Savings Account Interest: If you enable auto-sweep in your savings account, any balance above a certain limit will automatically be transferred to a term deposit, earning higher interest. Learn how to enable this feature.

Savings Account Interest: Nowadays, people keep their money in savings accounts because it's easy to manage. They can withdraw money immediately if needed. However, the problem is that savings accounts earn very little interest. Sometimes, you wish you had kept the same amount in an FD, which would have earned more.

But if you activated this service when you opened your account, you'll earn FD-like interest on your savings account. How will this extra money be transferred to your savings account? Let's explain how you can earn FD-like income from the money deposited in your savings account.

Auto-Sweep Will Earn FD-Like Interest

Auto-Sweep is a service that continuously monitors your savings account. Whenever the balance exceeds a certain limit, the amount is automatically transferred to a term deposit. It earns interest like an FD and, when needed, returns to the savings account through a reverse sweep. The special feature of this feature is that you don't need to open or manage a separate FD.

This feature is very beneficial for those who frequently receive high balances in their accounts throughout the month. Banks typically offer approximately three times the interest rate on FDs compared to savings accounts. Therefore, auto-sweep automatically generates better returns. This means your money is safe and you earn more.

Easy way to activate auto-sweep

If you want your savings account to earn as much as an FD, the first step is to activate auto-sweep. This can be done in a few minutes by visiting a bank branch. There, you set a limit above which the balance will automatically be transferred to the term deposit. If you frequently use online banking, you can enable auto-sweep mode from there. Once this feature is activated, your extra money will automatically be converted into an FD, offering higher returns. The same amount is immediately returned to your savings account when needed.