The best cash management accounts of 2021: Via ForbesAdvisor
Specific characteristics taken into consideration within each category included monthly fee, overdraft fee, ATM fees, minimum deposit requirements, minimum balance requirements, APY and the ease of earning it, ATM network size, check-writing capability, mobile and online access, customer experience ratings and FDIC insurance limits.
Cash management accounts offering no or very low fees scored higher, as did those offering better-than-average interest, low minimum requirements and high customer service and digital experience scores.is a product offered by a nonbank financial institution, like a robo-advisor or online investment platform. This kind of account usually offers services that mimic a checking, savings and investment account, so that customers can handle all of their transactions from a single account.
. However, the main difference is that cash management accounts are a form of brokerage account offered by robo-advisors or online investment platforms.Yes, even though cash management accounts are offered by nonbank institutions, which FDIC insurance does not cover. However, institutions offering CMAs partner withbanks, which is where the account money will be swept every evening.
Information provided on Forbes Advisor is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Past performance is not indicative of future results.
Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our
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