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Wintrust’s liquidity services ensure that you are getting the most out of your cash flow. These automated accounts sweep excess funds from your checking towards investments or towards the principal interest payments on loans.
The Investment Sweep is an efficient, automated way for you to maintain liquidity while earning interest income on your daily operating cash. With a bank Investment Sweep, you continue to write checks against and make deposits to your commercial checking account just like you always have. The difference is that excess funds are automatically transferred, or ‘swept’, at the close of business each day into your Investment Sweep.
Features and Benefits
Interest rates on the Investment Sweep are determined by the bank and are subject to change on a daily basis. The Investment Sweep is a secured obligation of the bank. Funds deposited in an Investment Sweep may not be insured by the FDIC.
Our Loan Sweep service automatically uses the collected balances in your checking account to minimize the interest expense on your loan account.
The Loan Sweep service eliminates the manual process of calculating principal pay downs. Instead, our system will determine those payment amounts based on a pre-determined “target” balance for your business checking account. Any excess available funds will automatically “sweep” from your checking account and reduce your loan account principal balance, as needed. In addition, this product ensures that the transfers occur in a timely manner at the end of each business day’s processing.
Features and Benefits
Our dual sweep solution is also available. This service combines the investment and loan sweep to create a system that uses available funds to reduce the interest expense on loan accounts and applies excess funds to investments.
Combine liquidity and convenience in a tiered variable-rate, interest-bearing account. It allows you to manage your cash flow by moving funds between your checking account and an FDIC-insured interest bearing account.
The MaxSafe Account is designed for those seeking a Certificate of Deposit (CD) or Money Market Account (MMA) with additional FDIC insurance. MaxSafe is an innovative and unmatched investment alternative that provides up to 15 times the FDIC security of a traditional banking deposit.
How can we offer this unparalleled level of protection? By depositing your funds across a group of our fifteen affiliated community banks. Fifteen banks mean fifteen times the usual $250,000 level of FDIC maximum protection. We also make things simple by providing one summary statement and one 1099 form at tax time.
MaxSafe® Certificate of Deposit
• Automatically renewable, fixed-rate Certificate of Deposit (of a chosen term) with FDIC insurance of up to $3.75 million per titled account.
• Available for consumers, businesses and not-for-profits. It is not currently available for IRA’s, however.
• A minimum opening deposit of $100,000 is required.
MaxSafe® Money Market Account
• FDIC insurance of up to $3.75 million per titled account.
• 6 pre-authorized transfers and/or withdrawals per month, of which 3 may be by draft or similar order payable to a third party
• Available for consumers, businesses and not-for-profits.
• A minimum opening deposit of $250,000 is required.
• A minimum service charge of $75 will be assessed if the balance falls below $250,000.
For more information, please stop by the bank and speak with a personal banker. For more information on FDIC Insurance coverage, please visit www.fdic.gov.
We offer a wide range of fixed-rate Certificates of Deposit (CD), including the following terms:
* 1 Month
* 3 Months
* 6 Months
* 12 Months
* 18 Months
* 24 Months
* 30 Months
* 36 Months
* 48 Months
* 60 Months
• Minimum balance to open a fixed-rate CD is $1,000.
• Earns a competitive rate of interest.
• From time to time we may offer special fixed-rate CDs with higher minimum balances for other monthly terms.
Our Cash Concentration solution provides businesses with
multiple locations an efficient and secure way to consolidate funds
from their accounts at financial institutions in other geographic regions.
We utilize the ACH network to provide fast, dependable processing.
This service accelerates your corporate cash flow and simplifies reporting
and record keeping from each of your remote locations.