The best cash management accounts (CMAs) provide a combination of spending, saving and investing features with few fees, high interest rates and broad ATM networks. Unlike checking accounts, CMAs don’t typically charge for overdrafts. And while most savings and checking accounts offer $250,000 in FDIC insurance, CMAs, on average, are insured for more than $750,000.
We compared 20 cash management accounts by various factors, including fees, interest rates, rewards, ATM networks, FDIC insurance and more to find the top accounts based on specific categories.
SoFi Money is the best cash management account for rewards because it offers up to 15% cashback on everyday purchases. Plus, SoFi Money is giving away $20,000 in cash prizes every month through the end of 2021. You’ll earn one entry every time you use your debit card, and you’ll earn three entries with every purchase if you set up direct deposit.
This account also offers a decent 0.25% APY, but you must deposit at least $500 in your account each month to earn that rate. Otherwise, you’ll only earn 0.01% APY.
Fee: $0 APY: 0.01% or 0.25% if you deposit at least $500 in your account each month
Rewards. This is one of the only CMAs that offers a rewards program. You can earn up to 15% cashback on everyday purchases.
Solid APY. You’ll earn 0.25% APY, but only if you deposit at least $500 in your account each month. Otherwise, you’ll earn a meager 0.01% APY.
High FDIC insurance. This account offers $1.5 million in FDIC insurance, which is much higher than the average CMA.
No ATM reimbursements. Many other CMAs on this list, such as Betterment Checking and TD Ameritrade Cash Service, offer out-of-network ATM reimbursements, but SoFi Money doesn’t.
No wire transfers. SoFi Money is the only CMA we reviewed that doesn’t accept incoming wire transfers, and you can only send outgoing wires of $250,000 or more.
Best for earning interest: Robinhood Cash Management
Robinhood Cash Management earns 0.3% APY with no monthly fees, transaction fees or balance requirements. Robinhood also offers free access to 75,000 ATMs and up to $1.25 million in FDIC insurance.
Although you’re required to sign up for Robinhood’s brokerage platform to use its cash management account, you don’t actually need to buy or sell any stocks to make the most of this CMA. Betterment Cash Reserve offers the same APY as Robinhood Cash Management, but Betterment provides less FDIC insurance and lacks a debit card, so you can’t access your money via ATMs.
Monthly fee: $0 APY: 0.3%
High APY. You’ll earn 0.3% APY, which is higher than most CMAs with no monthly fees.
No service fees. There’s no monthly or annual fee required to keep this account active.
High FDIC insurance. Robinhood offers up to $1.25 million in FDIC insurance, which is well above the average for CMAs.
Must sign up for a brokerage account. You must first open a Robinhood brokerage account to use this CMA, but you don’t need to buy or sell stocks.
No ATM reimbursements. Several other CMAs on this list, including Betterment Checking and Morgan Stanley Cash Plus, refund fees for out-of-network ATM withdrawals, but Robinhood doesn’t.
No traditional checkbook. Robinhood can send checks on your behalf, but you can’t personally write checks.
Brex is the best cash management account for businesses because it’s the only one designed specifically for entrepreneurs. Account holders must represent corporations organized and registered in the US, and they must open the account using an employer identification number (EIN).
Rather than offering traditional brokerage services, Brex gives you the option to either keep uninvested funds in an FDIC-insured account that earns no interest or in a money market account. Funds held in the money market account currently earn 0.03% APY, but they may lose value depending on market conditions.
This account offers no debit card, so you can’t access your account from an ATM. However, it does come with a Mastercard credit card that earns rewards.
Fee: $0 APY: None
No service fees. Brex doesn’t charge fees for check deposits, monthly maintenance, ACH transfers or wire transfers, but you may pay fees for investing in the money market.
No limits on transactions. Business checking accounts often limit the number of transactions you make in a week or month, but Brex doesn’t impose such restrictions.
Instant payouts. If your business sells products on Amazon, you can access your revenue right away rather than waiting up to two weeks.
No savings interest. Uninvested funds kept in this account don’t earn interest.
No debit card. This account doesn’t come with a debit card, so you can’t access funds from ATMs.
Minimum FDIC coverage. This account is only insured for up to $250,000, which is typical for checking accounts but lower than most other cash management accounts.
Unifimoney is best for high earners because it requires $6,000 in monthly deposits or a minimum balance of $35,000 to avoid fees. It also offers Bitcoin rewards based on your initial deposit.
This account earns a decent APY and gives you access to alternative assets including cryptocurrencies and precious metals. But the app is currently only available on Apple devices, and you must be at least 21 years old to open an account.
Fee: $10 per month APY: 0.2%
Decent APY. Uninvested funds in this account earn 0.2% APY, which isn’t the highest but it’s more than most other CMAs earn.
Integrated bill pay. Pay more than 20,000 merchants using Unifimoney’s bill-pay feature.
Bitcoin rewards. Earn between $25 and $1,000 in Bitcoin for making initial deposits ranging from $1,000 to $100,000.
Stringent requirements to avoid fees. To avoid the $10 monthly service fee, you must either deposit $6,000 a month or maintain a minimum account balance of $35,000. Unifimoney waives the fee for the first three months.
Age requirement. This is the only CMA we reviewed that requires account holders to be at least 21 years old instead of 18.
No phone support. Email Unifimoney for support, but you can’t speak with a specialist over the phone.
Betterment Checking is the best cash management account for overseas travel because it reimburses all international ATM fees. Also, Betterment Checking doesn’t charge fees for international transactions and although Visa charges a 1% transaction fee, Betterment reimburses you for it. But it won’t reimburse you for a currency conversion fee Visa charges. Also, daily withdrawal caps of $500 from ATMs may feel restrictive and the account doesn’t earn APY — only the Betterment Cash Reserve account does.
Fee: $0
APY: None
Unlimited ATM fee reimbursements. All domestic and international ATM fees are automatically reimbursed.
No foreign transaction fees. You won’t pay a fee for using your card overseas, but you will for currency conversions.
Smartphone insurance. This account provides coverage for smartphone theft or damages at no additional cost, but you must pay your monthly phone bill with your Betterment debit card.
No APY. Unlike other CMAs, this account doesn’t earn any interest. If you want to earn interest, you’ll need to open Betterment’s Cash Reserve account.
Can’t send wires. Betterment Checking doesn’t support wire transfers, but you can send bank-to-bank ACH transfers.
Low FDIC insurance. This account only offers FDIC protection up to $250,000, which is typically for checking accounts but the minimum for CMAs.
Best for customer service: TD Ameritrade Cash Management Services
TD Ameritrade Cash Management Services is the best CMA for customer support because it’s the only one that lets you speak to live specialists 24/7. Alternatively, contact TD’s support representatives via the brokerage’s mobile app, thinkorswim, but you may not receive a response immediately. This account also includes unlimited ATM fee reimbursements across the US, but it earns a negligible interest rate.
Fee: $0 APY: 0.01%
24/7 phone support. This is the only CMA that offers live, around-the-clock phone support.
Nationwide ATM rebates. TD Ameritrade will reimburse all of your ATM fees in the US.
Integrated bill pay. Free online bill pay helps you put your finances on autopilot.
Must have a brokerage account. You can only use this CMA if you also have a brokerage account with TD Ameritrade.
Negligible APY. This account earns 0.01% APY, which is practically nothing.
FDIC coverage. TD Ameritrade Cash Service accounts are FDIC insured for up to $500,000, which is below average compared to other CMAs such as SoFi Money and Personal Capital Cash, which each offer $1.5 million in FDIC protection.
Wealthfront is the cash management account with the best mobile experience because its app lets you import real-time activity from a variety of your financial accounts, making it easy to track day-to-day expenses and monitor your overall net worth. Only one other CMA we reviewed, Personal Capital Cash, offers a similar all-in-one financial dashboard, but Wealthfront’s app has a cleaner look and better customer reviews. On the Apple App Store, Wealthfront’s app earns 4.9 out of 5 stars based on more than 13,000 reviews, and on Google Play it earns 4.5 out of 5 stars based on 4,126 reviews.
Fee: $0
APY: 0.1%
Robust app. Wealthfront’s app lets you link your checking, savings, and investment accounts as well as credit cards and loans so you can monitor all of your finances in one place.
Get paid early. If you get paid by direct deposit, you could receive your paycheck up to two days early.
FDIC Insurance. This account is FDIC insured for up to $1 million, which is more insurance than many other CMAs offer.
Mediocre APY. This account earns 0.1% APY, which is more than what some other CMAs offer but is still far from competitive.
Small ATM network. Of the CMAs that offer ATM access, Wealthfront has one of the smallest networks with only 19,000 ATMs compared to other CMAs that have 55,000.
Can’t write checks. No written paper checks are allowed from this account, but you can send digital checks through Wealthfront’s app and website.
Morgan Stanley CashPlus offers unlimited fee reimbursements for any ATM withdrawal anywhere in the world. One other CMA, Betterment Checking, also offers global ATM fee reimbursements, but Betterment imposes a $500 daily withdrawal limit while Morgan Stanley lets you withdraw up to $1,500 per day.
But Morgan Stanley CashPlus only earns 0.02% APY and it charges a monthly fee unless you meet specific criteria. Plus, you need to have an investment relationship with Morgan Stanley to open a CashPlus account.
Fee: $15 to $45 a month APY: 0.02%
Unlimited ATM fee reimbursements. Fees for ATM withdrawals anywhere in the world are reimbursed. But you’ll pay a currency conversion fee if you withdraw funds from a machine that doesn’t dispense US dollars.
No foreign transaction fee. You won’t pay a fee for using your debit card overseas.
Added protection. This account includes purchase protection and identity protection at no additional cost.
Monthly fees. You’ll pay $15 or $45 a month depending on whether you have a Premier Cash Plus account or a Platinum Cash Plus account. You can waive the fee by meeting specific deposit or balance requirements. This is one of the few CMAs that charge a monthly fee and it’s also one of the most expensive.
Investing is required. You can’t open this account unless you have an investing relationship with Morgan Stanley.
Negligible APY. Morgan Stanley CashPlus only earns 0.02% APY. Find higher rates with other CMAs like Betterment Cash Reserve or Robinhood Cash management.
Best for large balances: Ameriprise ONE Financial Account
Ameriprise ONE Financial Account is best for large balances because it offers up to $2.5 million in FDIC insurance, which is more than any other cash management account we reviewed. However, this account also requires a quarterly maintenance fee of $25 and a $500 initial deposit, which is more than any other CMA we reviewed. Also, this account doesn’t earn interest, so it doesn’t make sense to use it unless you also use Ameriprise’s brokerage services.
Fee: $25 per quarter
APY: N/A
High FDIC insurance. This account offers up to $2.5 million in FDIC insurance, which is a higher amount of coverage than any other cash management account.
Integrated bill pay. Ameriprise One’s built-in bill pay functionality lets you schedule individual payments, pay multiple payees at once and set up recurring payments.
Check-writing privileges. This account lets you write unlimited checks, but only your first batch of blank checks is free.
Service fee. This account requires a $25 quarterly fee that is avoidable by depositing $9,000 in your account each quarter or maintaining a $100,000 balance across Ameriprise accounts.
Doesn’t earn interest. Unlike most cash management accounts, this one earns zero interest.
Can’t open this account online. The only way to open this account is by working with an Ameriprise advisor in person or over the phone.
Compare more cash management accounts
Compare other cash management accounts based on their fees, ATM networks and other features.
5 factors to consider when choosing the best cash management account for you
If you’re shopping around for a cash management account that fits your lifestyle, keep these five factors in mind.
Service fees. Of the 20 CMAs we reviewed, only seven of them charge monthly, quarterly or annual fees. These fees can be avoided or waived in many cases, though some CMAs charge mandatory fees.
Interest. Sixteen of the 20 CMAs we reviewed let you earn an APY on uninvested funds, but in nearly half of those cases, the APY was 0.05% or less. Some CMAs like Aspiration and M1 Finance offer interest rates up to 1.0%, but you’ll have to pay to upgrade to their paid plan.
ATM networks and refunds. Nearly all cash management accounts come with debit cards you can use to withdraw cash from ATMs. Some CMAs have dedicated ATM networks you can use for free, while others lack networks but will reimburse you for most ATM fees.
FDIC insurance. All cash management accounts are protected by the FDIC, but the amount of coverage varies from $250,000 to $2.5 million. Depending on how much money you plan on keeping in your account, you shouldn’t let your balance exceed your account’s coverage.
Brokerage services. Almost all of the CMAs are linked to brokerages or broker-dealers. In some cases, using a brokerage account is optional, while in others it’s mandatory. Choose a CMA that meets your needs depending on your level of interest in investing.
3 alternatives to a cash management account
A cash management account is best if you often move your money between savings accounts, checking accounts and investment platforms. But if you’re not interested in investing, here are three alternatives to cash management accounts.
High-yield savings account. If you’re simply looking for a place where your funds will grow the fastest without any risk of loss, a high-yield savings account is your best bet.
Digital bank account. Neobanks — also known as digital bank accounts — include many of the same features as brick-and-mortar banks, but they’re often able to offer rewards and better interest rates because their online presence cuts down on overhead costs.
High-yield checking account. If you don’t have any interest in investing and you don’t want to deal with the transaction limitations common with many savings accounts, a high-yield checking account can help you earn a healthy APY without restricting access to your money.
Bottom line
No two cash management accounts offer the same set of features, but depending on your needs and lifestyle, one of these accounts might be right for you. Apply for an account that appeals to you most, or explore more cash management options.
Michael Benninger is a staff banking writer at Finder. He is a former credit analyst and longtime freelancer whose articles have been published by Intuit, Business Insider and the Los Angeles Times. Michael is passionate about all facets of personal finance and has written hundreds of articles about money management during the past decade.
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