Sweep Accounts | Mizrahi Tefahot Bank LTD

Sweep Accounts

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Sweep Accounts can help you reach your maximum interest potential by automatically transferring excess funds from your checking account to a savings account, letting you earn interest on your idle cash without sacrificing liquidity.


A Sweep Account from UMTB can help you:

  • Earn extra interest on your cash reserves
  • Reduce your manual account balance monitoring and simplify cash management for businesses with multiple accounts
  • Minimize the risk of overdrafts and associated fees

All while providing the same detailed monthly statements with transaction information as your regular checking account.

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Q: How can I customize a sweep account for my company’s needs?

With a sweep account, you can set your maximum balance to ensure that you always have enough funds to cover your daily transactions, while earning interest on your unused cash reserves. When your business’s needs change, so can your sweep account. Simply reach out to your banking partner at UMTB to adjust your maximum balance or make changes to your account from our UMTB online banking portal or mobile app.

Q: How often is money swept from checking accounts to other accounts?

At the end of every business day, excess funds over and above your maximum balance will be transferred to a secondary account of your choice.

Q: Can I manually transfer funds between accounts?

Yes, you can always choose to transfer funds manually, online or through the mobile app, or in person at our branch.

Q: Is there a fee for the automated transfer of funds?

Yes, sweep accounts have an additional monthly fee.

Q: What happens if there is a shortfall in the checking account to cover outstanding checks or debit card transactions?

While your account does come with overdraft protection, it’s important to ensure that you have a sufficient balance in your sweep account to cover all outgoing payments. You can do so by setting your sweep limit high enough to avoid overdrawing your account, or paying for large, occasional expenditures from a higher-balance account, like your business money market account.