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Hence, the Flexi Fixed deposit scheme has two components: a savings and current account component, and a fixed deposit account component. Reverse sweep (sweep-out): In case of insufficient funds in a savings account to honour any debit instruction (e.g., when the customer wants to withdraw money through cheque or through an ATM), the balance in ...
A sweep account combines two or more accounts at a bank or a financial institution, moving funds between them in a predetermined manner. [1] Sweep accounts are useful in managing a steady cash flow between a cash account used to make scheduled payments, and an investment account where the cash is able to accrue a higher return.
Sweep accounts Sweep accounts are typically offered by the cash management division of a bank. Under this system, excess funds from a company's bank accounts are automatically moved into a money market mutual fund overnight, and then moved back the next morning. This allows them to earn interest overnight.
For example, E-Trade offers just 0.01 percent APY on brokerage accounts with less than $500,000 in cash. J.P. Morgan brokerage accounts earn the same 0.01 percent through its deposit sweep program ...
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A deposit account that allows for the withdrawal of funds without penalty but requires a higher minimum balance to earn interest. [1] 6 Sweep account: A deposit account in which amounts over a certain balance are automatically transferred to another account pursuant to a pre-determined set of arrangements. 7 Automatic transfer service account
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