Sweep Accounts are for those commercial customers who want to earn a higher interest rate on large checking account balances.
First, we set a floor balance and sweep increment levels based on your monthly activity. This floor balance stays in your checking account each day. To reach your floor balance, Legacy Trust then daily sweeps funds into and out of your Legacy Bank checking account and into a higher-yielding money market account at a large, well-respected money market provider. This allows you to earn a higher rate of interest than you could in your checking account while still giving you the flexibility and liquidity you need from that checking account. Some benefits of utilizing Legacy Trust for Sweep Accounts are: