what is a sweep account?

[riya]

I’ve been cleaning up my old files and realised I’ve got a big pile of tax paperwork from past years. I’m not sure which documents are safe to toss and which ones I should hold onto permanently. Are there certain tax documents (like returns, W-2s, 1099s, or property-related papers) that you should never throw away? Additionally, how long is it generally recommended to retain supporting records, such as receipts, deductions, or investment statements?

 

[peterkavinsky]

A sweep account is a bank account that automatically transfers excess money into a higher-interest account or investment option, helping maximize returns while keeping funds accessible.