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What is Sweep Account?
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Answer / bhupender janmejai
A sweep account is actually a combination
of two or more accounts at a bank or financial
institution. It is useful in managing a
steady cash flow between a cash account
where scheduled payments are made from
and an investment account where the cash
is able to accrue a higher return.
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Answer / madhulika2011
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.
| Is This Answer Correct ? | 2 Yes | 0 No |
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