Sweep

Introducing the new Meridian Sweep feature – the smartest way to help maximize your savings. By monitoring your chequing and savings activity, Sweep ensures your money's earning as much as possible in your Good to Grow High Interest Savings Account, while maintaining a balance in your chequing account for day-to-day transactions. It's two bank accounts, working as one. You set the limits, which puts you in complete control. Sweep – another first in Canada from Meridian.




How it works:

Each night, Sweep looks at your chequing account balance and makes sure you're within the limits you set.

Use Sweep every which way:

  1. 1. Reach your savings goals faster! Move idle money to a Good to Grow High Interest Savings Account and watch it grow.
  2. 2. Gain peace of mind. Know you'll always have money in your chequing account to cover your day to day expenses.
  3. 3. Save on fees! Use Sweep to maintain the minimum monthly balance required on some chequing accounts to waive transaction fees. Or set Sweep so you never get a negative balance.

Tips when setting up Sweep:

  1. • Consider your spending habits and frequency of transactions - for instance, automatic credit and debits like payroll and mortgage payments, to know how much you need at any given time to cover all expenses.
  2. • Temporarily adjust limits to allow for unusually large purchases or cheques. Need added peace of mind? Consider adding Overdraft Protection coverage to your Maximiser to avoid any fees if your account is ever overdrawn.
  3. • Remember, held funds like a cheque or ABM deposit will not Sweep until they clear.
  4. • Set up Sweep Alerts that notify you of Sweep transfer activity or when there aren't enough funds in savings to maintain your lower limit.
Auto Save
Save as you Spend

Save as you Spend

Every time you use your ABM debit card to make a purchase or withdrawal, you can automatically transfer between $1 and $5 from your chequing account to your savings account.

Save the smart way

Save the smart way

Automatically transfer a percentage of each pre-authorized chequing account deposit into your savings account.

Double the savings

Double the savings

Enroll in both Auto-Save features to reach your savings goals faster.