Sweep involves two accounts – the originating account and a nominated account.
- You set a minimum and maximum balance to keep in your originating account.
- When your balance falls below your minimum, money is swept back from your nominated account to restore the balance to the minimum balance level. This means there's always enough for your everyday expenses.
- When your balance exceeds your maximum, everything over the maximum is automatically transferred into your nominated account. This helps you save and earn maximum interest or keep money aside for bills.
- Sweeps occur at the end of each day, including weekends and public holidays.
Dynamic Sweep is a variation of Sweep that operates in real time.
- If you don't have enough money in your account to make a payment, it will take the additional money required to complete the payment straight away from your nominated accounts to your originating account.
- It can pull funds from multiple accounts.