9 best cash management accounts

Best for rewards: SoFi Money

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

• Pros

  • 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.

• Cons

  • 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%

• Pros

  • 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.

• Cons

  • 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.

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

• Pros

  • 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.

• Cons

  • 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.

Best for high earners: Unifimoney

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%

• Pros

  • 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.

• Cons

  • 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.

Best for using overseas: Betterment Checking

Fee: $0

APY: None

• Pros

  • 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.

• Cons

  • 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%

• Pros

  • 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.

• Cons

  • 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.

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%

• Pros

  • 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.

• Cons

  • 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.

Best for ATM access: Morgan Stanley CashPlus

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%

• Pros

  • 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.

• Cons

  • 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

Fee: $25 per quarter

APY: N/A

• Pros

  • 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.

• Cons

  • 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.