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9 best cash management accounts

CMAs let you access and manage uninvested cash, but no two accounts offer the same features.

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.

Best cash management accounts by category

A closer look at the best cash management accounts

Here are our picks for the nine best cash management accounts based on their unique features.

Best for rewards: SoFi Money

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

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%

Best for businesses: Brex Cash account

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

Best for high earners: Unifimoney

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%

Best for using overseas: Betterment Checking

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

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%

Best mobile experience: Wealthfront Cash Account

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%

Best for ATM access: Morgan Stanley CashPlus

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%

ameriprise logo

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

Compare more cash management accounts

Compare other cash management accounts based on their fees, ATM networks and other features.

Name Product APY Minimum deposit to open ATMs Out-of-network ATM fee
Aspiration Spend & Save Account
Finder Rating: 4.2 / 5: ★★★★★
Aspiration Spend & Save Account
5.00% on balances of $0 to $10,000
$10
55,000 free in-network ATMs
$0
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.
SoFi Money
Finder Rating: 4.6 / 5: ★★★★★
SoFi Money
0.25%
$0
$0
SoFi Money® is a cash management account that charges no account fees to save, spend, and earn cash back rewards when you spend on brands you love.
M1 Spend
Finder Rating: 4.2 / 5: ★★★★★
M1 Spend
1.00%
$0
$0
An FDIC-insured checking account integrated directly into the M1 app.
Robinhood Cash Management
Finder Rating: 4.3 / 5: ★★★★★
Robinhood Cash Management
0.30%
$0
15,000 international ATMs for free + 75,000 ATMs in the US
$0
This brokerage account feature offers interest and no monthly fees but Robinhood support is only available by email.
Personal Capital Cash
Personal Capital Cash
0.10%
$1
No access to ATMs
The Personal Capital Cash account doesn’t require a minimum balance and is federally insured for up to $1.5 million.
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Compare up to 4 providers

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.

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