What is a Cash Sweep?

A "cash sweep" refers to the transfer of funds between your central checking account and optimized savings to restore your checking account to its Target Balance. You can change your Target Balance at any time by following the instructions in this guide: Setting Your Target Balance.

With this cash sweep feature, each optimization will help ensure that your checking account is restored to its Target Balance by transferring funds to/from Optimized Savings:

• If your checking account balance exceeds your Target Balance at the time of an optimization, Max will instruct your banks to sweep excess cash into your online savings accounts, where it can earn more.
• If your checking balance is lower than your Target Balance, Max will instruct your banks to  move funds from your lowest-yielding savings accounts back into your checking account.
• If a higher interest rate is available to you, funds will flow from your lower-yielding savings account to checking, and then from checking to your highest-yielding savings account.

All transfers are routed through your central checking account. This means that during an optimization, funds may flow through your checking account to be redistributed optimally. 

If you do not want funds to flow through your day-to-day checking account, we recommend using Max Checking as your central account instead.