sweep is an arrangement to maximize the interest earned by a customer who has both a high-interest rate account and a low- or no-interest account at the same financial institution. Funds not being immediately used in the low-interest account are automatically transferred (swept) to the high-interest account, where they remain until the balance in the low-interest account drops below a certain minimum and the funds are transferred back to the first account. The funds may be swept to the high-interest account overnight, or for longer periods of time.
Barry Goldsmith
| APA | Barry Goldsmith. (2010). sweep. Retrieved September 21, 2026, from http://smartdefine.org/sweep/definitions/1164663 |
| Chicago | Barry Goldsmith. 2010. "sweep" http://smartdefine.org/sweep/definitions/1164663 (accessed September 21, 2026). |
| Harvard | Barry Goldsmith 2010, sweep, Smart Define, viewed 21 September, 2026, <http://smartdefine.org/sweep/definitions/1164663>. |
| MLA | Barry Goldsmith. "sweep" 21 October 2010. Web. 21 September 2026. <http://smartdefine.org/sweep/definitions/1164663> |