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What Is a Cash Management Account?
Cash management accounts are offered by brokerages and provide checking and saving features.
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Chanelle Bessette is a personal finance writer at NerdWallet covering Banking, especially Checking Accounts and Cash Management Accounts. She previously worked at Fortune, Forbes and the Reno Gazette-Journal. Her expertise has appeared in The New York Times, Vox and Apartment Therapy.
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A cash management account, or CMA, combines services and features that are common with checking and savings accounts — like debit cards, competitive interest rates, ATM fee reimbursements and early direct deposit — under one product. CMAs are typically offered by brokerages, and they can be a solid companion to an investment account and a place where you can keep your uninvested cash. CMAs usually provide higher than average interest rates with no or low fees.
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Earn a 4.15%* APY on your cash
Boost your APY for 6 months with a Cash Account offered by Atomic Brokerage.
*The boosted 4.15% Annual Percentage Yield (APY) is offered on up to $250,000 in deposits for the first 6 months when you open a Cash Account offered by Atomic Brokerage LLC and deposit funds within 14 days. Balances above $250,000 will earn the standard 3.50% APY. After the 6 month introductory period, all balances will earn the standard 3.5% APY. The 4.15% boosted introductory APY is available through NerdWallet’s promotional program. APYs are accurate as of 11/05/2025 and are subject to change without notice.
Here are some of the typical features, benefits and drawbacks of cash management accounts.
Pros and cons of cash management accounts
Pros:
Benefits similar to checking and savings accounts.
Higher-than-standard federal insurance, provided through third-party bank partners.
Cons:
Interest rates might be higher with online savings accounts or by investing.
Customer service is primarily remote.
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A savings account is a place where you can store money securely while earning interest.
A savings account is a place where you can store money securely while earning interest.
4.00%Annual Percentage Yield (APY) is accurate as of 10/09/2025. APY may change at any time before or after the account is opened. Available only online.
5.00%Annual Percentage Yield (APY) is accurate as of June 17th, 2025. Start earning 2.50% APY, then qualify to earn 5.00% APY on your balance up to $5,000.00 and 2.50% APY on balances over $5,000 next month by 1) Receiving direct deposit(s) totaling $1,000 or more; and 2) Ending the month with a positive balance in all your Varo Accounts. No fees, no minimums required. Rates subject to change at any time.
Up to 3.90%The Base Annual Percentage Yield (APY) is 3.25%, from program banks, is as of 12/19/25, is variable and is subject to change. If you are eligible for the overall boosted rate of 3.90% offered in connection with this promo, your boosted rate is also subject to change if the base rate decreases during the three-month promotional period. This limited-time promo offers eligible new Wealthfront clients a 0.65% APY increase over the standard base APY for 3 months on up to $150k in their Cash Accounts. Cash Account offered by Wealthfront Brokerage LLC, Member FINRA/SIPC, and is not a bank. Base APY (is representative, subject to change, requires no minimum) is paid from our Program Banks.
3.90%Cash Reserve offered by Betterment LLC and requires a Betterment Securities brokerage account. Betterment is not a bank. Learn More (https://www.betterment.com/cash-portfolio). Annual percentage yield (variable) is 3.25% as of 12/12/25, plus a 0.65% boost (“APY Boost”) for new clients with a qualifying deposit. $10 min deposit for base APY. Terms apply (betterment.com/boost); if the base APY changes, the Boosted APY will change. FDIC insurance provided by Program Banks (https://www.betterment.com/cash-portfolio), subject to certain conditions.
Min. balance for APY
$0
CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
4.05%All Bread Savings APYs are accurate as of 12/18/2025. APYs are subject to change at any time without notice. Offers apply to personal accounts only. Fees may reduce earnings. To open a CD, a minimum of $1,500 is required and must be deposited in a single transaction. A penalty will be imposed for early withdrawals on CDs. At maturity, your CD will automatically renew and earn the base interest rate in effect at that time. Rates are compared against competitor rates published by NerdWallet.com and the institutions themselves as of 12/18/2025. NerdWallet.com obtains the data from the various banks that it tracks and its accuracy cannot be guaranteed.
4.10%Annual Percentage Yield (APY) is subject to change at any time without notice. Offer applies to personal non-IRA accounts only. Fees may reduce earnings. For CD accounts, a penalty may be imposed for early withdrawals. After maturity, if your CD rolls over, you will earn the offered rate of interest in effect at that time. Visit synchrony.com/banking for current rates, terms and account requirements. Member FDIC.
Term
9 months
Checking accounts are used for day-to-day cash deposits and withdrawals.
Checking accounts are used for day-to-day cash deposits and withdrawals.
2.00%Annual Percentage Yield (APY). APY may change at any time and fees may reduce earnings. Please visit etrade.com/ratesheet for more information. The $15 monthly account fee can be waived when you maintain an average monthly balance of at least $5,000 in the account on or after the end of the second calendar month from opening the account.
Monthly fee
$15
Money market accounts pay rates similar to savings accounts and have some checking features.
Money market accounts pay rates similar to savings accounts and have some checking features.
Simplified account ownership. A CMA can streamline your finances by allowing you to make transactions, earn high-yield interest and sometimes use a credit line that’s attached to your investment securities all without having to transfer funds between different accounts.
Above-average interest rates. Some cash management accounts have annual percentage yields that are higher than what most brick-and-mortar banks offer. For example, the Wealthfront Cash Account has a 3.25% APY.
Alternative to checking and savings accounts. Cash management accounts offer a variety of features like mobile check deposit, check writing, Federal Deposit Insurance Corp. insurance through third-party banks (sometimes even multiple times the usual coverage amount), bill pay, money transfers and more.
Customer service is done remotely. Like online banks, the brokerages that offer CMAs tend to have remote customer service like online chat or phone support. Without branches to operate, these brokerages can pass the savings on to their customers in the form of higher interest rates. While technology is making it easier to get virtual support, these online-only cash accounts can be a challenge for people who prefer face-to-face interaction.
If you’re a fan of online banking, chances are that you’ll like the similar features that cash management accounts have to offer. While face-to-face customer service might be swapped for virtual assistance, the savings in overhead allows some of these cash accounts to provide high interest rates and streamlined account features. Make sure you evaluate what a CMA offers and what fees it charges before you open an account.
» If high rates are a priority, you can also check out NerdWallet’s best savings rates
