Put your money to work for you
With Northfield Savings Bank's Commercial Cash Management service, you can earn interest on funds you're not actively using for your business. A Commercial Checking Account that provides ready access to cash using a collected balance of $2,500 that is continually maintained is called the NSB Cash Management Sweep. The balance of funds is held in a Repurchase Agreement where idle funds earn daily compounded interest based on the balance amount and market conditions.
Some businesses may elect to add additional services to their Cash Management program. NSB offers ACH services, remote deposit capture, online wires, sweep to a line of credit, Positive Pay (fraud protection) and user defined access levels within Online Banking.
Speak to someone on our Business Banking Team for the latest rates on Repurchase Agreements and information about these Cash Management services .
Repurchase Agreements are Not FDIC-insured, not bank guaranteed, may lose value, are not insured by any federal agency, and are not a bank deposit.
Repurchase Agreement definition: A transaction involving the "sale" of securities by NSB to the customer, subject to an agreement by NSB to repurchase the securities in specified circumstances. The Repurchase Agreement is a non-deposit investment product. It is not insured by the FDIC, it is not a deposit or other obligation of, or guaranteed by, NSB, and it is subject to investment risks, including possible loss of the principal amount invested.