6 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 0.07%.
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 0.07%.
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.
Best Cash Management Accounts
| Bank/Institution | NerdWallet Rating | Monthly fee | APY | Bonus | Learn More |
|---|---|---|---|---|---|
 Wealthfront Cash Account Learn more at Wealthfront | $0 | 0.85% With $1 min. balance for APY | N/A | Learn more at Wealthfront | |
 Aspiration Spend & Save Account - Aspiration Plus Learn more at Aspiration | $0 | 5.00% With $0 min. balance for APY | $200 Requirements to qualify | Learn more at Aspiration | |
 Betterment Cash Reserve | $0 | 0.35% With $0 min. balance for APY | N/A | Read review | |
 Personal Capital Cash™ | $0 | 0.05% With $0 min. balance for APY | N/A | Read review | |
 Robinhood Cash Management | $0 | 1.00% With $0 min. balance for APY | N/A | Read review | |
 Fidelity Cash Management Account | $0 | 0.01% With $0 min. balance for APY | N/A | Read review |
at Wealthfront
Wealthfront Cash Account
Monthly fee
$0APY
0.85%With $1 min. balance for APY
Bonus
N/Aat Wealthfront
at Aspiration
Aspiration Spend & Save Account - Aspiration Plus
Monthly fee
$0APY
5.00%With $0 min. balance for APY
Bonus
$200Requirements to qualify
at Aspiration
Betterment Cash Reserve
Monthly fee
$0APY
0.35%With $0 min. balance for APY
Bonus
N/APersonal Capital Cash™
Monthly fee
$0APY
0.05%With $0 min. balance for APY
Bonus
N/ARobinhood Cash Management
Monthly fee
$0APY
1.00%With $0 min. balance for APY
Bonus
N/AFidelity Cash Management Account
Monthly fee
$0APY
0.01%With $0 min. balance for APY
Bonus
N/ALast updated on July 19, 2021
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People often identify opening a savings account as their next money move.
Marcus by Goldman Sachs Online Savings Account
APY
With $0 min. balance for APY
at Marcus by Goldman Sachs, Member FDIC
American Express® High Yield Savings Account
APY
With $1 min. balance for APY
at American Express National Bank, Member FDIC
Synchrony Bank High Yield Savings
APY
With $0 min. balance for APY
at Synchrony Bank, Member FDIC
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.
