Cash management accounts are designed for storing cash that either isn’t invested yet or won’t be invested. Most offer high FDIC insurance and no monthly fees, but you might be required to open a brokerage account to get one.
We compared dozens of the best cash management accounts to narrow down our best choices. We favored cash management accounts with spending features, such as offering a debit card and/or checkwriting privileges, unlimited transactions and simple APY tier structures. To be considered in our best list, a cash management account must be widely available and meet this criteria at a minimum:
A cash management account (CMA) is a handy account that can let you save, spend or invest your money. But CMAs aren’t bank accounts. Most CMAs are offered by brokerages and are linked to brokerage accounts that provide investment options and wealth management services.
CMAs linked to traditional brokerages often support checkwriting capabilities, while the CMAs attached to robo-advisors tend to have great interest rates. Most cash accounts also come with debit cards you can use to access funds at ATMs or make purchases.
And the cherry on top — many CMAs offer great annual percentage yields (APYs) so your uninvested cash continues to grow passively.
Consider the following features when comparing CMAs:
Narrow down top CMA options by APYs, features and fees. For a better comparison, tick the Compare box on multiple options to see the benefits side by side.
The Finder Score crunches over 300 checking accounts from hundreds of financial institutions. It takes into account the product's monthly fees, overdraft fees, opening deposit, customer support options, ATM network and features — this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of checking accounts against what we consider is the best option: no monthly fees, no overdraft fees, a large ATM network of 50,000 or more, additional features outside of typical banking services, and the optional perk of earning interest. Accounts that are nearly free to maintain and use are scored the highest, while accounts with costly fees and few features are scored the lowest.
Not all brokerages require you to have an investment account before opening their cash management account, but several do. For example, the Fidelity Cash Management Account, Webull Cash Management Account and Betterment Cash Reserve all require you to be a client of their brokerage accounts before applying for their CMA.
Yes, and you’ll find most very high FDIC insurance coverage amounts.
Any uninvested funds kept in a cash management account are safe if they’re backed by the FDIC. Certain brokerages can offer a greater level of FDIC insurance because they partner with multiple banks. If you plan on keeping more than $250,000 in your CMA, make sure it’s protected beyond the federal minimum.
If your main draw to CMAs was the ability to spend with a debit card while earning interest on your uninvested cash, but you’d rather not open a brokerage account, consider interest-bearing checking accounts.
If you don’t care about spending features, a high-yield savings account might be an easier route to earn APY on your cash.
Earn 3.8% APY, no fees and enjoy seamless investing access with Public’s High-Yield Cash Account.
A cash management account with checkwriting and a deferred debit card — but you’ll likely pay $125 a year.
Ameriprise One is a cash management account with standout features, but you must deposit $500.
Find out about the fee-free and FDIC insurance maximizing Fidelity Cash Management account.
The Empower cash management account has a nice APY but no real way to spend your account’s funds directly.
This unique account gives employees access with spending controls and lets you invest for a high yield.
The Samsung Money Account by SoFi is a digital account that lets you earn interest and rewards, but only Samsung users can get it.
The Betterment Checking account has minimal fees, unlimited ATM reimbursements and cashback reward offers in the app.
GreenFi’s hybrid eco-friendly account has a lot of features, but the best perks require a monthly fee.
