Meaning of “sweep account” in the English Dictionary

business-english dictionary

"sweep account" in Business English

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sweep accountnoun [ C ]


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)