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.
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I liked how the sweep account worked and I wondered if I could open one and start using it as soon as possible.
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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.
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