Business and Personal Finance Dictionary

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• SWEEP ACCOUNT
  
  A deposit account, usually at a bank, that periodically removes a portion of the customer’s funds into a higher yielding instrument. Bank sweep accounts are often sold as cash management tools. With a bank sweep account, idle funds are swept each night from a transaction account into a higher-yielding, overnight investment. Some banks offer sweep accounts that only remove excess balances weekly. Brokerage firms offer sweep accounts as well with weekly or monthly sweep frequencies.
  
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