SYNOVUS BANK - Laserfiche WebLink

Home Browse Search

Advantage Analysis Account The Synovus Advantage Analysis Account allows you to manage all funds in one convenient place. There’s no need to maintain a separate money market or schedule multiple transfers. The service automatically analyzes your monthly account activity, determines the balances needed to offset analysis fees, then pays interest on excess balances. The Synovus Advantage Analysis Account maximizes your investments, ensuring every dollar is put to good use. With sufficient balances, you’ll pay no fees and receive interest on the excess balances. There’s no guesswork. No manual transfers or additional bookkeeping. We will do all the work for you. This account does settle monthly and allows for all balances to work for the City. During the partnership, Synovus can work with the Cityif alternate billing or settlement arrangements need review. This account is fully collateralized in accordance with State Statutes of Public Funds. The interest rate paid through the Advantage Analysis Account will be 4.75%. The rate will be indexed off the Target FederalFunds Rate minus 0.75%. Interest will be computed on excess balances after the Earnings Credit has been used to offset Treasury Management fees. Interest will be credited on a monthly basis. Interest will be posted near the middle to the end of the following month, after an internal review of analysis fees. 2.Secondary account – Merchant This account is used for credit card deposits only. The City currently has nine (9) merchant accounts all held with TD Bank. Synovus is recommending our Advantage Analysis Account which is part of the ZBA structure that the City currently has and would be linked to the composite. 3.Money MarketAccount This account is used for a small percentage of deposits of excess cash, and it is an interest-bearing account. The proposer will advise of the money market interest rate and any additional options to maximize interest earnings. Synovus is recommending our Advantage Analysis Account which allows us to pay a competitive rate onexcess funds. Your MMA Account would receive the same rate as Target Fed Funds minus .75%. 4.Zero balance account – AccountsPayable This account is used solely for all check payments to vendors. The funds are swept into or out of this account to or fromthe Operating account. ZBA Accounts ZBA’s will continue to ensure efficient, centralized use of available funds for investment or debt July 12, 2024Page 21 City of Sunny Isles Beach RFP 24-06-01 Banking Services - Synovus Bank Submission