Our pages contain various quotes with which our editorial team does not always agree. See also: Natural logarithm, Social policy, Andean pact, Defined benefit pension plan, Process innovation Sweetener A feature of a security that makes it more attractive to potential purchasers. a bank account that automatically transfers money into another account or investment that pays higher interest when the amount of money in it goes over a particular level: Sweep accounts allow small businesses to get higher returns on cash that might otherwise be doing nothing in a current account. Usually, at the conclusion of each business day, money in substantial, non-interest-bearing cash accounts is "swept" (by the fiduciary) into money market funds or other securities to earn interest.Īccount providing that a bank invest all the excess available funds at the close of each business day for the firm. : Business owners want cash invested at all times. Bank s are often sold as cash management tools. to travel across all of an area, especially when looking for something: American minesweepers are sweeping the Arabian Sea. Sweep Account A bank account into which all excess funds available at the closing of every business day is transferred for a higher interest earning investment option.Īccount in which the bank takes all of the excess available funds at the close of each businessĪ deposit account, usually at a bank, that periodically removes a portion of the customer's funds into a higher yielding instrument. Definition of sweep account sweep account in American English noun Finance a checking account from which money in excess of a specified amount is automatically transferred to another account or to an investment that earns a higher rate of return Most material © 2005, 1997, 1991 by Penguin Random House LLC. Sweeping is an automated funds transfer for the concentration of balances belonging to a company or a group of companies, which regularly move funds between. Sweep accounts reduce the amount of manual transactions needed. An example would be checking account that moves funds over a certain dollar amount into a higher-interest account. If you choose Rises Above, the monitored account will have money swept out if its balance exceeds the. An account that automatically redistributes money into another account when a certain threshold is reached. Select a condition from the Condition drop-down list.
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