Repurchase (Repo) Sweep
The Repurchase (Repo) Sweep includes a daily review of the balance in a business account by First Federal Bank. If the balance of your bank account exceeds the agreed-upon target balance, First Federal Bank, acting on your behalf, will transfer funds out of the bank account. Those funds will be placed in the Repo sweep account. These deposits will be fully collateralized. This means they are protected with securities for amounts over $100,000 while earning a competitive interest rate.
The interest rate on this account may rise or fall on a daily basis. First Federal Bank will determine the interest rate each day. The interest rate on this account is available each day at every branch office.
Savings Sweep
The Savings Sweep account offers a slightly higher rate of interest than the Repurchase Sweep. However, it's not insured for amounts over $100,000 and is not collateralized with securities. For further information on this account please contact your local cash management representative
Contact a Cash Management representative for more information
