7 Best Cash Management Accounts
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The best cash management accounts pay interest and typically come with low or no fees. They're usually offered by brokerage firms and combine services and features similar to those of checking, savings and/or investment accounts, all in one product.
Why trust NerdWallet: Our writers and editors follow strict editorial guidelines to ensure fairness and accuracy in our coverage to help you choose the financial accounts that work best for you. See our criteria for evaluating banks and credit unions.
Though APYs have seen some big cuts over the past year, the interest rates for some cash management accounts remain higher than the national average savings account APY, currently just 0.06%.
Cash management accounts are cash accounts offered by nonbank financial service providers, such as brokerages. These hybrid accounts combine services and features similar to those of checking, savings and/or investment accounts, all in one product. To provide federal insurance, cash management account providers typically work with partner banks. CMA providers sweep customer deposits into partner bank accounts, where the funds benefit from the bank’s FDIC insurance.
These brokerage savings accounts can offer an alternative to traditional savings accounts. They could be a good option for people seeking higher-than-average interest rates and some robust features. Here’s our look at the top cash management accounts.
» Want to learn more about the basics of cash management accounts? Check out NerdWallet’s guide to this banking product.
The best cash management accounts pay interest and typically come with low or no fees. They're usually offered by brokerage firms and combine services and features similar to those of checking, savings and/or investment accounts, all in one product.
Why trust NerdWallet: Our writers and editors follow strict editorial guidelines to ensure fairness and accuracy in our coverage to help you choose the financial accounts that work best for you. See our criteria for evaluating banks and credit unions.
Though APYs have seen some big cuts over the past year, the interest rates for some cash management accounts remain higher than the national average savings account APY, currently just 0.06%.
Cash management accounts are cash accounts offered by nonbank financial service providers, such as brokerages. These hybrid accounts combine services and features similar to those of checking, savings and/or investment accounts, all in one product. To provide federal insurance, cash management account providers typically work with partner banks. CMA providers sweep customer deposits into partner bank accounts, where the funds benefit from the bank’s FDIC insurance.
These brokerage savings accounts can offer an alternative to traditional savings accounts. They could be a good option for people seeking higher-than-average interest rates and some robust features. Here’s our look at the top cash management accounts.
» Want to learn more about the basics of cash management accounts? Check out NerdWallet’s guide to this banking product.
Summary of Best Cash Management Accounts
| Bank/Institution | NerdWallet Rating | Monthly Fee | APY | Bonus | Learn More |
|---|---|---|---|---|---|
 SoFi Money® Learn more at SoFi | $0 | 0.25% With $500 minimum balance | $100 Get $100 when you switch your direct deposit to SoFi Money. | Learn more at SoFi | |
 Wealthfront Cash Account Learn more at Wealthfront | $0 | 0.10% With $1 minimum balance | N/A | Learn more at Wealthfront | |
 Aspiration Spend & Save Account - Aspiration Plus | $0 | 1.00% With $0 minimum balance | $200 Requirements to qualify | Read review | |
 Betterment Cash Reserve | $0 | 0.10% With $0 minimum balance | N/A | Read review | |
 Personal Capital Cash™ | $0 | 0.05% With $0 minimum balance | N/A | Read review | |
 Robinhood Cash Management | $0 | 0.30% With $0 minimum balance | N/A | Read review | |
 Fidelity Cash Management Account | $0 | 0.01% With $0 minimum balance | N/A | Read review |
at SoFi
SoFi Money®
Monthly Fee
$0APY
0.25%With $500 minimum balance
Bonus
$100Get $100 when you switch your direct deposit to SoFi Money.
at SoFi
at Wealthfront
Wealthfront Cash Account
Monthly Fee
$0APY
0.10%With $1 minimum balance
Bonus
N/Aat Wealthfront
Aspiration Spend & Save Account - Aspiration Plus
Monthly Fee
$0APY
1.00%With $0 minimum balance
Bonus
$200Requirements to qualify
Betterment Cash Reserve
Monthly Fee
$0APY
0.10%With $0 minimum balance
Bonus
N/APersonal Capital Cash™
Monthly Fee
$0APY
0.05%With $0 minimum balance
Bonus
N/ARobinhood Cash Management
Monthly Fee
$0APY
0.30%With $0 minimum balance
Bonus
N/AFidelity Cash Management Account
Monthly Fee
$0APY
0.01%With $0 minimum balance
Bonus
N/ALast updated on July 19, 2021
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To recap our selections...
NerdWallet's Best Cash Management Accounts
Frequently asked questions
A cash management account is a hybrid account that offers similar services and features as checking and savings accounts. They aren’t provided by banks; instead, they’re provided by nonbank financial service providers like brokerage and investment firms.
Check out our list of the best cash management accounts on the market.
Cash management accounts—offered by nonbank financial service providers like brokerage and investment firms—bring checking, savings and/or investment products all under one roof. They typically pay interest and offer tech-savvy features.
Since CMA providers aren’t banks, they can’t directly offer FDIC insurance to customers’ funds. Instead, providers partner with banks behind the scenes and sweep customers’ cash into bank accounts, thereby allowing banks to extend FDIC coverage to that money.
A brokerage account is an investment account where customers can put away their long-term savings to earn interest. A cash management account is for short- to medium-term savings and regular spending and is meant to be used frequently.
Since most CMAs are offered by brokerage and investment firms, customers can often connect their brokerage account to a CMA and transfer money back and forth under the umbrella of the same provider
Some of the best alternatives to cash management accounts include: certificates of deposit (CDs), peer-to-peer lending, high-yield money market accounts (MMAs) and high-yield online savings accounts.
To learn more about the similarities and differences of these products, check out this guide from NerdWallet.
Cash management refers to the way consumers process and determine the usage of their money.
When it comes to cash management accounts, customers can manage the flow of their cash through spending, saving and—usually—investing it all under the same roof.
