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What are Sweep Accounts?

Posted in Glossary by Johns Wu
March 3, 2008 01:15 AM - 0 Comments

A bank account program where the funds are auto-managed between a primary savings account and a second investment account. At the close of business day, the account automatically transfers the surplus balance into an interest earning overnight account usually within the same bank. The funds are then returned to the primary account with interest at the start of the next banking day. Sweep accounts are useful for individuals who want to grow their money with minimal personal intervention.

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