Public Checking and Savings

Androscoggin Bank has solutions that scale to your needs.

Checking accounts are customized for you to bring the best features and benefits.

Solutions for public deposit accounts are unique to every client and may include the following account types:

  • Insured Androsweep account links your operational check writing account to an FDIC-insured investment account. Daily, fully-automatic sweeps to and from the checking account mean your account balances are protected - up to $7.5 Million. Insured Androsweep benefits: 
    • Earn competitive interest rates;
    • Highly-liquid;
    • Check-writing account;

As deposits are made to your checking account, funds are automatically swept into an investment account. Through a special network arrangement, funds are then distributed to a number of banks in amounts less than $250,000, so that your deposit is insured by FDIC insurance even as the balance reaches several millions of dollars.

As checks clear, funds are automatically swept into your checking account to be paid.

  • Insured Cash Sweep (ICS) Money Market with up to $50 million in FDIC insurance, liquidity and competitive interest rates.
  • MMDA accounts that earn interest and insure funds.
  • Sub accounts dedicated to specific purposes and tied to one "master account."