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Compare Cash Management Accounts

A cash management account, or CMA, is a cash account that combines services and features that are similar to checking, savings and/or investment accounts under one product. CMAs are typically offered by non-bank financial service providers, and some CMAs are able to provide high interest rates and reasonable or no fees thanks to the low overhead of online-only services. Benefits include:

  • Simplified account ownership with fewer accounts to manage.
  • Higher interest rates than brick-and-mortar banks.
  • Benefits similar to checking and savings accounts.
  • FDIC insurance on your account, often provided through third-party bank partners.
BankAPYMonthly FeeDetails
SoFi's logo

at SoFi

1.80%

With $0 minimum balance

$0

Pros

  • Unlimited ATM fee reimbursements
  • No monthly fees
  • No overdraft fees

Cons

  • No branches or CDs
  • No cash deposits accepted

Things to consider about CMAs

You might not get in-person customer service. Like online banks, the non-bank financial service providers that offer CMAs tend to have remote customer service so that they can have lower overhead and pass the savings on to their customers in the form of higher interest rates.

Looking instead for an online savings account?

BankAPYMonthly FeeDetails
Goldman Sachs Bank USA Online Savings's logo

at Goldman Sachs Bank USA,

Member, FDIC

1.90%

With $0 minimum balance

$0

Pros

  • Access to customer service 6 days/week
  • No monthly fees

Cons

  • No checking account, mobile app or ATM access
  • No physical branches
Citizens Access Online Savings Account's logo

at Citizens Access,

Member, FDIC

2.00%

With $5000 minimum balance

$0

Pros

  • Customer service available 7 days/week

Cons

  • No checking account, ATM access or mobile app
  • $5,000 minimum deposit
  • No physical branches
American Express National Bank High Yield Savings Account's logo

at American Express National Bank,

Member, FDIC

1.90%

With $0 minimum balance

$0

Pros

  • Customer service available 24/7
  • $0 minimum balance
  • No monthly fees

Cons

  • No checking account, mobile app or ATM access
  • No physical branches
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