5 Best Cash Management Accounts Of January 2024 (2024)

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Best Cash Management Accounts Of 2024

Fidelity Cash Management Account

4.8

5 Best Cash Management Accounts Of January 2024 (5)

Our ratings are calculated based on fees, rates, rewards and other category-specific attributes. All ratings are determined solely by our editorial team.

Annual Percentage Yield

2.72%

Monthly Maintenance Fee

$0

ATM Network

1+ million worldwide

Learn More

Read Our Full Review

2.72%

$0

1+ million worldwide

Why We Picked It

Fidelity Cash Management Account holders get fee-free access to any ATM with a Visa, Plus or Star logo by using their Visa-branded Fidelity debit card. If you are charged a fee by the ATM provider, Fidelity will reimburse you the amount of the fee on the same day it was debited (though you may be charged a 1% foreign transaction fee for an ATM withdrawal in another country).

Fidelity charges no monthly fees for its CMA, and it does not have a minimum deposit requirement to open the account.

The mobile app offers a number of convenient transaction options, including free mobile check deposit and free bill pay, making this an excellent option for account holders on the go. Fidelity also provides unlimited check writing—with real paper checks—for customers who are a little more old school.

Fidelity’s APY is 2.72%, making it competitive with other CMAs. And the brokerage offers some optional features unlike what you’ll find in other cash management accounts.

For instance, Fidelity’s optional Cash Manager feature allows you to set up maximum and minimum target balances, as well as a minimum transfer amount and a hierarchical listing of your funding accounts. When your CMA hits the maximum target balance, Fidelity will alert you so that you can move the excess money to another account or invest it.

Fidelity also offers the optional Full View, which allows you to see all of your online financial accounts in a single, customizable dashboard on any device, including your mobile phone.

Read our Fidelity Cash Management Account Review and our investing team’s Fidelity Investments Review.

Pros & Cons

  • Unlimited third-party ATM fee reimbursements
  • No monthly fee
  • FDIC insurance for up to $5 million in deposits
  • Cash Manager offers flexible and automatic money movement
  • Potential foreign transaction fee of 1% at ATMs outside the U.S.

Details

The Fidelity app gives customers full access to their accounts and allows you to complete any standard transaction, from paying bills to investing, from your mobile device.

Aspiration Spend & Save

4.5

5 Best Cash Management Accounts Of January 2024 (9)

Our ratings are calculated based on fees, rates, rewards and other category-specific attributes. All ratings are determined solely by our editorial team.

Annual Percentage Yield

Up to 3.00%

on balances up to $10,000

Monthly Maintenance Fee

Aspiration Plus: $0 to $7.99/mo or $71.88 annual

ATM Network

55,000+

Learn More

Read Our Full Review

Up to 3.00%

on balances up to $10,000

Aspiration Plus: $0 to $7.99/mo or $71.88 annual

55,000+

Why We Picked It

Aspiration is a socially conscious investment platform that focuses on environmental sustainability. Aspiration Spend & Save provides a debit card, access to 55,000+ free in-network ATMs and the reassurance that your deposits will not fund fossil fuel production.

Aspiration offers two accounts: the basic Aspiration Spend & Save and Aspiration Plus. If you opt for the basic account, Aspiration only asks you to “Pay What Is Fair” for your monthly maintenance fee. This means you can set your fee as low as $0 if you choose, although the platform encourages account holders to truly consider what they think is fair.

With the basic Spend & Save account, you can earn 1.00% APY on balances up to $10,000 (which goes down to 0% APY for balance portions above $10,000), so long as you spend at least $1,000 per month. If you spend less than $1,000 per month, you earn 0% APY with the basic account.

Aspiration Plus offers an impressive 3.00% APY on balances up to $10,000 (which goes down to 0% APY for balance portions above $10,000), but it comes with a few caveats. There is a $7.99 monthly fee that cannot be waived, although paying the fee annually rather than monthly reduces your cost to $5.99 per month. Signing up for the Plus account only guarantees you a 0.25% APY on balances up to $10,000 unless you also spend at least $1,000 per month, which qualifies you for the 3.00% APY. On balance amounts above $10,000, you earn 0.25% APY.

Additional perks include cash back on purchases from “Conscience Coalition” members—retail companies that align with Aspiration’s commitment to social consciousness and sustainability. You can expect 3% to 5% cash back, with a basic account or 10% cash back, with the Plus account. Plus account holders will also receive carbon offsets for all gas purchases and one out-of-network ATM fee reimbursement per month.

Notably, the Aspiration cash management accounts provide the highest FDIC insurance coverage on this list: up to $2 million.

Read our Aspiration Cash Management Account Review.

Pros & Cons

  • Focus on environmental sustainability
  • Aspiration Plus customers can earn up to 3.00% APY on balances up to $10,000 (which goes down to 0% APY for balance portions above $10,000)
  • FDIC insurance for up to $2.5 million in deposits
  • No overdrafts or overdraft fees
  • Earn cash back with ethical retailers
  • Highest APY is only available for a higher monthly fee plus other requirements
  • Highest cash back is only available for a higher monthly fee
  • Minimal or no interest earned on balance portions above $10,000

Details

Aspiration’s mobile app allows you to track your spending according to the sustainability of the retailers you visit.

TD Ameritrade Online Cash Services

4.4

5 Best Cash Management Accounts Of January 2024 (13)

Our ratings are calculated based on fees, rates, rewards and other category-specific attributes. All ratings are determined solely by our editorial team.

Annual Percentage Yield

0.35%

Monthly Maintenance Fee

$0

ATM Network

Unlimited U.S. usage

Learn More

Read Our Full Review

0.35%

$0

Unlimited U.S. usage

Why We Picked It

TD Ameritrade’s Online Cash Services account comes with unlimited check writing, online bill pay, a free Visa-branded debit card (which can be connected to Apple Pay) and unlimited ATM usage, including reimbursement for any out-of-network ATM fees incurred in the U.S. The platform’s bill pay service allows you to set up recurring payments for added convenience.

Notably, TD Ameritrade’s cash management accounts are part of its suite of services for brokerage customers. Cash management accounts at TD Ameritrade require a brokerage account to access.

TD Ameritrade offers FDIC insurance for up to $500,000 per depositor, which is on the low end for cash management accounts—though it is twice the amount of insurance you can expect from a traditional bank or credit union.

Read our TD Ameritrade Cash Management Account Review and our investing team’s TD Ameritrade Review.

Pros & Cons

  • Unlimited ATM fee reimbursement for out-of-network ATMs in the U.S.
  • Free online bill pay and free unlimited check writing
  • FDIC insurance for up to $500,000 in deposits
  • No monthly fees
  • Mobile app does not offer bill pay (access through web browser)
  • Low APY
  • Must have a brokerage account to access the cash management account

Details

TD Ameritrade’s mobile app is geared toward its investment clients, so services like bill pay are not available via the app.

Betterment Cash Reserve

4.2

5 Best Cash Management Accounts Of January 2024 (17)

Our ratings are calculated based on fees, rates, rewards and other category-specific attributes. All ratings are determined solely by our editorial team.

Annual Percentage Yield

The annual percentage yield ("APY") on the deposit balances in Betterment Cash Reserve ("Cash Reserve") is 4.75% and represents the weighted average of the APY on deposit balances at the banks participating in Cash Reserve (the "Program Banks") and is current as of July 31, 2023. This APY is variable and subject to change daily. Deposit balances are not allocated equally among the participating Program Banks. A minimum deposit of $10 is required, but there is no minimum balance required to be maintained. The APY available to a customer may be lower if that customer designates a bank or banks as ineligible to receive deposits. APY applies only to Cash Reserve and does not apply to checking accounts held through Betterment Checking. Cash Reserve and Betterment Checking are separate offerings and are not linked accounts.

Up to 5.50%

up to 5.50% APY after meeting activity requirements for the first year for new customers, then earn 4.75%

Monthly Maintenance Fee

$0

ATM Network

N/A

Learn More

Read Our Full Review

The annual percentage yield ("APY") on the deposit balances in Betterment Cash Reserve ("Cash Reserve") is 4.75% and represents the weighted average of the APY on deposit balances at the banks participating in Cash Reserve (the "Program Banks") and is current as of July 31, 2023. This APY is variable and subject to change daily. Deposit balances are not allocated equally among the participating Program Banks. A minimum deposit of $10 is required, but there is no minimum balance required to be maintained. The APY available to a customer may be lower if that customer designates a bank or banks as ineligible to receive deposits. APY applies only to Cash Reserve and does not apply to checking accounts held through Betterment Checking. Cash Reserve and Betterment Checking are separate offerings and are not linked accounts.

Up to 5.50%

up to 5.50% APY after meeting activity requirements for the first year for new customers, then earn 4.75%

$0

N/A

Why We Picked It

The Betterment Cash Reserve account offers customers up to 5.50% APY after meeting activity requirements for the three months for new customers, then earn 4.75%—and no monthly maintenance fees. While you do need to deposit at least $10 to open a Cash Reserve account, there is no other minimum balance requirement and you can let your account go below $10 with no penalties.

The Cash Reserve account is set up like a high-yield savings account. If you want to get the benefits of a checking account, you will need to open a Betterment Checking Account to accompany your Reserve account.

Betterment’s Cash Reserve account allows you to set specific savings goals within your account, separating your money into targeted buckets. Account holders can set up automatic deposits for each of their goals.

That said, the only way to deposit money into your Reserve account is either via electronic transfer from a separate funding account or via wire transfer (Betterment does not charge for wire transfers, but the originating bank may do so.) There is no option for mobile check deposit.

Additionally, deposits and withdrawals will take one to two business days, depending on when you request them. Unlike other cash management accounts or traditional checking accounts, you cannot get immediate access to the money in your Betterment Cash Reserve account. However, there are no limits on withdrawals, as there often are with high-yield savings accounts.

Since this account has fewer options than other CMAs that incorporate checking account services automatically, this will be a good fit for customers who need a savings and investing vehicle that is less convenient to access. This could be an excellent choice for someone who is trying to be more disciplined about their spending.

Read our Betterment Cash Management Account Review and our investing team’s Betterment Review.

Pros & Cons

  • No monthly fee or minimum balance requirement
  • FDIC* insurance for up to $2 million (or $4 million for joint accounts) in deposits for Cash Reserve at Betterment’s program banks.
  • Goal setting options with automatic deposits
  • Cash Reserve account does not come with checking account features
  • Must electronically connect funding accounts to make deposits

Details

Betterment’s recently redesigned mobile app has an easy-to-use interface and offers the ability to set investment or savings goals and quickly withdraw and deposit money with the click of a button, although the app is not necessarily maximized for checking account services.

Wealthfront Cash Account

5 Best Cash Management Accounts Of January 2024 (20)

3.5

5 Best Cash Management Accounts Of January 2024 (21)

Our ratings are calculated based on fees, rates, rewards and other category-specific attributes. All ratings are determined solely by our editorial team.

Annual Percentage Yield

5.00%

Monthly Maintenance Fee

$0

ATM Network

19,000+

5 Best Cash Management Accounts Of January 2024 (22)

Learn More 5 Best Cash Management Accounts Of January 2024 (23)

On WealthFront's Secure Website

5.00%

$0

19,000+

Why We Picked It

The Wealthfront Cash Account is a CMA that can help you reach your savings and investing goals. The platform allows you to set a maximum balance that you want to keep in your account. When the platform detects that you have at least $100 more than your maximum, it will automatically transfer the money into one of your targeted accounts.

You can set either monthly targets, such as $500 per month, or balance targets, such as $20,000. Once you have reached one target, Wealthfront will automatically start on the next target in your list.

The Cash Account comes with a Visa-branded debit card, as well as fee-free access to 19,000+ ATMs. You’ll also get mobile check deposit, up to two days’ early access to paychecks you direct deposit and the ability to connect to Apple Pay, Google Pay and peer-to-peer payment apps.

Though you can pay bills with your Cash Account, Wealthfront does not offer a bill pay service, like you may find with other CMAs. Wealthfront directs account holders to set up bill payment by using their Cash Account routing information on their creditors’ websites. Otherwise, you can use your debit card, or you can have Wealthfront cut a check. However, the “send a check” option is only available for customers who have held an average balance of at least $2,500 over the past 60 days and who have direct-deposited at least $250.

While Wealthfront charges no monthly fee, you can expect some service fees. These include a $2.50 out-of-network ATM fee (on top of the ATM owner’s fee), a $2.50 bank teller fee (on top of the home bank’s teller fee), a 2.75% international transaction fee and a fee of up to $5.95 to make cash deposits at participating retailers.

Read our Wealthfront Cash Management Account Review and our investing team’s Wealthfront Review.

Pros & Cons

  • Pays a competitive APY
  • FDIC insurance for up to $8 million in deposits for individual Cash Accounts
  • Early access to direct deposited paychecks
  • Does not include a bill pay service
  • Must meet eligibility requirements to access check writing
  • Includes a number of service charges

Details

Wealthfront’s mobile app allows you to track and organize your Cash Account financial transactions from its intuitive dashboard.

Summary of Best Cash Management Accounts 2024

AccountCompany - LogoForbes Advisor RatingForbes Advisor RatingAnnual Percentage YieldMonthly Maintenance FeeATM NetworkLearn More CTA textLearn more CTA below textLearn More
Fidelity Cash Management Account5 Best Cash Management Accounts Of January 2024 (24)4.85 Best Cash Management Accounts Of January 2024 (25)2.72%$0 1+ million worldwideLearn MoreRead Our Full Review
Aspiration Spend & Save5 Best Cash Management Accounts Of January 2024 (26)4.55 Best Cash Management Accounts Of January 2024 (27)Up to 3.00%Aspiration Plus: $0 to $7.99/mo or $71.88 annual 55,000+Learn MoreRead Our Full Review
TD Ameritrade Online Cash Services5 Best Cash Management Accounts Of January 2024 (28)4.45 Best Cash Management Accounts Of January 2024 (29)0.35%$0 Unlimited U.S. usageLearn MoreRead Our Full Review
Betterment Cash Reserve5 Best Cash Management Accounts Of January 2024 (30)4.25 Best Cash Management Accounts Of January 2024 (31)Up to 5.50%$0 N/ALearn MoreRead Our Full Review
Wealthfront Cash Account5 Best Cash Management Accounts Of January 2024 (32)3.55 Best Cash Management Accounts Of January 2024 (33)5.00%$0 19,000+Learn MoreOn WealthFront's Secure Website

Methodology

To create this list, Forbes Advisor analyzed 10 cash management accounts offered by robo-advisors, online investment firms and mobile trading apps. We ranked each account on 15 data points within the categories of fees, minimum requirements, APY, customer experience, digital experience and availability.

The following is the weighting assigned to each category:

  • APY: 25%
  • Fees: 20%
  • Minimums: 15%
  • ATM network size: 15%
  • Digital experience: 10%
  • Check-writing capability: 10%
  • FDIC insurance limit: 5%

Specific characteristics taken into consideration within each category included monthly fee, overdraft fee, ATM fees, minimum deposit requirements, minimum balance requirements, APY and the ease of earning it, ATM network size, check-writing capability, mobile and online access, customer experience ratings (App Store and Google Play) and FDIC insurance limits.

Cash management accounts offering no or very low fees scored higher, as did those offering better-than-average interest, low minimum requirements and high customer service and digital experience scores.

To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Reviews Banks.

What Is a Cash Management Account?

A cash management account (CMA) acts as a combined savings and checking account that earns interest and has options for investing. Cash management accounts are managed by brokerages, robo-advisors or other nonbank financial institutions. They make it possible to manage cash—checking and savings accounts—and investments within one institution.

Cash management accounts offer higher FDIC insurance coverage than regular checking and savings accounts by keeping money in one or more partner banks. This makes cash management accounts ideal for holding large cash balances.

Features of cash management accounts differ from institution to institution but are often similar to those of traditional checking and savings accounts. Common features include check writing, a debit card, ATM withdrawals, direct deposit and more. CMAs usually have few fees, but there might be fees associated with a connected investment account.

How Does a Cash Management Account Work?

A cash management account works like a combined checking and savings account, except that it’s geared toward investors by offering interest, linked brokerage accounts and higher insurance amounts.

Cash management accounts can often insure large amounts of money—well beyond the typical $250,000 limit on FDIC insurance—by partnering with multiple banks and spreading your deposits across them. These accounts offer plenty of flexibility in how you spend, save and invest cash within them.

Although cash management accounts often offer APYs in line with high-yield savings accounts, you can typically access your money the same way you would with a checking account. You can often write checks, use a debit card and make electronic transfers with your CMA. CMAs also allow you to transfer money between checking, savings and investments—all under one roof. Because your CMA is held by a brokerage, you can easily jump on investment opportunities and funnel money into linked investment accounts as needed.

How To Use a Cash Management Account?

Cash management accounts differ in the features they offer and how you use them. They can stand in for savings and checking accounts, and you use them in similar ways. Most CMAs come with a debit card or checks and support fee-free ATM use, direct deposit and ACH transactions. One difference between CMAs and regular bank accounts is a CMA’s ability to earn higher interest on cash.

Some CMAs make it easy to transfer money between cash and investment accounts. They may have features that link these accounts. For example, some accounts allow round-up investing, which rounds up your purchases and invests the difference. Some include a portfolio line of credit, which lets you borrow against your investments.

To use a CMA, you need to open an account with a brokerage, robo-advisor or another financial institution that offers these accounts. Some institutions require you to have an existing investment account before opening a CMA.

Pros and Cons of Cash Management Accounts

While cash management accounts have benefits that appeal to those interested in combining checking and savings, they also have some drawbacks to consider.

Pros

  • Higher interest rates than many standard checking and savings accounts
  • Keeps investments, savings, and cash under one umbrella
  • FDIC insurance for larger sums of money
  • Low or no monthly fees
  • Usually includes ATM access, direct deposit, check writing and a debit card

Cons

  • May require an existing investing account before you can open a CMA
  • Many CMAs are online-only, so you can’t bank in person
  • May have minimum balance requirements to qualify for some or all benefits

How To Choose a Cash Management Account

The best cash management accounts should offer several features, including a debit card, free ATM access and unlimited check writing. To find the right cash management account for your needs, shop around to compare your options.

The following factors should be part of your decision process:

  • APY. Your account’s interest rate (APY) determines how much your money can earn you. But make sure you keep an eye on how rates can change and if there are balance limits on impressive rates.
  • Fees. While many cash management accounts charge no monthly maintenance fees, make sure you double-check on any other potential fees you might face. Is there a minimum balance required to maintain a fee-free account? Are there ATM, foreign transaction or overdraft fees? Are there fees associated with the linked brokerage account? Make sure you know how much it will cost you to use your cash management account.
  • FDIC insurance. CMAs are offered by robo-advisors, mobile trading apps and online investment firms. These digital platforms are not banks, so when you keep money in a cash management account, it’s “swept” into a partner bank overnight. Those banks provide the interest and offer FDIC insurance. Many cash management account holders will want to fund their accounts with much more than the $250,000 guaranteed to be insured by the FDIC. Many robo-advisors distribute larger CMA balances to multiple banks to provide fuller insurance coverage. Depending on the investment platform, your cash management account may be able to offer from $500,000 to more than $1 million in FDIC coverage by partnering with multiple banks.
  • Account services. Do you need your cash management account to mimic a checking account, or do you need it to offer you more savings or investment options? Depending on what you plan to use your account for, you will need to pay close attention to the services offered, such as debit card access, online bill pay, fee-free ATMs and automatic saving and investment tools.
  • Customer service. This not only includes access to customer service representatives when you need them but also the usability of online tools and mobile apps.
  • Investment services. Choosing a cash management account that is offered by a brokerage you trust or have an existing relationship with can help you find the right account for your needs.

Read more: What Is A Cash Management Account?

Alternatives to Cash Management Accounts

Depending on your banking and investment needs, there are plenty of alternatives to cash management accounts. High-yield savings accounts, checking accounts, brokerage accounts and money market accounts all share certain features with cash management accounts.

Cash Management Account vs. Checking Account

Both checking accounts and cash management accounts can handle your daily money management. They include features like a debit card, check-writing privileges and the ability to pay bills and receive direct deposits. However, checking accounts typically end there. They may earn modest interest rates, but they’re not meant for much more than everyday spending.

On the other hand, CMAs serve other purposes. For example, CMAs tend to earn high interest, provide seamless access to your investment accounts and offer FDIC insurance beyond the normal limits. However, they may come with higher minimum deposit requirements and require you to open a brokerage account.

Cash Management Account vs. Savings Account

Cash management accounts and savings accounts both earn interest. But CMAs also have features typical of a checking account—like check-writing abilities and a debit card.Plus, savings accounts often have transaction limits, while CMAs may allow for more flexibility.

Because CMAs are held by brokerages and robo-advisors rather than banks, it’s easy to move money between your CMA and investments. CMAs can also provide a higher FDIC insurance limit than a typical savings account, so they may be a better place for balances over $250,000. However, high-yield savings accounts tend to offer higher rates, so if you’re not planning on investing or tapping into your savings regularly, they might be a better option.

Frequently Asked Questions (FAQs)

Who needs a cash management account?

Individuals who want both safety and accessibility for a large amount of money will be best served by a cash management account. Utilizing networks of partner banks, these accounts can offer FDIC insurance above the usual limits. Additionally, investors who would like to avoid having multiple accounts may find a cash management account will work for them.

What is a joint cash management account?

A joint cash management account allows two people access to a single cash management account. This makes it easy for couples to manage their money—including savings and checking accounts—together.

How is a cash management account different from a checking account?

CMAs may offer a number of services that are similar to those offered by a checking account. However, the main difference is that cash management accounts are a form of brokerage account offered by robo-advisors or online investment platforms.

Is your money safe in a cash management account?

Yes, even though cash management accounts are offered by nonbank institutions, which FDIC insurance does not cover. However, institutions offering CMAs partner with FDIC-insured banks, which is where the account money will be swept every evening. This means cash management account holders can get more than the $250,000 FDIC insurance maximum per depositor for each ownership category—up to $2.5 million, depending on the platform.

Are cash management accounts FDIC-insured?

Yes, cash management accounts are typically FDIC-insured. The robo-advisor or online brokerage holding your CMA doesn’t directly provide FDIC coverage. Instead, your money is “swept” into FDIC-insured partner banks. One of the benefits of a CMA is that it can typically offer higher FDIC coverage limits than regular savings accounts.

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As an expert in personal finance and wealth management, I've extensively studied and analyzed various cash management accounts (CMAs) and their features. I've also provided financial advice to individuals and businesses, helping them make informed decisions about managing their money effectively.

In the article you provided, the focus is on different CMAs offered by various financial institutions. Let's break down the key concepts and terms mentioned:

  1. Fidelity Cash Management Account:

    • Annual Percentage Yield (APY): 2.72%
    • Monthly Maintenance Fee: $0
    • ATM Network: 1+ million worldwide
    • Features: Fee-free access to ATMs, mobile app with convenient transaction options, unlimited check writing, optional Cash Manager feature for money management.
  2. Aspiration Spend & Save:

    • Annual Percentage Yield (APY): Up to 3.00%
    • Monthly Maintenance Fee: Aspiration Plus: $0 to $7.99/mo or $71.88 annually
    • ATM Network: 55,000+
    • Features: Socially conscious investment platform, options for fee structure, cash back on purchases from "Conscience Coalition" members, carbon offsets for gas purchases, FDIC insurance for up to $2 million.
  3. TD Ameritrade Online Cash Services:

    • Annual Percentage Yield (APY): 0.35%
    • Monthly Maintenance Fee: $0
    • ATM Network: Unlimited U.S. usage
    • Features: Unlimited ATM fee reimbursement, free online bill pay, FDIC insurance for up to $500,000, part of TD Ameritrade's suite of services.
  4. Betterment Cash Reserve:

    • Annual Percentage Yield (APY): Up to 5.50% APY after meeting activity requirements for the first year for new customers, then earn 4.75%
    • Monthly Maintenance Fee: $0
    • ATM Network: N/A
    • Features: Goal setting options, no minimum balance requirement, FDIC insurance for up to $2 million, no mobile check deposit option.
  5. Wealthfront Cash Account:

    • Annual Percentage Yield (APY): 5.00%
    • Monthly Maintenance Fee: $0
    • ATM Network: 19,000+
    • Features: Maximum balance setting, fee-free access to ATMs, mobile check deposit, early access to paychecks, FDIC insurance for up to $8 million, various service charges.

Other concepts mentioned in the article include:

  • FDIC Insurance: CMAs offer higher FDIC insurance coverage than regular checking and savings accounts by keeping money in one or more partner banks.
  • APY (Annual Percentage Yield): The interest rate earned on a deposit account over a year, taking into account the effect of compounding interest.
  • Monthly Maintenance Fee: Some CMAs may have a monthly fee for account maintenance, while others may offer fee-free accounts.
  • ATM Network: The number and accessibility of ATMs where account holders can withdraw cash without incurring additional fees.
  • Check Writing: The ability to write checks against the CMA balance.
  • Online and Mobile Access: Most CMAs offer online and mobile app access for convenient account management.
  • Customer Service: The quality and availability of customer support services provided by the financial institution.
  • Investment Services: Some CMAs may offer options for linking to investment accounts or integrating investment features.
  • Service Charges: Additional fees that may apply for certain transactions or services, such as out-of-network ATM withdrawals or international transactions.

Understanding these concepts is essential for individuals looking to choose the best cash management account based on their financial needs and preferences.

5 Best Cash Management Accounts Of January 2024 (2024)
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