Find Out More
Frequently Asked Questions (FAQs)
1. What is a U-Sweep Account and who is Newtown Savings Bank?
High interest, No fees, no service charges, no kidding!!!!!!!!
With an Newtown Savings Bank U-Sweep Account, you earn a 1.60%* Annual Percentage Yield (10/27/2009) with the highest degree of flexibility, freedom, and security you simply won't find at just any bank. For more details, see our disclosure. And because your account is FDIC insured, your account is secure.
No required minimum balances.
There is no minimum balance required to open your Newtown Savings Bank U-Sweep Account, and you don't have to keep a specific balance in your account to qualify for a high interest rate. No matter how much you have on deposit, the rate is the same.
No fees. No service charges. No penalties. No hidden costs.
At Newtown Savings Bank, we won’t charge you fees or service charges on your U-Sweep Account. You don’t need to scour the fine print. You earn high interest on your money with 24-hour access to your account and you don't have to change banks. Your money is available whenever you need it, simply log in and transfer funds into to your linked account from where you pay your bills, write checks, make debit transactions or cash withdrawals. When you open your Newtown Savings Bank U-Sweep Account, it is automatically linked to one or all the accounts you have specified on the ACH form we provide at
www.u-sweep.com.
Pay Yourself First!
The automatic transaction set-up allows you to automatically have a fixed amount of money regularly transferred to your high interest Newtown Savings Bank U-Sweep Account from your linked account(s). You will be saving money effortlessly and will have money for unexpected expenses ... holiday spending, vacation spending. If you prefer to manage your idle funds wisely, here is the ultimate tool because you don’t have any risk! You specify how much money you would like transferred, and how often you would like it moved. This is a simple, easy way to really grow your Newtown Savings Bank U-Sweep Account.
Start making more money on your savings right now.
You don't have to switch your bank; simply sign up to activate your Newtown Savings Bank U-Sweep Account today and start earning interest that will actually amount to something. While your APY may change at any time based on market conditions, you are assured of higher interest with a Newtown Savings Bank U-Sweep Account day after day. To apply online, follow the simple online instructions provided below. Or you can call 800-461-0672 and ask for U-Sweep assistance to request an Account Application, which you can complete and return by mail.
Safe and Secure - FDIC Insured.
Your deposits in your Newtown Savings Bank U-Sweep Account are FDIC insured. Plus, at Newtown Savings Bank, we'll show you how to structure your accounts in order to maximize FDIC insurance. You can use the FDIC Calculator to determine your FDIC coverage for each FDIC-insured bank where you have deposit accounts. For general information regarding FDIC insurance, click here.
2. Do I have to change banks or close accounts?
No. The simple electronic transfer process works when you link any or all of your current accounts at another bank or financial institution. You can easily transfer funds from or to your Newtown Savings Bank U-Sweep Account without charge. Once your account is set up, you may execute transactions online at www.u-sweep.com. This automated technology is secure and ensures that your privacy and money are protected. Since you make deposits and withdrawals online, you have 24/7 access to making or scheduling transfers.
3. How do I open a U-Sweep Account?
Download the forms necessary to open an individual Newtown Savings Bank U-Sweep Account. You may also call 800-461-0672 and ask for U-Sweep assistance to request an Account Application, which you can complete and return by mail.
These are posted as Adobe PDF files. The free Adobe Acrobat reader is needed to access them. If you do not have Acrobat on your computer already, click here to download it.
- Account Application. Please download, print, complete, and fax these back to us with a copy of two forms of ID, one must be an acceptable form of Primary ID. Click here for a list of acceptable identification.
- Important Account Documents.
Forms for you to review and retain. - Change/Cancel Form
You will not need this today but may want to print and retain.
Simply fill out the forms, sign and fax or mail to:
Fax: (203) 270-6619
Mail: Newtown Savings Bank
Attn: Customer Service Center
39 Main Street
Newtown, CT 06470
It is that easy. We’ll open your Newtown Savings Bank U-Sweep Account and link it to the account(s) you have designated when you have completed the forms. Once we open your account (this process takes no more than 3 business days), you will receive an e-mail advising you that your account is ready and your password is available for use.
Next you will go to: www.u-sweep.com (Hint: Save this address in your browser). You will be asked to verify several small transactions we’ve deposited to your linked accounts, all in amounts under $1.00. You will now be able to make your initial deposit in any amount you choose.
Watch your money go to work earning interest rates that are far greater than the national average, day after day!
4. How do I know when my U-Sweep Account is open?
After you download and submit your Account Application, ACH Origination Agreement, and U-Sweep ACH Setup Form, you will receive an e-mail welcoming you and asking you to confirm several small transactions we’ve deposited in your linked account(s), all in amounts under $1.00. If we need to take some additional steps to complete the application process, we will contact you within two to three business days of receiving your application.
5. How do I create regularly scheduled transfers into my U-Sweep Account?
Once you are logged on to www.u-sweep.com, you can complete and set up transfers by using the “Transfer Setup” section of the page. You can choose to make a one-time transfer, or schedule a recurring transfer between your Newtown Savings Bank U-Sweep Account and your linked account(s).
6. How do you keep my information and account secure?
As a Newtown Savings Bank U-Sweep Account customer, you can feel secure knowing that we are protecting you. Our security features are second to none and we continue to make enhancements as technology advances. Bottom line: Your money and information are protected from the moment you open your account.
7. How much does the account cost, what are the fees?
Nothing! And remember, it costs nothing to open the account, so you have nothing to lose except the opportunity to earn substantially above the national average on your idle funds! Please call us at 800-461-0672 and ask for U-Sweep assistance if you have questions about the Newtown Savings Bank U-Sweep Account.
8. Are there any minimum balance requirements?
No. No matter what your balance, you will enjoy earnings at a great rate!
9. How much interest will I earn and how is it calculated?
The current rate of interest on your Newtown Savings Bank U-Sweep Account is always posted on this web site. Interest is earned daily and credited monthly.
10. Is the Newtown Savings Bank U-Sweep Account FDIC-insured?
Your deposits in your Newtown Savings Bank U-Sweep Account are FDIC insured. Plus, at Newtown Savings Bank, we'll show you how to structure your accounts in order to maximize FDIC insurance. You can use the FDIC Calculator to determine your FDIC coverage for each FDIC-insured bank where you have deposit accounts. For general information regarding FDIC insurance, click here.
11. What is a “LINKED” account?
The Newtown Savings Bank U-Sweep Account is linked to an existing account(s) you have with another financial institution, making it easy for you to transfer money whenever you want. We electronically link your Newtown Savings Bank U-Sweep Account to whatever existing account(s) you authorize during the enrollment process.
12. How many and what type of accounts can I link?
You can link your checking and savings accounts at Newtown Savings Bank or any other bank. There is no limit to the number of accounts you link to your Newtown Savings Bank U-Sweep Account and you can add and delete links at any time, at no charge.
13. How do I make deposits into my U-Sweep Account?
All deposits and withdrawals are done online through the external transfer function associated with your secure account information. Deposits and withdrawals pass between your linked funding account and your Newtown Savings Bank U-Sweep Account via the Automated Clearing House (ACH). This transfer will clear overnight provided you complete your transaction before 1:00 p.m. Incoming transactions from your linked account to your Newtown Savings Bank U-Sweep Account may take up to 3 business days to clear.
14. When are deposits available for withdrawal?
Funds in your Newtown Savings Bank U-Sweep Account are available for withdrawal via Internet transfer to your linked account(s) once the ACH transaction has cleared. For security reasons, initial ACH deposits have a five- business day hold before they can be withdrawn.
15. How do I access my money?
You will continue to use the account(s) linked to your Newtown Savings Bank U-Sweep Account to access cash, pay bills Online, write checks or make debit transactions. You can logon to www.u-sweep.com 24 hours a day, 7 days a week to initiate withdrawals electronically out of your Newtown Savings Bank U-Sweep Account to any of your linked accounts.
16. How long does it take for money I withdraw from my Newtown Savings Bank U-Sweep Account to appear in my linked account?
All funds transfer out of your Newtown Savings Bank U-Sweep Account via the Automated Clearing House (ACH) and are available on the next business day for all transactions initiated before 1:00 p.m. EST. Check with your financial institution regarding the length of holds they may place on incoming ACH transactions.
17. Can I fund my account with a check?
No. Your Newtown Savings Bank U-Sweep Account is only accessible by requesting transfers at www.u-sweep.com.
18. How do I get or change my login Password and/or ID?
Please call 800-461-0672 and ask for U-Sweep assistance and a customer service representative will help you change your password or logon ID.
19. How do I check the balance on my account?
Once your Newtown Savings Bank U-Sweep Account is activated, your User ID and Password will function a) When you transfer funds at www.u-sweep.com and b) Obtain your account balance at www.nsbonline.com. If you have any questions about using the Newtown Savings Bank Internet Banking site, or would simply like to obtain your balance information by phone, please call 800-461-0672 and ask for U-Sweep assistance. In addition, your recent transaction history is available when you logon to www.u-sweep.com as a means of verifying your current balance.
20. How can I add a joint depositor to my U-Sweep Account?
Download the same two forms necessary to open an individual Newtown Savings Bank U-Sweep Account. You may also call (800) 461-0672 and ask for U-Sweep assistance to request an Account Application, which you can complete and return by mail.
You will see the option to add a joint depositor. Fill out all the forms, sign and send them, along with the required documentation for the joint depositor listed on the form to:
Fax: (203) 270-6619
Mail: Newtown Savings Bank
Attn: Customer Service Center
39 Main Street
Newtown, CT 06470
After the form is received, you will be notified via e-mail when the joint account holder will have logon access. Of course, you can add a joint depositor at the time of your initial sign-up. It does not need to be a secondary step.
21. What other financial products does Newtown Savings Bank offer?
At www.nsbonline.com, you will find information on our full-service banking products. Want a great rate on a car loan, or would like to find out about our competitive mortgage program? Check us out today. We’re a community bank, right here in your area. Get the best of both worlds: We offer the human touch only a community bank can offer with the cutting-edge web-based technology banks many times our size are not able to provide!
Disclosure
* Annual percentage yield may change at any time and is accurate as of June 16th 2009.