Categories
money

"Sweep-In" accounts

“Sweep-in” accounts or any of its variants offer the returns of a fixed deposit while providing the flexibility/liquidity of a savings accounts. It’s like a hybrid that provides the best of both worlds.

The money you deposit into the bank account is broken up into chunks and the chunks are then converted to fixed deposits. Whenever a withdrawal request is made, depending upon the ask, one or more chunks of FD’s are broken and transferred back to the account. Simple.

So, if you are looking for a place to stash your cash, it doesn’t get any better than this.

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