Current account sweeping is the process by which money is automatically moved from one account to another when it is not required, in order to benefit from a higher interest rate. It can take one of two forms; overnight sweeping and monthly sweeping.

Overnight Sweeping

You set a limit so that if the money in your account goes above a certain level it will automatically be 'swept' into a special savings account overnight to earn more interest for you. Similarly, when your account is running low, money will be 'swept' back, topping it up to cover your cheques and other payments.

Monthly Sweeping

You set a limit and a date each month so that if the money in your account goes above a certain level on that date it will automatically be 'swept' into a special savings account to earn more interest for you. As with overnight sweeping, you can also maintain a minimum balance in your account as money will be 'swept' back on the agreed date if the balance falls below an agreed amount.