convenience of working with one bank.
Special Features of ICS include:
- Unlimited withdrawals when using the ICS demand option or up to 6 program withdrawals per month when using the ICS savings option.
- Log in to a Depositor Control Panel that automatically tracks and reports withdrawals for the ICS savings option and allows you to check balances, and manage transactions
- Enjoy same-day settlement for withdrawal transactions entered manually online before the cut-off.
Save time. Be more efficient. Retain insurance on large deposits,
**Limits apply.
Make your business accounts work for you
Give us a call and talk to us about how to streamline your business accounts to help you manage your funds.
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