Sweep Account

Sweep Account is a bank account which automatically transfers portions that exceed a certain level into a better interest earning investment option for the close of each working day. Commonly, the excessive cash is swept in money market funds. A sweep account is definitely an account set up at a bank or other loan company where the funds are automatically handled between a key cash account and secondary investment reports. Many banks and banking institutions offer a sweep account service with regard to personal customers and businesses proprietors.