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finder.com’s rating: 4.1 / 5.0
★★★★★
The Prudential Builder Cash Management account (CMA) gives you three investment options, and unlike other cash management accounts, it doesn’t require you to work with an adviser or visit an office. But the account lacks some standard features, and it has a low 0.01% APY.
$0 per month
Fee
0.01%
APY
APY | 0.01% |
---|---|
Fee | $0 per month |
ATMs | withdraw cash for free from any of the 35,000 ATMs across the country |
ATM transaction fee | $0 |
Out-of-network ATM fee | $0 |
Review by
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.
The Prudential Builder account makes sense if you already have a relationship with Prudential, but there aren’t many compelling reasons to open this account otherwise. It’s missing standard features such as mobile deposits, and it only earns 0.01% APY.
If you want a free cash management account that earns higher interest, look at Aspiration Spend & Save Account or the Betterment account.
Opening a Prudential Builder Cash Management account takes 5 to 10 minutes.
To qualify for a Prudential Builder account, you must meet the following requirements:
Have the following information ready when opening a Prudential Builder account.
The Prudential Builder account offers the following benefits.
There are also some drawbacks to keep in mind when opening a Prudential Builder account.
Yes. Funds kept in the Prudential Builder deposit account are insured for the federal minimum of $250,000. This amount may seem high, but it’s low compared to many other cash management accounts, which insure balances of $1 million or more.
When you sign up for a Prudential Builder account, you can choose to open an accompanying checking account with a debit card. The Builder debit card is issued by Prudential’s partner, PNC Bank, and the checking account is administered by BNY Mellon Investment Servicing Trust Company.
You can use the debit card to withdraw cash for free from any of the 35,000 ATMs across the country that feature a Visa, Plus or STAR logo. If you use an ATM without any of those logos, Prudential won’t charge you a fee, but the owner of the ATM will likely impose a surcharge.
Compare other cash management accounts based on their fees, ATM networks and minimum required deposits.
Compared to other cash management accounts, there are relatively few ways to deposit and withdraw funds from your Prudential Builder account.
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.
Prudential Builder Cash Management is not currently available on Finder
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