The 9 Best Cash Management Accounts For Daily Money Management
Managing your daily finances can be quite a task, especially when it comes to handling your hard-earned money. This is where cash management accounts come into play. These accounts help you keep your money safe and accessible while offering higher interest rates than traditional savings accounts. In this article, we will be discussing the 9 best cash management accounts for daily money management, so you can make an informed decision and take control of your finances.
Whether you’re looking for a high-yield account, a low-fee account, or simply a convenient way to manage your money, we’ve got you covered. From established banks to newer fintech companies, these accounts offer a range of features to suit your needs. So, let’s dive in and explore the best options for your daily money management.
- Citibank
- Ally Bank
- Synchrony Bank
- Discover Bank
- Capital One
- Fidelity
- Charles Schwab
- TD Bank
- Chase Bank
With these cash management accounts, you can enjoy features such as high-interest rates, low fees, and easy access to your funds. Choose the one that best fits your financial goals and start managing your money efficiently today!
1. SoFi Money
Why We Like It: SoFi Money offers a high-interest rate, zero fees, and a range of additional benefits, such as mobile check deposits and ATM fee reimbursements.
Who Should Get It: Anyone looking for a fee-free CMA with high-interest rates and easy access to their money.
Pros:
- High-interest rate
- APY: 0.25%
- No account fees
- Mobile check deposit
- ATM fee reimbursements
- No minimum balance requirement
Cons:
- No physical branches
2. Wealthfront Cash Account
Why We Like It: Wealthfront offers a high APY, unlimited transfers, and FDIC insurance up to $1 million.
Who Should Get It: Anyone looking for a fee-free CMA with a high APY and unlimited transfers.
Pros:
- High-interest rate
- APY: 0.35%
- No account fees
- Unlimited transfers
- FDIC insured up to $1 million
- No minimum balance requirement
Cons:
- No physical branches
3. Betterment Checking
Why We Like It: Betterment offers a fee-free CMA with no overdraft fees and ATM reimbursements.
Who Should Get It: Anyone looking for a fee-free CMA with no overdraft fees and ATM reimbursements.
Pros:
- APY: N/A
- No account fees
- No overdraft fees
- ATM fee reimbursements
- No minimum balance requirement
Cons:
- No interest earned on the balance
4. Fidelity Cash Management Account
Why We Like It: Fidelity offers a CMA with no account fees, unlimited ATM fee reimbursements, and a range of investment options.
Who Should Get It: Anyone looking for a CMA with investment options and unlimited ATM fee reimbursements.
Pros:
- APY: 0.01%
- No account fees
- Unlimited ATM fee reimbursements
- Mobile check deposit
- No minimum balance requirement
Cons:
- Low-interest rate
5. Axos Bank
Why We Like It: Axos Bank offers a high-interest rate, no account fees, and unlimited ATM fee reimbursements.
Who Should Get It: Anyone looking for a fee-free CMA with a high-interest rate and unlimited ATM fee reimbursements.
Pros:
- High-interest rate
- APY: 0.61%
- No account fees
- Unlimited ATM fee reimbursements
- No minimum balance requirement
Cons:
- No physical branches
6. Charles Schwab Bank
Why We Like It: Charles Schwab Bank offers a fee-free CMA with unlimited ATM fee reimbursements and no foreign transaction fees.
Who Should Get It: Anyone looking for a fee-free CMA with unlimited ATM fee reimbursements and no foreign transaction fees.
Pros:
- APY: 0.03%
- No account fees
- Unlimited ATM fee reimbursements
- No foreign transaction fees
- No minimum balance requirement
Cons:
- Low-interest rate
7. Ally Bank
Why We Like It: Ally Bank offers competitive interest rates, no account fees, and a range of additional benefits, such as mobile check deposits and ATM fee reimbursements.
Who Should Get It: Anyone looking for a fee-free CMA with competitive interest rates and a range of additional benefits.
Pros:
- Competitive interest rates
- APY: 0.50%
- No account fees
- Mobile check deposit
- ATM fee reimbursements
- No minimum balance requirement
Cons:
- No physical branches
8. Capital One 360 Checking
Why We Like It: Capital One 360 Checking offers a fee-free CMA with overdraft protection and a range of additional benefits, such as mobile check deposit and bill pay.
Who Should Get It: Anyone looking for a fee-free CMA with overdraft protection and a range of additional benefits.
Pros:
- APY: 0.10%
- No account fees
- Overdraft protection
- Mobile check deposit
- No minimum balance requirement
Cons:
- Low-interest rate
9. TD Beyond Checking
Why We Like It: TD Beyond Checking offers a range of benefits, such as no-account fees, overdraft protection, and free checks.
Who Should Get It: Anyone looking for a CMA with a range of benefits, including no account fees and overdraft protection.
Pros:
- APY: 0.01%
- No account fees
- Overdraft protection
- Free checks
- No minimum balance requirement
Cons:
- Low-interest rate
In conclusion, cash management accounts can be a great way to manage your daily finances. With no account fees, high-interest rates, and a range of additional benefits, these accounts can offer the convenience and safety you need. However, it is important to consider your specific financial needs and goals before choosing a CMA. By comparing the features and benefits of different CMAs, you can find the one that best fits your needs.
Frequently Asked Questions
Here are some commonly asked questions about the 9 Best Cash Management Accounts for Daily Money Management.
1. What are cash management accounts?
Cash management accounts are hybrid accounts that combine the features of a checking account and a savings account. These accounts typically offer high-interest rates, no monthly fees, and unlimited ATM withdrawals. They also come with a debit card for easy access to your funds. Cash management accounts are a great option for those looking to earn a higher yield on their cash while still having easy access to their money.
2. How do cash management accounts differ from traditional checking and savings accounts?
Cash management accounts differ from traditional checking and savings accounts in a few ways. First, they typically offer higher interest rates than traditional savings accounts. Second, they often come with a debit card for easy access to your funds. Finally, cash management accounts may have fewer restrictions on withdrawals than traditional savings accounts, making them a great option for those who need to access their cash frequently.
3. How do I choose the best cash management account?
When choosing the best cash management account for your needs, there are a few things to consider. First, look for an account with a high-interest rate and no monthly fees. Second, consider the ATM network and whether there are fees for using out-of-network ATMs. Finally, look for an account with easy-to-use online and mobile banking features, as well as good customer service.
4. Are cash management accounts FDIC-insured?
Yes, cash management accounts are FDIC-insured up to $250,000 per depositor, per account. This means that if the bank were to fail, you would be protected up to that amount. It’s important to note, however, that if you have other accounts at the same bank, such as a checking or savings account, the $250,000 limit applies to all your accounts combined.
5. Can I use a cash management account as my primary checking account?
Yes, you can use a cash management account as your primary checking account. Many cash management accounts offer all the features of a traditional checking account, including a debit card, online bill pay, and direct deposit. However, it’s important to make sure that the account you choose meets all of your banking needs, including the ability to write checks and make deposits in person, if necessary.
As managing finances has become more complex, it is essential to have a cash management account that can help you keep track of your money. These accounts can offer high interest rates, no fees, and easy accessibility, making them a great choice for daily money management.
In summary, having a cash management account is crucial for efficient daily money management. With the top nine options available, you can choose an account that fits your financial goals and helps you stay on top of your finances. So, take the first step towards better money management and open a cash management account today! Click here to learn more about cash management accounts.
