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Consider this option when you want . . .
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A secure investment that provides a higher rate of return than a Repo Sweep. |
A fully-collateralized Sweep investment. |
Competitive money market mutual fund rates, and no minimum investment. |
| Investment |
Overnight Eurodollar deposits at Sovereign's Cayman Islands branch. |
U.S. Treasury and/or Government Agency Overnight Repurchase Agreements. |
A choice of Fidelity Investments® money market mutual funds. |
| Yield Basis |
Earnings are calculated at a variable rate based on competitive money market rates. |
Performance of each individual money market mutual fund. |
| Collateralization |
Not Collateralized |
Collateralized
| Not Collateralized |
| Sweep Timing |
Investment balance swept as last transaction of the day and returned the next morning with overnight earnings. |
Investment balance swept as last transaction of the day. Funds are returned only as needed to cover payments. |
| Earnings/Dividends |
Earnings are paid daily. |
Dividends accrue daily and paid monthly. |
| Reporting |
Monthly statement in addition to a daily confirmation (email, fax, or paper). |
Monthly statement |
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Sweep balance can be tracked using IRIS, Sovereign Bank's online interactive reporting and initiation services. |
| Minimum Investment |
A minimum investment is required. |
No Minimum |
| Target Balance Feature |
Collected funds above the specified target balance are automatically swept into the investment you've chosen, provided the minimum investment amount is met. |
| Other Features |
Zero Balance Accounts can be linked to any sweep account to maximize convenience and cash productivity. |
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Can be combined with Automated Loan Sweep to reduce borrowing costs, if your liquidity needs change. |
n/a |
Equal Housing Lender - Member FDIC
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