There are many financial products in the market that offer higher interest than a savings account. But, most of these products come with several conditions.
However, with an auto sweep facility in your savings account, you can earn higher interest without any conditions.
What is the Auto Sweep Facility?
The Auto Sweep Facility is a great way to earn higher interest on your savings account.
It automatically sweeps excess funds from your account into your FD account, so you can earn more interest on your money.
This is a great way to boost your savings without having to do anything extra.
Simply set up the Auto Sweep Facility and let it do its job.
You’ll be able to watch your savings grow while still having access to the funds in your checking account when you need them.
How to open an account with the Auto Sweep Facility?
To open an account with the Auto Sweep Facility, you must first have a savings account with a participating bank.
Then, you can enroll in the program by providing your bank account information and authorizing the auto sweep.
Once enrolled, you can start earning higher interest on your savings balance.
What are the benefits of the Auto Sweep Facility?
By automatically sweeping your excess funds into a fixed deposit, you can earn a higher rate of interest on your savings. This is a great way to boost your savings without having to do anything extra.
There are several benefits of the Auto Sweep Facility, including:
- Customers can earn a higher interest rate on their savings
- The process is automated, so customers don’t have to remember to transfer funds each month
- Customers can change their monthly amount at any time
- There are no fees associated with the service
What are the risks of the Auto Sweep Facility?
There are a few risks associated with the Auto Sweep Facility, including:
- If customers don’t have enough money in their account to cover the monthly amount, they may be charged a fee.
- Customers may forget that they have enrolled in the service and be surprised when their funds are transferred each month.
- Customers may not be able to access their funds as easily if they need to withdraw them before the end of the fixed deposit term.