sweep account
Definition
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.
Popular 'Accounting & Auditing' Terms
sweep account in the news
This content can be found on the following page:
http://www.businessdictionary.com/definition/sweep-account.html







