Yankee Sweep® for Banks
With the Yankee Sweep service, banks can expand their cash management product offerings for customers. Although Yankee Sweep deposits are uninsured, they are placed with foreign banks’ U.S.-chartered branches, which are subject to Federal Reserve Board regulation. Yankee Sweep deposits may earn a higher rate of interest than other alternatives, such as prime money market funds and insured deposits.
For eligible U.S.-chartered branches of foreign banks, Yankee Sweep can serve as a source of variable-rate funding.
Learn more about how Yankee Sweep works and how it can help banks manage liquidity and build valuable relationships. Contact us about adding Yankee Sweep to your company’s suite of cash management services.