Sweep account

Sweep account
Account in which the bank takes all of the excess available funds at the close of each business day and invests them for the firm. The New York Times Financial Glossary

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sweep account UK US noun [C] BANKING, FINANCE
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.


Financial and business terms. 2012.

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  • Sweep account — A sweep account is an account set up at a bank or other financial institution where the funds are automatically managed between a primary cash account and secondary investment accounts.In banking, sweep accounts are primarily used as a legal… …   Wikipedia

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  • Sweep Account — A bank account that automatically transfers amounts that exceed (or fall short of) a certain level into a higher interest earning investment option at the close of each business day. Commonly, the excess cash is swept into money market funds. In… …   Investment dictionary

  • sweep account — 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. * * * …   Universalium

  • sweep account — 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 …   Useful english dictionary

  • Sweep — may refer to any of the following:Cleaning * Chimney sweep * Street sweeper * To clean using a broom or brushBoating* A kind of oar used for guiding bateaus and similar boats * In sport rowing, a boat that has only one oar per rowerports* Sweep… …   Wikipedia

  • Account (disambiguation) — Account may refer to:* An account in accounting * Accounts at banks and/or other financial institutions. ** Current account (banking) ** Deposit account ** Personal account ** Sweep account * User account The means by which a user can access a… …   Wikipedia

  • Sweep theory — is an aeronautical engineering description of the behavior of airflow over a wing when the wing s leading edge encounters the airflow at an oblique angle. The development of sweep theory resulted in the swept wing design used by most modern jet… …   Wikipedia

  • Sweep investment — A sweep investment, or sweep investment account, is a secondary bank account that offers additional investment options on idle funds in a primary cash or checking account. [cite web| url=http://www.latam.citibank.com/corporate/lattco/english/trans… …   Wikipedia

  • sweep arrangement — /ˈswip əreɪndʒmənt/ (say sweep uhraynjmuhnt) noun a facility offered to individual customers of a bank or other financial institution whereby funds in excess of a certain level held in an account earning no or low interest, are automatically… …  

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