Turn surplus funds into savings
Automatically put your money where it serves you best.
Overview
Set up a sweep on your business checking account1 to achieve a new level of efficiency and growth for your business. A sweep ensures you’ll always maintain a certain balance in your business checking account while maximizing your returns and improving your cash flow.
How does a sweep work?
A sweep automatically transfers (or “sweeps”) any excess money from your business checking into a higher yield savings account.
If your business checking account balance falls below your threshold, funds are automatically swept back from the savings into your checking account.
See how much you can earn with a business sweep
Rates2
View all RatesBusiness Premier Money Market3
Earn up to % APYBusiness Performance Money Market4
Earn up to % APYBusiness Money Market Growth5
Earn up to % APYGet started with Business Sweeps
Have a question?
At RCU, we're known for our reliable service, and we'll answer your questions and calls quickly.
Grow your business savings with a sweep
Automate your cashflow and start earning dividends today.
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1Redwood Credit Union’s Business Sweep feature is only available on Business Essential, Business Choice, Business Analysis, Active Business, and Premium Business checking accounts.
2Rates are effective October 28, 2024 and are subject to change without notice. APY=Annual Percentage Yield. Fees may reduce earnings.
3Business Premier Money Market Full Disclosure
Minimum balance of $2,500 to earn dividends and (1) an active checking account at RCU. To be considered active, checking account must have a minimum of 3 transactions per month (excluding transactions performed through the Telephone Teller, and dividend posting); (2) a minimum monthly digital deposit of $500 or more into account. Digital deposit is defined as a deposit made via ACH, mobile deposit, ATM, or wire; (3) an active credit card at RCU. To be considered active, credit card must be in good standing and have a minimum monthly activity 10 transactions or $500 or more in advances; and (4) an open loan at RCU in good standing, an investment account through RCU and CUSO Financial Services, L.P.6 with at minimum balance of $5,000 or more, or an active property and casualty insurance policy through RCU Insurance Services7.4Business Performance Money Market Full Disclosure
You must have an active checking account at RCU and a minimum balance of $100 to open and earn dividends with a Business Performance Money Market account. To be considered active, your checking account must have a minimum of 3 transactions per month (excluding transactions performed through the 24-Hour Telephone Teller, and dividend posting) and one of the following: (1) a minimum monthly digital deposit of $500 or more into account. Digital deposit is defined as a deposit made via ACH, mobile deposit, ATM, or wire; (2) an active credit card at RCU. To be considered active, credit card must be in good standing and have a minimum monthly activity of 10 transactions or $500 or more in advances; (3) an open loan at RCU in good standing; (4) an investment account through RCU and our partners CUSO Financial Services, L.P. with a minimum balance of $5,000 or more,6 or (5) an active property and casualty insurance policy through RCU Insurance Services.75Business Money Market Growth Disclosure
Minimum balance to open account: $100.00. Minimum balance to avoid a fee: $0.00.6Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. The credit union has contracted with CFS to make non-deposit investment products and services available to credit union members. SEC Marketing Disclosure.
7Insurance products are not deposits of Redwood Credit Union and are not protected by the NCUA. They are not an obligation of or guaranteed by Redwood Credit Union and may be subject to risk. Any insurance required as a condition of an extension of credit by Redwood Credit Union need not be purchased from Redwood Credit Union and may be purchased from an agent or an insurance company of the member’s choice. RCU Insurance Services is a wholly owned subsidiary of Redwood Credit Union. Business conducted with RCU Insurance Services is separate and distinct from any business conducted with Redwood Credit Union. License no. 0D91054. NPN no. 7612227.
Rates
Get Started
Already registered?
Log in and select Business Sweeps from the Move Money menu to get started. View our how-to article for step-by-step instructions.
PPP Forgiveness Application Deadline
Congress passed The Economic Aid Act which changed the deferment period from 6 months post covered period to 10 months post covered period. For example, if your covered period ended June 30, 2021, under the new guidelines the earliest your first loan payment wouldn’t be due until April 2022, and you have until then to request forgiveness. Please use the following calculation to help you identify when your forgiveness will be due:
- PPP borrowers may select a covered period anywhere from 8 weeks to 24 weeks.
- RCU is automatically calculating your loan due date based on a 24-week covered period, if you intend on using a shorter covered period please inform us immediately as this will impact your due date.
- Your correct deadline will be reflected in your online banking account.
If all or part of your PPP loan is not forgiven, your first loan payment will be due the first of the following month after a decision is made by the SBA.
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