Sweep Account

Business / Taxes / Sweep Account: A brokerage firm or bank may automatically transfer — or sweep — a client’s uninvested or surplus funds into a designated account. For instance, at the end of each business day, a bank might sweep a business client’s surplus cash from a checking account into a high-yield money market or savings account, where the money earns interest over night. The next morning, the bank would make these funds again available to the customer. Individuals are more likely to have sweep arrangements with their brokerage firm to handle investment earnings.

Other Words for Account

Account Noun Synonyms: calculation, accounting, reckoning, computation, (financial) statement, enumeration

Other Words for Sweep

Sweep Noun Synonyms: brush, whisk, clean, clear, tidy up
Sweep Verb Synonyms: pass, clearance, stroke, purge

Money Market Account

Business / Accounting / Money Market Account: A type of savings account that may or may not be protected by the FDIC, with minimum balance requirements and usually higher interest rates than other types of savings accounts. MORE

Money Market Demand Account (MMDA)

Business / Finance / Money Market Demand Account (MMDA): An account that pays interest based on short-term interest rates. MORE

National Accounts

Health / Health Insurance / National Accounts: Large group accounts that have employees in more than one geographic area that are covered through a single national contract for health coverage. Contrast with large local groups. MORE