Just thought I would let people know Citibank has brought back there sweep account feature for thier Citigold and CitiPrivate checking accounts.
The way there sweep now works is it maintains $500 in your checking account and sweeps the balance into one of the following MMF which you choose:
CitiSM Cash Reserves 4.50% (full taxable)
CitiSM U.S. Treasury Reserves 4.14%(state income tax expemted)
CitiSM Tax Free Reserves 3.14%
CitiSM California Tax Free Reserve 3.04%
CitiSM Connecticut Tax Free Reserves 3.10%
CitiSM New York Tax Free Reserves 3.22%
All these rates are current as of 7/11/06 and may change on a daily bais based on market conditions so they could go up or down.
And you are paid 1.01% on the $500 that is left in your checking account at all times.