Black barista is behind the counter with an apron on at a coffee shop.

Investment Sweep

Earn interest on idle balances!

Maximize your return on idle cash balances!

With a Providence Bank Investment Sweep, your business can automate manual transfers from your checking account to an investment account, all while receiving a competitive return on your excess checking account balances. Plus, your deposits are always with us, not swept to another financial institution or an uninsured money fund.
 
How it Works
Together, we will establish a “target balance” in your main operating account. At the end of each business day, any excess funds are automatically invested in a Providence Bank investment account. If the balance falls below the target balance, the invested funds are automatically swept back into your Providence Bank Checking Account.
 
Features and Benefits
  • Maximize investment returns on idle cash balances as each dollar above the target balance is automatically invested.
  • Reduce the time spent on investments. Your staff will no longer have to spend time calculating amounts available for investment, make manual transfers or rush to meet investment deadlines.
  • Simplify funds management, as all funds are liquid and available for use.
  • Unlimited transfers from your checking account.
  • Interest is compounded daily on collected balances and paid monthly.
Contact a Treasury Services Banker to learn how you put your idle cash to work for you.