What is a sweep account?

Cash sweeping is a money management technique that makes sure your money is put to the best use possible. That way it's not just wasting away in a low- or no-interest checking account. Simply put, a sweep account could be a game changer. That's because a lot of us leave money in checking accounts although it would better serve us in an investment or interest-paying savings account.

We sure need that extra boost. As many as 55 million Americans have absolutely nothing saved in case of an emergency. And four out of five Americans have less than one year's worth of income saved for retirement, according to the National Institute on Retirement Security. It's crucial we start managing our money better.

But what if you're not sure how to manage your money better? What if you're not sure what investments to put money into or how much you need to even keep in savings? What if you just don't want to spend the time more actively moving your money around?

Enter cash sweeping.