sweep account

Popular Terms
Banking arrangement in which a checking (current) account balance above or below a certain amount is automatically transferred to and from an interest-bearing (savings or money market fund) account. The objective of a sweep account is to maximize the accountholder's interest earnings while covering all withdrawals.

Use 'sweep account' in a Sentence

If you have a sweep account you must check it often to make sure that you still have as much as you believe in it.
19 people found this helpful
I liked how the sweep account worked and I wondered if I could open one and start using it as soon as possible.
17 people found this helpful
After I started my first full-time job, I changed my basic checking account into a sweep account to boost my investment capabilities, because my new income finally allowed me to maintain the minimum balance while still covering all of my expenses.
16 people found this helpful

Email Print Embed