SIE Exam Question 1046: Answer and Explanation

Question: 1046

Which of the following is an account that automatically transfers sums of money that exceed a certain level into a higher interest-earning option on a regular basis?

• A. Money market account
• B. Sweep account
• C. Swift account
• D. Thrift account

Correct Answer: B

Explanation:

A sweep account automatically transfers sums of money that exceed a certain level into a higher interest-earning option on a regular basis.