Sweep Accounts
A sweep account automatically transfers money between your checking account and an investment account. It automatically keeps the checking account balance at a target balance of $100,000 by transferring funds to or from the investment account as needed.
How Sweep Accounts Work
- At the end of the business day, excess collected funds are swept into an overnight investment.
- Funds automatically transfer back to your checking account as needed based on your predetermined target balance.
- The transfers are fully automated based on your cash flow needs.
- You earn the maximum possible interest on your daily cash balances and avoid overdrafts.
Health Savings Accounts (HSA)
Health Savings Accounts (HSA)
A Health Savings Account (HSA) is a tax-exempt trust or custodial account established exclusively for the purpose of paying or reimbursing qualified medical expenses of you, your spouse, and your dependents.
You are eligible for a regular HSA contribution if, with respect to any month, you:
- Are covered under a high-deductible health plan (HDHP)
- Are also not covered by any other health plan that is not a HDHP (with certain exceptions for plans providing preventative care and limited types of permitted insurance and permitted coverage.)
- Are not enrolled in Medicare; and
- Cannot be claimed as a dependent on another person's tax return.
