2/28/08

Sweep up for weekend savings

Wells Fargo Bank recently launched its Business Weekend Sweep service, an FDIC-insured service for small business owners that automatically sweeps a portion of their checking account balance into an interest-bearing savings account over the weekend.

Each Friday, the service automatically transfers funds exceeding $5,000 from the customer’s business checking account to the associated savings account to earn interest, then returns the funds Monday morning. Interest earned on the sweep funds is transferred back into the business checking account each month. Customers maintain 24/7 access to balances in both accounts.

This service is best suited for customers with average balances above $40,000, Wells Fargo said.

Wells Fargo Business Weekend Sweep service is currently only available to small-business owners in select states, including Washington. For more information, visit www.wellsfargo.com/biz/weekendsweep.