Personal Sweep Account

What is a Personal Sweep Account?

A sweep account is typically used when you hold more than one account (e.g. personal checking and savings accounts) at HAB. To utilize a sweep account, you set a threshold — for example, a certain balance in a checking account — and the sweep account will automatically move funds above that threshold into another account that earns a higher return (typically a Money Market Account or Savings Account). This helps to insure that you don’t keep cash parked in low-interest accounts, and that you’re maximizing the total return across all of your accounts.