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.
Account Noun Synonyms: calculation, accounting, reckoning, computation, (financial) statement, enumeration
Sweep Noun Synonyms: brush, whisk, clean, clear, tidy up
Sweep Verb Synonyms: pass, clearance, stroke, purge
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
Business / Finance / Money Market Demand Account (MMDA): An account that pays interest based on short-term interest rates. MORE