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Best Cash Management Accounts for 2024
Cash management accounts (CMAs) are unique financial products that incorporate features of checking, savings, and investment accounts. With CMAs, you can keep a large amount of money safe while earning interest on your funds.
The best thing about this account is that your money is entirely in your hands, and you can use it anytime you want to pay your bills, go shopping, or invest in securities.
Various non-traditional financial institutions and branchless banks offer CMAs, so finding those that are secure and work in your best interest shouldn’t be complicated. However, with that many options, it can be difficult to narrow your choices down. That's where we step in.
Best Cash Management Accounts of December 2024
Tellus
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Tellus is a high-yield savings app that allows users to manage their money on-the-go while earning up to 22x more interest than with a typical savings account. The fintech company offers a wide range of non-FDIC savings and income solutions powered by residential real estate lending. Tellus accounts offer daily compounding interest and daily payouts with zero fees and zero lockups (though there are options with lockups for those seeking them with Tellus Vaults). The app has a user-friendly interface, and getting started takes only a few minutes. No credit check is required. Read more
- •Tellus Boost Account
- •Integrates with Plaid and Stripe
- •High APY rates
Aspiration
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Aspiration’s cash management account interest rate is the highest that you can find for this type of financial product. Both account types, Aspiration and Aspiration Plus, are FDIC-insured up to $2 million per depositor and come with a free debit card, cashback program, and free paper checks. Read more
- •High interest rates
- •Free paper checks
- •Eco-friendly company
Betterment Cash Reserve
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Betterment Cash Reserve stands apart from the rest of similar products with its excellent set of tools. With this account, you can create different savings categories, set up automated deposits for each of them, and track where your money is going every month. Betterment also has unlimited customer support, and its agents are polite and knowledgeable, so they can help you solve any problem you have quickly. Read more
- •No monthly maintenance fees
- •Set up direct deposits for different saving categories
- •Live chat, phone, and email support
Wealthfront Cash
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Wealthfront Cash is the best option for consumers who want a savings account and investment account features under the same umbrella. The account comes with a mobile app that enables users to create different spending categories, pay bills faster, and use the rest of the money to build their investment portfolio. Read more
- •Easy connection with a money investment account
- •Over 19,000 ATMs
- •Mobile app for iOS and Android
Empower Personal Cash
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Empower Personal Cash offers personal and joint cash management. It is suitable for clients who operate with large money balances. Personal Cash offers free withdrawals of up to $1 million through a wire transfer. An excellent set of security tools is one more reason to apply for this account. Read more
- •Wire up to $1 million without fees
- •Cash management joint accounts
- •Advanced security features
Top 5 Cash Management Accounts - Our Picks for 2024:
Tellus - Best for saving
- Aspiration - Best APY
- Betterment Cash Reserve - Best for managing multiple financial goals
- Wealthfront Cash - Best for money investment
- Empower Personal Cash - Best for managing large amounts
How We Evaluate Cash Management Accounts (CMAs)
Before we came up with this list, we did some thorough research. We checked dozens of online investment firms, automated investing platforms, and other financial institutions that offer this type of financial product. We found many good candidates but also plenty of scammers and companies with suspicious business backgrounds.
To provide our readers with reputable and secure financial services, we made a list of criteria to follow when evaluating the candidates, and these are factors that you should consider before deciding which of the options listed is right for you.
FDIC Insurance
The first thing to check when choosing any type of account is whether it is insured or not. The most common type of insurance is FDIC insurance, and most regular accounts are insured up to $250,000 per depositor.
When it comes to money management accounts, the FDIC insurance limits are usually much higher, with upwards of a million in insurance. Such high amounts are possible because these financial products are made in partnership with several banks and funnel money into multiple bank accounts.
Moreover, some of the biggest financial institutions offer joint cash management accounts with insurance coverage of over $2 million per depositor. Regardless of the type of account you choose, always check if it is FDIC-insured first.
APY and Fees
One of the main reasons to open a cash management account is to earn interest. Unlike traditional banks, the financial institutions that offer this type of account usually provide above average interest rates. Despite that, some money management accounts offer meager rates, so don’t forget to check this information first.
Another reason for choosing this account type is that it comes with low or no fees at all. Unlike regular savings accounts that require a minimum deposit to open an account, with this financial product, you don’t need to worry about this either. Most accounts don’t require a minimum deposit and don’t come with monthly fees.
Account Features
The next thing to have in mind when searching for a CMA is this account’s additional benefits.
The first thing to check is whether the account comes with a debit card or not. In most cases, you will get a Mastercard or Visa for ATM access, but some financial institutions don't offer debit cards at all. This means that you’ll need to open a checking account at a partner bank and link it to your cash management account.
Additional features, such as cashback rewards and welcome bonuses, are also very nice to have. You should see what your provider offers before applying for an account.
Ease of Use
All financial institutions that offer CMAs allow you to open this type of account online, and that’s one of their main advantages. But it is not the only thing to consider. This account type provides features of investment, savings, and checking accounts, so it should be functional enough to enable you to switch between them easily.
You should look for basic management tools, like an option to create various saving goals and set up direct deposits for each of them. Also, you should be able to transfer funds to your investment portfolio quickly.
Mobile App
Every cash management account can be managed through the online dashboard or a mobile app. For most customers, it’s more convenient to have a mobile app installed on their phones. This allows them to access the accounts any time they want to pay bills or transfer money to their investment account faster.
Security
Although it’s not one of the first criteria on our list, this is one of the most important things to consider. From protecting your private information to taking care of your funds, the best providers utilize a wide range of security measures, like 2FA, firewall protection, SSL encryption, and more.
Customer Support
In almost all cases, you will open an account online and will also communicate with the company’s agent online. These financial institutions are not like traditional banks, meaning that most don’t have physical branches.
For this reason, they must provide effective online support via various communication channels, including live chat, phone, and email.
Detailed Reviews of Cash Management Accounts
*T&C: Deposits made via ACH can take 5-7 days to arrive, depending on your bank or credit union. A minimum deposit amount of $125 is required. This limited time offer is available to first-time customers only.
Tellus is a smart savings platform that enables its users to manage their finances and build wealth with ease and confidence. The platform is simple to use, transparent, and it’s available for both iOS and Android devices. In addition to that, Tellus has a team of experienced professionals who are available to help users with any questions they may have.
APY and Fees
When it comes to APY, Tellus offers competitive interest rates. Its APY ranges from 3.85% to 5.12%. There are no costs to sign up for a Tellus account or to use the platform, and users may withdraw their funds at any time.
The company earns money by providing mortgages to American residential borrowers. These mortgages are usually 12 to 18 months in duration and are fully collateralized. Tellus keeps those loans on its balance sheet, and they generate income for the company.
Features
Tellus offers a variety of features that make it a great choice for users seeking a high-yield savings solution. It offers two core cash account products: Reserve Account and Boost Account.
The Tellus Reserve Account has a 4.75% APY up to $2,500 – though the company recently launched features that enable you to increase your Reserve Account balance up to $4,000 by completing tasks in the app. It has zero crypto and zero stock exposure, and there are no fees. Savers may withdraw their cash at any time.
The Tellus Boost Account is a great way to save money and earn interest. The account comes with a base interest rate of 3.85% APY and has no monthly fees and no balance limit. Additionally, Boost offers free daily APY power-ups called “Boosts” that enable you to earn as much as 6% APY for limited periods of time.
Application and Ease of Use
The Tellus platform is designed to be user-friendly and easy to use. The interface is straightforward, and users can easily find the features they need. The app is available for both iOS and Android devices, making it accessible to a wide range of users.
You can set up an account in minutes, make your first deposit, and start earning interest right away. Just be advised that the minimum deposit amount is $125.
Security and Support
With Tellus, all personal and financial data is encrypted using AES-256 bank-level security. The company uses industry-leaders Plaid and Stripe to securely connect users’ bank accounts and facilitate transactions. Tellus app doesn’t store users’ banking credentials on its servers, which is an important security measure.
The company insures all deposits through its partnership with Riskified, which protects Tellus against certain types of fraud.
All of Tellus’s cash on the balance sheet is held with Chase Bank (a subsidiary of JPMorgan Chase & Co), one of the largest banks in the United States.
When it comes to customer support, Tellus offers an in-app chat that pairs you directly with a member of the company’s CA-based customer service team. Users can also reach Tellus via the contact form. The company also has an exhaustive blog section that provides answers to common questions.
Overall, Tellus is an excellent choice for customers looking for an easy-to-use mobile savings platform that pays an exceptional interest rate on long- and short-term savings. All products offer daily compounding interest, daily interest payouts, no fees, and the ability to withdraw your funds anytime.
Aspiration is a California-based financial institution that offers cash management services. The company’s co-founders, Andrei Cherny and Joseph Sanberg, started the company in 2013. Their mission was to provide free financial services while protecting the environment.
Specifically, the company’s different programs let customers help plant new trees by offsetting their gas purchases or rounding up transactions to the nearest dollar if they want to. By now, the company has over three million clients, and they have helped plant more than 105 million trees. The company’s Spend and Save plans include two different accounts called Aspiration and Aspiration Plus.
APY and Fees
Aspiration charges monthly fees. However, Aspiration clients have an option to choose how much to pay for the company’s services. With the Aspiration account, you will not be required to pay anything if you don’t want to.
Aspiration asks customers to pay what they think is fair, and if you think it’s $0, they will not charge you anything. However, the fees are mandatory with the Aspiration Plus account, and they are $5.99 per month if billed annually or $7.99 if billed monthly.
We recommend applying for the Aspiration Plus account even if you can get Aspiration with no monthly cost because it comes with a significant 5% APY.
Just keep in mind that you’ll need to spend $1,000 or more per month with their debit card, or the APY will go down to 0.25%.
Features
Both accounts come with a cash reward program. You will get 3%-5% cashback on Conscience Coalition purchases with the basic Aspiration account, while Aspiration Plus offers 10% cashback rewards and one out-of-network ATM reimbursement each month.
Another great thing about these accounts is that all new account holders get the first set of paper checks for free. Unlike other companies, Aspiration doesn’t have an option to send checks online, so you’ll need to pay a shipping fee on your orders. You can sign up for the direct deposit program and get your paychecks up to 2 days earlier.
The company promises that it won’t fund fossil fuel production or support weapons manufacturing and allegedly plants one tree every time users round up their debit card transactions.
Application and Ease of Use
Just go to the company’s website, and choose the account type you want to open. There are no deposit fees regardless of the plan you choose. The only requirements you need to meet are being a US citizen and being at least 18 years old.
Thanks to the company’s partnership with Allpoint, you will get access to over 55,000 free ATMs across the state. If you use your debit card to withdraw money from out-of-network ATMs, expect only one reimbursement per month, and only if you’re using the Aspiration Plus account.
Another thing that Aspiration offers is the ability to sign up for a direct deposit program. With this program, you can get your paychecks up to two days earlier.
Security and Support
The company offers accounts that are FDIC-insured across up to ten banks for up to $2 million per depositor in total. When it comes to online security, website transactions are protected with 256-bit encryption and monitored 24/7.
Betterment Cash Reserve was founded in 2010. The company’s mission is to help ordinary people make everyday investments, no matter how small they are, and benefit from them in the future. The company has over 730,000 clients across the US and handles $33 billion in funds, spread across numerous Checking and Cash Reserve accounts.
APY and Fees
Like other similar products, this account combines the features of savings, checking, and investment accounts. That means you can earn interest on your savings without keeping them out of reach for years.
However, the interest you earn is as high as with a traditional savings account, and you can look forward to a 3.20% APY, which is around 15 times more than the national average.
When it comes to money transfer fees, Betterment Cash Reserve doesn’t charge any. You can make as many deposits and withdrawals as you want without having to pay any fees.
There are none on account balances either.
Features
With the Cash Reserve account, you can create different savings goals and manage them from your mobile app. You can use the auto-deposit feature and set the deposit amount for each of the savings goals you create. You can also add budgets for every expense you have.
You can, for example, set up a spending category for your vacation, home renovation, and so on. Another great thing about this account is that it doesn’t only help you to save money but also to learn how to grow your funds.
Betterment provides personal reports with analyses of your spending patterns and gives recommendations aimed at helping you save up and multiply your profits.
Application and Ease of Use
The biggest downside is that you’ll need to transfer funds from it to your checking account to withdraw money. It doesn’t feature a debit card, so you’ll need to use an existing one or open a Betterment Checking account that offers one and transfer money to it when you want to get your hands on some cold, hard cash. Security and Support
All Betterment products, including Betterment Cash Reserve, are insured for up to $1 million per depositor (up to $250,000 at four different banks). There are also joint accounts with FDIC insurance of up to $2 million.
Betterment has fantastic customer service that is available via phone, email, and live chat. A rich FAQ can help you find out more about your account, while the knowledge section has great articles about managing finances.
In 2019, Wealthfront launched Wealthfront Cash, an account that combines the features of both savings and investment accounts. You can quickly link it to the company's account for investing money and use both products at the same time.
Wealthfront has over 480,000 clients, and it is one of the most reputable financial institutions offering cash management accounts.
APY and Fees
Wealthfront doesn’t have any fees. You don’t need to pay monthly maintenance fees or account balance fees. It’s also great to know that at Wealthfront, clients don’t need to pay any transfer fees either.
When it comes to the Wealthfront Cash account interest rate, the account holders can expect a 3.30% APY, regardless of their monthly balances. Wealthfront APY is one of the best in the industry. Plus, it comes with zero fees and advanced additional features.
Features
Wealthfront Cash comes with a variety of useful tools and features. The first thing worth mentioning is the Wealthfront debit card. Once you open the account, you will get a debit card that you can use on Wealthfront ATM machines.
You will get access to over 19,000 ATMs to withdraw money from for free, but if you use it out-of-network, expect to pay industry-standard ATM fees.
As was already said, the Wealthfront Cash account combines different features that help you save and invest your money better. You can create different spending categories and fund them easily. You can also create emergency funds, and the amount of money you set up will be transferred to those funds automatically.
The rest of the money that you may have left can be used for investments. You can transfer it to your investment portfolio quickly with the Wealthfront Cash mobile app.
Application and Ease of Use
To apply you need to be at least 18 years old and have a permanent US residence. You can complete the application through an online dashboard, or you can use the mobile app.
Aside from providing personal information (like your name, home address, and Social Security number), you’ll also need to deposit $1 to open an account.
Security and Support
Unless you have an account at Wealthfront, you will have difficulties getting in touch with the company’s representatives. Live chat and phone support are not available, but you can send a message by filling out the online form on the Wealthfront website.
It can take a while before you get the answer, so it’s always a wise choice to check the FAQ page. It's full of articles that explain a wide range of financial topics, such as cash management, investment accounts, credit lines, and taxes. All depositors are insured up to $1 million through Wealthfront’s partner banks.
Founded in 2009, Empower was originally a wealth management firm. The personal cash management service is an extra product made for customers who make big deposits and withdrawals often.
One of the main perks of this account is that you can withdraw up to $1 million without worrying about any fees. Unfortunately, this is not a great account if you’re looking to earn good interest on your savings.
Compared to some high-yield savings accounts, Empower Personal Cash offers a far worse APY, and that’s without even looking at competitors from our list, such as Aspiration.
There are many other benefits to consider, though, so let’s see what you can get with this account.
APY and Fees
When it comes to APY, the interest rate on this account is lower than the national average for savings accounts. If you open the Empower Personal Cash account, you may expect a 3.35% APY, or a 3.45% APY if you’re a Empower Advisory client. The interest is accrued daily, and the payouts happen on the first business day of each month.
The cash management account comes with no monthly maintenance costs. Also, you do not need to worry about account balance fees since there are no daily or monthly balance requirements. The same goes for overdraft fees.
This is one of the best accounts we have found for clients who are used to making large withdrawals. You can withdraw up to $1 million via wire transfer and pay no fees. The daily limit is $250,000 for both deposits and withdrawals.
Features
Empower offers a variety of additional features that you might find very useful. For example, you can apply for a joint account. There are several types of joint accounts that help you save more on fees.
The account comes with no daily balance limits, and it allows you to set up direct deposits for your paper checks. You can also link the account to a checking account you already have to make it easy to pay your monthly bills.
The biggest downside when it comes to Empower is the lack of debit cards. While other similar products offer free debit cards, Empower doesn’t have them yet.
Application and Ease of Use
If you want to open an account at Empower, you need to fulfill the following requirements:
- Be at least 18 years
- Be an American citizen
- Provide your personal information
If you want to deposit money and withdraw from your Empower Personal Cash, you need to link it to an external bank account. Account management goes through the online dashboard or the Empower mobile app.
Security and Support
The account comes with some of the best protection tools in the industry, with multi-layer authentication and top-notch cybersecurity protection. For example, after you download the app from Apple’s App Store or Google Play, you can set up an authentication code or use fingerprint authentication.
FAQ
What is a cash management account?
A cash management account is an account that combines the features of checking, savings, and investment accounts. Praised for their functionality, CMAs allow consumers to grow their money and make investments without switching from one account to another.
Are cash management accounts FDIC Insured?
Our reviews focus only on FDIC-insured accounts. That was our first criterion for evaluating different financial services that provide this product. FDIC insurance typically goes up to $250,000 per bank, but the good thing about these types of accounts is that they insure your funds across several partner banks.
Why use a cash management account?
The advantages of using a CMA are numerous. Since non-traditional financial institutions offer these accounts, they usually provide above-average APY so you can earn more on your savings.
At the same time, you will get access to your funds any time you want, meaning that you will not be time-limited like with traditional savings accounts. Another great thing is that cash management systems are usually connected with your investment portfolio, enabling faster money transfers.
Can you invest with a cash management account?
Usually, CMAs are separate from brokerage accounts, but you can easily connect the two account types. Some brokerages will offer one account that combines brokerage account features with money management features.