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Sweeps help you save more
One of the primary benefits of this account is the daily sweep. The sweep feature automatically transfers, or "sweeps," the available balance in your checking account to your choice of investment options1 each day. The daily sweep offers you the convenience of accessing your money when you need it while earning interest or dividends.
How does it work?
Each evening the deposits to your checking account are collected and the outgoing funds are tallied.
Then, the total collected balance that is left in your checking account sweeps to an investment option of your choice.
If funds are needed to cover the activity in your checking account, the exact amount needed to cover that transaction moves back from your sweep investments. If not enough remains in your sweep investments, we will draw on your available overdraft line of credit. 2
All of this happens automatically, so you don't need to call customer service or your Relationship Manager to move funds around each day to cover your transactions
For Key Privilege, the funds are swept to an FDIC - insured deposit account.
For Key Privilege select, you will be able to choose from a variety of investment options into which your checking account balance will be swept, including an FDIC-insured deposit account and non-FDIC insured tax-free money market mutual fund accounts. You can choose more than one sweep option. This allows you to designate how your deposits are allocated among your options. In addition, you can also specify the order in which funds are withdrawn from your investments.
The investment options** available to you may include any of the following:
Insured Investment Account. This is an interest-bearing KeyBank deposit account that provides the security of FDIC insurance up to the maximum allowable limits.
Federated Tax- Free Obligations Fund. 3,4 Consistent with stability of principal, this fund seeks current income that is free from federal regular income tax.5
Federated Ohio Municipal Cash Trust. 3,4 (not available in all markets) This fund seeks current income, consistent with stability of principal, which is free from federal regular and State of Ohio personal income taxes.5
Federated New York Municipal Cash Trust. 3,4 (not available in all markets) This fund seeks current income exempt from regular federal income tax and New York State and New York City personal income taxes.5 Consistent with stability of principal.
Federated Michigan Municipal Cash Trust. 3,4 This fund seeks to provide current income exempt from federal regular income tax and the personal income tax imposed by the State of Michigan, consistent with stability of principal and liquidity.5 Available only in Michigan.
Monthly Maintenance Service Charge applies when minimum combined balance requirement is not maintained. Please talk to your Relationship Manager for more information.
**An investment in a Money Market Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the money market funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in these funds.
1 Investment options vary by market. In any particular market, one FDIC-insured deposit account and several non-FDIC insured money market mutual funds will be available.
2 Overdraft lines of credit are subject to credit approval.
3 Certain investors may be subject to the Federal Alternative Minimum Tax and to certain state and local taxes.
4 The Funds are advised by a subsidiary of Federated Investors and are distributed by Federated Securities Corp., which is not affiliated with KeyCorp or its subsidiaries. Federated receives a fee for its services. To obtain a prospectus from Federated Investors, go to key.com/federated. An investor should consider the fund’s investment objective, risks and charges, and expenses carefully before investing or sending money. This and other important information about the investment company can be found in the fund’s prospectus. Please read the prospectus carefully before investing.
5 Certain investors may be subject to the Federal Alternative Minimum Tax and to certain state and local taxes.