For the business cash that is not needed to keep your day-to-day operations running, PNC Business Banking can provide money market deposit accounts, sweep accounts, or certificates of deposit to help ensure your hard-earned money is working for you until it's needed.
Our Premium Business Money Market Account offers interest-earning potential in one convenient account. Plus, with tiered rates based on account balances, your interest rates can increase as your balances grow.
No monthly account maintenance fee if you maintain an average monthly collected balance of $2,500.
Otherwise, the monthly account maintenance fee is $12.
Minimum amount to open account: $100
A Business Sweep Account can be a smart business choice if your checking account balance typically significantly exceeds your daily operating expenses. At the close of each business day, excess cash above a specified balance is automatically transferred, into an interest earning account where they stay invested until needed in the checking account. Sweep funds are automatically transferred back into the checking account as needed to maintain the account at the specified balance.
Business Sweep Checking automatically links your checking account to an FDIC-insured PNC money market deposit account. PNC Bank's Business Sweep Checking is an automated cash management tool that can help you make the most of your idle cash. You can manage daily liquidity and enjoy immediate access to investment balances.
Establish a maximum and minimum target balance in your checking account. On a daily basis, balances above your pre-determined maximum target balance are swept into your money market deposit account. As transactions are posted and your checking account balance falls beneath your specified minimum target balance, funds are swept from the money market deposit account back into your checking account.
Business Sweep Checking enhances your earning power on idle cash balances while facilitating instant liquidity. A statement of sweep activity is included with your checking account statement.
For more details, or help deciding if a Sweep service is right for your business, contact a PNC Business Banker near you or call 1-800-762-5684 between the hours of 7:00 a.m. to 10:00 p.m., ET, Monday through Friday and 8:00 a.m. to 5:00 p.m., ET, Saturday and Sunday.
Working Cash® Sweep links your checking account to a non-FDIC insured money market mutual fund or a PNC offshore deposit account. Managing your working capital and liquidity needs is an essential part of enhancing your earnings, reducing your interest expense and avoiding the challenges of moving money to help ensure that you have sufficient funds to cover your daily operations.
Our Working Cash Sweep Service is an effective liquidity management solution that can help increase returns on idle cash balances and reduce interest expense on your line of credit.
Establish a target balance in your checking account. Based on the predetermined target account balance, any funds exceeding the target checking account balance are swept into an investment account, once daily transactions have posted. Investments are automatically liquidated from your accounts to cover daily transactions and help avoid overdrafts.
Working Cash® Sweep links your checking account to a non-FDIC insured money market mutual fund or PNC offshore deposit account. You can also opt to invest excess cash in collateralized overnight investments via a Master Repurchase Agreement.
Subject to credit approval, you can establish a Working Cash® Line of Credit sweep that will work in conjuction with certain investment options. With the Working Cash line of credit you'll borrow only the amount necessary to prevent an overdraft. Once cash has been deposited in your account, the line of credit is automatically paid down to reduce your interest costs. Only after your line of credit is paid down and your account balances exceed your pre-determined target balance, will your excess cash be swept to an investment.
With our Working Cash® Sweep Service, you will save time managing and timing transfers and monitoring multiple accounts. Making your working capital work for you is easy and convenient.
Download these Product Sheets for information about our investment options.
For more details, or help deciding if a Sweep service is right for your business, contact a PNC Business Banker near you or call 1-800-762-5684 between 6 a.m. and Midnight ET, 7 days a week.
If your business has cash on hand pegged for future business use, and you don't need immediate access to the funds for unexpected expenses, put them to work for you earning interest for your business.
Certificates of Deposit (CDs) are bank issued interest-bearing deposits that are FDIC-insured up to legal limits. With CDs, you generally earn higher rates than with other savings products depending on the length of time your money can remain on deposit. You cannot make early withdrawals without an interest penalty, and you cannot write checks against the balance.
Variety of Terms
PNC offers CDs with a variety of maturity terms, ranging from several days to several years, to match the time your cash is investable. Use CDs as a cash flow management tool to get the most from the funds you have, while you have them.
Businesses come in all sizes. So do Certificates of Deposits. When you're ready to invest $1,000 or more, there's a PNC Bank CD for your business.
When your CD nears maturity, you'll have the opportunity to reassess your cash flow needs and decide the best next course to take. Let the funds automatically reinvest for the same maturity term at the new renewal rate, reinvest for a different term that better fits your current cash flow needs, or have your proceeds deposited into your PNC Bank business checking account or Premium Business Money Market Account for immediate use. It's easy to let us know what works best for you.
For information and current rates on PNC Bank Certificates of Deposit, call us at 1-800-762-5684 between the hours of 7:00 a.m. to 10:00 p.m., ET, Monday through Friday and 8:00 a.m. to 5:00 p.m., ET, Saturday and Sunday.
See our Business Banking Account Information - Business Checking Accounts and Related Charges disclosure for further information.
Federal regulation prohibits you from making more than a total of 6 transfers each month to other accounts from a savings or money market account (including transfers to another account for overdraft protection) or to third parties each month by check, through point-of-sale purchase transactions with a banking card, by preauthorized or automatic agreements, telephone, or online. See your account agreement for more information. Other limits may apply to your account. Excessive transactions may result in changing your Money Market or Savings account to a Business Checking account and will be subject to the features and fees as described in the Business Checking Account and Related Charges in effect at that time.
Money Market mutual funds and repurchase agreements are not insured by the FDIC or other government agency, are not deposits or other obligations of, or guaranteed or endorsed by, any bank and may lose value.
PNC offshore deposits are not insured by the FDIC or any other government agency and are payable only at PNC Bank, N.A.'s office in Nassau, Bahamas.
All loans and lines of credit subject to credit approval and require automatic payment deduction from a PNC Bank business checking account. Origination and annual fees may apply.
Bank deposit products and services provided by PNC Bank, National Association. Member FDIC