Auto Sweep Schemes by Banks for your Savings Accounts
September 30th 2011 15:40
There are lots of benefits of having auto sweep facility for the saving accounts. The account holder doesn’t have to bother at all about the idle cash in the account as the amount automatically will be made in fixed deposits. The fixed deposits will help the account holder to earn good profits.
The benefit is most to those account holders who make good savings with low transactions.
But the account holder should also know some other limitations of taking the auto sweep facility. The account holder should read all the instruction before applying for the auto-sweep accounts as there can be some hidden charges applicable from banks office. The facility has very low benefits for those who do lots of transactions in their saving accounts, mostly the salaried peoples. So it’s better to open a separate savings account and apply for the auto sweep from that account and manage a fix balance.
The auto-sweep facility is excellent option for those who have surplus unutilized money in their saving accounts and wants to earn more than the saving account interest.
The benefit is most to those account holders who make good savings with low transactions.
But the account holder should also know some other limitations of taking the auto sweep facility. The account holder should read all the instruction before applying for the auto-sweep accounts as there can be some hidden charges applicable from banks office. The facility has very low benefits for those who do lots of transactions in their saving accounts, mostly the salaried peoples. So it’s better to open a separate savings account and apply for the auto sweep from that account and manage a fix balance.
The auto-sweep facility is excellent option for those who have surplus unutilized money in their saving accounts and wants to earn more than the saving account interest.
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