Sweep Account
Sweep account is a type of brokerage account, in which amounts that exceed a certain level at the end of each business day are transferred into interest bearing investments with modest dividends but also principal preservation characteristic. It is a good way to store money that is not currently invested in other investing projects.
Sweep account also refers to a banking account, whose assets above some level are automatically transferred into higher-interest account in order to provide maximum amount of interest to the customer.
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