Do you want to get three times more interest on your savings account? It is possible with a little awareness. Many people deposit money in their savings bank accounts, but do not get the opportunity to earn extra from that money due to lack of proper understanding of the various services of the bank. One of the important services is the Auto Sweep Service.
Usually, when you keep money in a savings account, the bank gives an interest of 2.5% to 3%. But if you activate the Auto Sweep Service, then it is possible to earn 7% to 8% interest on the same money — which is almost three times more.
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Auto Sweep Service is basically a facility where a Fixed Deposit is automatically linked to your savings or current account. When you keep money in the account beyond a certain limit, that excess money is automatically transferred to FD. For example, if you set the Auto Sweep limit at your bank to 50,000 taka and you have 80,000 taka in your account, then a portion of 30,000 taka will automatically be converted into FD. As a result, you will get additional interest, but it is also possible to withdraw that money again if necessary.
The biggest advantage of this service is that you do not have to open a separate FD, or go to the bank. Everything can be done automatically online or through mobile banking. If necessary, the FD can be broken and the money can be withdrawn to the account.
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How to get started?
To start this service offline, you can visit your bank branch and request to activate Auto Sweep. Again, this can be done online too—login to the bank’s website or mobile app and go to the “Fixed Deposit” or “More” option, where you will find the “Auto Sweep Facility” option. Set the limit there and click “Submit” to activate the service.