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Glossary > S > "Sweeper account" Definition

Sweeper account

A bank account which offsets the cash held in a depositor"s account against credit card, loan and mortgage debts to reduce the debit interest payable on them. Often it will automatically transfer surplus funds held in a depositor"s current account to his or her deposit account where the money will earn higher rates of interest.

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Sweeper account - A bank account which offsets the cash held in a depositor"s account against credit card, loan and mortgage debts to reduce the debit interest payable on them. Often it will automatically transfer surplus funds held in a depositor"s current account to his or her deposit account where the money will earn higher rates of interest.

Sweeper account : a bank account which offsets the cash held in a depositor"s account against credit card, loan and mortgage debts to reduce the debit interest payable on them. often it will automatically transfer surplus funds held in a depositor"s current account to his or her deposit account where the money will earn higher rates of interest.