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sweep account

noun
1.
Finance. a checking account from which money in excess of a specified amount is automatically transferred to another account or to an investment that earns a higher rate of return.
Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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Examples from the web for sweep account
  • The decision to use a sweep account comes with many choices.
  • The sweep account program must meet all of the following criteria before a primary purpose exemption would be considered.
  • Funds in excess of the zero or target balance should be invested daily in a sweep account covered by an investment agreement.

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