sweep account - definition in the Business English Dictionary - Cambridge Dictionaries Online (US)

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English definition of “sweep account”

sweep account

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.
(Definition of sweep account from the Cambridge Business English Dictionary © Cambridge University Press)
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