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Sweeps

Your questions answered
Why should I use Sweeps?

Sweeps are a flexible way to  help you manage your money.

Have some spare funds that you’d like to work harder? Set up a Sweep to regularly move them between your accounts and start earning interest. Or, if you have accounts that need to be kept at a certain balance to avoid charges, a Sweep can help you make sure they stay topped up.

You can choose if your Sweep happens daily, weekly or monthly, and the fee you pay depends on the frequency you select. Once you’re up and running, your money will be automatically transferred – saving you time, and giving you peace of mind that your money is where you need it to be.

What types of Sweep are there?

Surplus Sweep: Once your balance reaches a certain amount, any money above that is automatically moved to another account that you’ve chosen. This helps you make more of your money, especially if you move any excess funds into a high-interest account.
For example: Once your balance reaches a certain amount set by you, any money above that amount is automatically moved to the account you choose.

For example: The amount you set is £1,000, and your balance reaches £1,200. £200 will automatically be swept to your other account.

Top-up Sweep: This is used to keep the balance on your main account at a certain level.

For example: The amount you set is £1,000, and your balance reaches £800. £200 will be swept in from your other account.

Two-way Sweep: A combination of Surplus and Top-up Sweeps, used to move money in or out of your account to keep it within a set range. Money will be swept in or out of your accounts depending on whether you need a top-up or have some extra funds to move.

For example: You set a surplus limit at £1,200, and a top-up limit at £1,000. If the balance reaches £2,000, £800 will be swept into your other account; if it reaches £800, £200 will be swept in from your other account.

How much does a Sweep cost?

It depends on how often you want your money to move:

  • Monthly Sweep – free
  • Weekly Sweep - £5 per month for each Sweep set up
  • Daily Sweep - £25 per month for each Sweep set up

These costs are for using the service so you’ll still pay even if no money moves – for example, if your Weekly Surplus Sweep isn’t needed because your balance doesn’t go above the threshold you set.

How will I be charged?

Payment will be taken on the 28th of the following month, from the current account linked to your Sweep. If you create your Sweep between two business current accounts, you will be charged on the main account it’s linked to. If you want to change which account is charged, please visit us in store to complete an amendment form.

Do I need certain accounts to use Sweeps?

You must have at least two Business accounts with us, and one needs to be a Business Current Account. The other can be any of the following:

  • Business Bank Account
  • Community Account
  • Commercial Account
  • Start-up/Switcher Account
  • Business Instant Access Savings Account
  • Community Instant Access Account

If you want to use Sweeps online, you must be registered for Business Online Plus or Commercial Online Banking.

When do Sweeps happen?

We carry out Sweeps between midnight and 5am every working day, except for bank holidays.

Can I set up Sweeps online?

Yes, as long as your company doesn’t require further authorisation levels. Otherwise, you can set up your Sweeps by calling 0345 08 08 508 or speaking to our colleagues at your local store.

Will Sweeps affect my other payments?

We carry out Sweeps first thing in the morning, which is likely to be before any scheduled payments you have for that day – like direct debits, standing orders and cheques. You need to make sure you’ll still have enough to cover these payments after your Sweep has happened to avoid any potential charges.

Can I set up Sweeps between different banks?

No, you can only sweep money between Metro Bank accounts, and both must be owned by the same company.

Who can create and delete Sweeps?

An authorised person in the assigned access group. If you can’t click the 'Create new Sweep' or ‘Delete’ buttons, then you need an admin to set up your access. You can only delete Sweeps if you have access to both accounts.

What happens when I delete a Sweep?

Once you delete a Sweep, it cannot be reactivated. If you delete your Sweep before the end of the month you will not be charged for the following month.

How do I amend my Sweeps?

You can’t currently amend a Sweep. If you need to make a change, please delete it and create a new one.

How will Sweeps appear in my statements?

Sweeps will appear in your Statements as ‘Transfer Credit’ or ‘Adjustment Debit’. The charges will appear as ‘Commission paid’.

Where can I get more information?

Call us on 0345 08 08 508 or visit us in store – we’re open seven days a week.