By specifying a Minimum Balance for a Sweep Transfer (eg. $1,000) and a Frequency (eg. Monthly), Astra will transfer any funds OVER that minimum balance every month.
Say your balance is $1,234 on the transfer date. Your Sweep Transfer will be $234. But if your balance is $999, the transfer will not run that month.
The benefits of "sweeps":
- Sweeps calculate the amount to transfer dynamically based on your current balance and run on your desired schedule.
- Sweeps don’t overly “stretch” your account balance if you have a short term dip in funds on hand – if your balance is less than the minimum you specify, nothing happens.
- If you have fewer expenses within the recurring time period (well done!), sweeps will transfer more money which can outpace a simple recurring transfer.
Read more about Sweep Transfers in this Article from the Astra blog.