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Consider this option when you want . . .
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Competitive money market mutual fund rates, and no minimum investment. |
A secure investment that provides a higher rate return than Repo Sweep. |
A fully-collateralized Sweep investment. |
| Investment |
A choice of Fidelity Investments® money market mutual funds. |
Overnight Eurodollar deposits at Sovereign’s Cayman Islands branch. |
U.S. Treasury and/or Government Agency Overnight Repurchase Agreements. |
| Yield Basis |
Performance of each individual money market mutual fund. |
Based on Overnight London Interbank Offered Rate (LIBOR). |
Based on U.S. Government Overnight Repurchase Agreement Index. |
| Collateralization |
Not Collateralized |
Not Collateralized |
Collateralized |
| Minimum Investment |
No Minimum |
$20,000 |
$20,000 |
| Target Balance Feature |
Collected funds above the target balance you specify are automatically swept into the investment you've chosen, provided the minimum investment amount is met. |
| Sweep Timing |
Investment balance swept as last transaction of the day. Funds are returned only as needed to cover payments. |
Investment balance swept as last transaction of the day and returned the next morning with overnight earnings. |
| Earnings/Dividends |
Dividends accrue daily and paid monthly. |
Earnings are paid daily. |
| Reporting |
Monthly statement |
Daily e-mail or paper confirmation and monthly statement. |
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Sweep balance can be tracked using IRIS, Sovereign Bank’s online interactive reporting and initiation services. |
| Other Features |
Zero Balance Accounts can be linked to any sweep account to maximize convenience and cash productivity. |
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n/a |
Can be combined with Automated Loan Sweep to reduce borrowing costs, if your liquidity needs change. |
Equal Housing Lender - Member FDIC
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