10 Best Cash Management Accounts Of 2026: Up to 4.2% APY (original) (raw)
Best Cash Management Accounts (CMAS)
Best Overall CMA
4.20%*
*Wealthfront offers a three-month boost of 0.65% to new clients, earning up to 4.20% APY
Our Expert Review
Based on our testing, the Wealthfront Cash Account stands out as the best overall cash management account, receiving our maximum 5-star rating. The Wealthfront Cash Account takes the cake for the No. 1 spot, thanks to its combination of a competitive APY, a $1 minimum opening deposit, and no monthly maintenance fee.
As an added benefit, the cash account offers up to $8 million in FDIC insurance protection through partner banks—that’s among the highest limit available among the CMAs that we reviewed.
New clients receive a promotional APY boost for three months when opening a cash account under Wealthfront’s welcome offer. The APY boost for newcomers is 65 basis points above the standard rate. For “set it and forget it” investors who want automated index investing, access to retirement and 529 accounts, along with the convenience of a high-yield cash account with check writing abilities, Wealthfront is a strong option to meet those financial goals.
Pros and Cons
| | The fee-free ATM network is smaller, with 19,000+ locations | | | -------------------------------------------------------------- | ---------------------------------------------------------------------------- | | No monthly maintenance fee | More limited investment offerings (e.g., no mutual funds or options trading) | | | | | FDIC insured up to $8 million | |
Best CMA for Crypto Trading
Webull High-Yield Cash Management
Our Expert Review
After thorough testing, we found the Webull High-Yield Cash Management account to be the best CMA for access to crypto trading, achieving a 4.85-star rating. The Webull High-Yield Cash Management account is notable for investors who want access to crypto trading while keeping idle cash productive.
Webull’s investment platform offers a wide range of products, including stocks, over-the-counter stocks, exchange-traded funds (ETFs) and futures. As of August 2025, Webull allowed crypto tradingagain after a two-year hiatus.
The Webull CMA offers zero maintenance fees, up to $5 million in FDIC coverage, seamless account funding, and a debit card.
Pros and Cons
| $5 million in FDIC coverage | A Webull brokerage accountis required |
|---|---|
| No check-writing capabilities | |
| No minimum balance requirement |
MaxMyInterest
Our Expert Review
In our analysis, MaxMyInterest CMA ranked as the best CMA for high APY and was awarded a 4.79 star reading by our team. The Max My Interest Cash account gives you the highest APY among the CMAs on this list. You do need a membership, though. Membership comes with a fee of 0.04% of your assets every quarter, with a minimum of $20 every three months. But there is no minimum balance required to get started.
Max offers up to $2 million in FDIC protection per depositor and the ability to link your current checking account to Max Checking for higher interest.
With Max, the focus is purely on optimizing cash rather than broader investment management. There is no access to brokerage services or integration with advisory or wealth management platforms.
Pros and Cons
| Earn a high APY rate on cash | No brokerage service for trading stocks, ETFsand other equities |
|---|---|
| FDIC insurance coverage of up to $2 million per individual | |
| Membership cost 0.04% of assets per quarter |
Merrill Guided Investing (With Advisor)
Best CMA for Investment Offerings
Merrill Lynch Bank Deposit Program
Our Expert Review
Our research identified the Merrill Lynch Bank Deposit Program as the best CMA for access to investment offerings and account features, earning a 4.75 star-rating in our evaluation. Merrill gets top marks for providing a CMA with access to a wide range of investments. Investment options include equities, alternative investments, foreign exchange, commodities, fixed income, securities, mutual funds and money market products.
For self-directed investors, there is a very low APY payout. To qualify for the highest APY tier in the Merrill Lynch Bank Deposit Program, the account holder must be enrolled in an eligible investment advisory program. These include Merrill Lynch Investment Advisory Program (IAP) and Merrill Guided Investing with Advisor Program, to name a few.
Merrill relies on Securities Investor Protection Corp. (SIPC) protection, which covers up to $500,000 for asset protection. The cash account features bill pay, check-writing capabilities and the Merrill Edge CMA Access Visa card.
Pros and Cons
| Access to a wide variety of investments: stocks, ETFs, options, mutual funds,bonds, Treasurys and more | Higher APY requires enrollment in an eligible advisor program |
|---|---|
| Asset protection is limited to SIPC protections | |
| Competitive APY for qualifying accounts |
Best CMA for Standalone Account
Vanguard Cash Plus Account
3.35%*
*Vanguard offers a Cash Plus APY and includes a boost of 0.25% until September 30, 2026.
Our Expert Review
We determined that the Vanguard Cash Plus Account offers the best CMA as a standalone account, and our research team awarded it a 4.70-star rating.
Vanguard Cash Plus Account requires no minimum balance and allows users to open a CMA without a brokerage account—functioning as a standalone account. The Vanguard CMA allows unlimited transactions and offers features like direct deposit and bill pay.
While generous with an FDIC protection of up to 1.25million,thecoverageislowerthanthatofsomecompetitors.Thereareafewotherfeestobeawareof,suchasanannualaccountservicefeeof1.25 million, the coverage is lower than that of some competitors. There are a few other fees to be aware of, such as an annual account service fee of 1.25million,thecoverageislowerthanthatofsomecompetitors.Thereareafewotherfeestobeawareof,suchasanannualaccountservicefeeof25-waivable if you opt into electronic statements-closure fees and wire transfer fees, to name a few.
Pros and Cons
| No minimum balance required | New accounts are subject to a 60-day holding period |
|---|---|
| FDIC insurance of up to $1.25 million | |
| Ability to open as a standalone account | Annual account service fee of $25 (waivable with e-statements) |
| Direct deposit and bill pay are available |
TIAA
Best CMA for Sweep Options
TIAA Managed Sweep Product
Our Expert Review
The TIAA Managed Sweep Product emerged as the best CMA for sweep options in our review, receiving a 4.66-star rating from our researchers. TIAA offers a wide range of sweep accounts that are FDIC-insured. Its lineup includes the TIAA brokerage sweep product and the TIAA managed sweep product, along with two other liquid insured deposit programs. Among these, the highest yielding is the TIAA Managed Sweep, which requires having a managed account.
Beyond sweep accounts, TIAA provides a variety of financial products. It offers competitive rates on certificates of deposits and money market funds.TIAA bills itself as supporting everything from the online investor to those seeking full-fledged financial services. Personalized financial advice is available with 100,000investableassets.Morecomprehensiveservicesareavailabletothosewithatleast100,000 investable assets. More comprehensive services are available to those with at least 100,000investableassets.Morecomprehensiveservicesareavailabletothosewithatleast250,000 in investable assets.
Pros and Cons
| Dedicated advisor for $250K+ | Highest APY available to managed account holders |
|---|---|
| Personalized advice available with $100K+ | Non-managed sweep accounts offer much lower APYs |
| Access to many investment vehicles: health savings accounts (HSAs), 529s, IRAs, annuitiesand more | Lower FDIC limit of $250,000 per depositor |
Best CMA for Fraud Protection
Our Expert Review
Our testing results show the Moomoo Cash Sweep account as the best CMA for fraud protection, earning a 4.63-star rating from our team. We rated Moomoo highly because of its fraud response and customer support accessibility. Moomoo provides 24/7 live chat support and customer service. Agents are available by phone daily from 8:30 a.m. to 4:30 p.m. ET. This level of availability can be especially important for users who want to address questions or suspicious activity quickly.
As part of its promotional offering, Moomoo also provides a higher introductory APY. FDIC coverage can reach up to $1 million per depositor through its network of program banks.
Nice-to-have feature: Moomoo offers Level II market data and allows commission-free trading of stocks, ETFs and options—a nice perk for active traders.
Pros and Cons
| FDIC insurance of up to 1million∣Existingusersneedtodeposit1 million | Existing users need to deposit 1million∣Existingusersneedtodeposit500 or more to qualify for the higher APY |
|---|---|
| No robo or traditional advisory services | |
| No minimum deposit for new users |
Public
Best CMA for Minimal Fees
Public High-Yield Cash Account
Our Expert Review
Through our research and testing, the Public High-Yield Cash Account was selected as the best CMA for no fees and received a 4.26-star rating.
The Public High-Yield Cash Account boasts a competitive APY with fewer fees compared to others. There are no account minimums, and deposits are insured up to $5 million. Some of the drawbacks of the Public Now is while they do have access to financial advisors, there is no access to robo-advisory products. It’s very much set up for our DIY investors to leverage AI tools for investment portfolio management.
While Public has a lot to offer self-directed investors, the CMA lacks checking features. The CMA supports its mission of providing a competitive yield on uninvested cash. But for everyday checking needs, you might need another account.
Pros and Cons
| No minimum balance requirement | Lacks checking account features |
|---|---|
| FDIC coverage up to $5 million | |
| AI portfolio management app |
Best CMA for High Insurance Protections
Our Expert Review
We determined that the Empower offers the best CMA for high asset protection, and our research team awarded it a 3.97-star rating. Empower Personal Cash offers up to $5 million in FDIC insurance through partner banks.
The account carries no monthly maintenance fees and no minimum balance requirement. Empower Personal Cash really serves as a savings hub and entry point into Empower’s broader ecosystem—with a pathway into the firm’s financial planning advisory services.
The Empower Personal Cash Premium account pays an annual percentage yield that is 30 basis points higher than its standard CMA. Eligibility for the premium rate requires recurring direct deposits of at least $750 per month.
The drawbacks? At this time, Empower doesn’t offer a debit card, although its website states that one is in the works. While the account offers strong savings features and substantial insurance coverage, it doesn’t quite replace a day-to-day checking account.
Pros and Cons
| No account fees or minimum balance requirements | |
|---|---|
| FDIC insurance up to $5 million | Lacks check-writing capability |
| Unlimited withdrawals and deposits |
Comparison: Best Cash Management Accounts
All the cash management account products listed below are available to new customers. Just be aware that some companies only offer CMA products as part of advisory services. Those firms are noted below, along with the minimum APY available.
Cash Management Accounts With Advisory Services
While CMAs typically hold the uninvested cash portion, advisory services can manage the invested portion of your holdings. The table below shows which firms provide robo-advisory services and traditional human financial services. So, you can see how a CMA fits into your broader financial strategy.
Compare the Best CMA Interest Rates
Some CMAs have lower barriers to entry than others, with no monthly fees or minimum balance requirements. The table below highlights these differences, so you can see what is required to open and maintain an account.
Compare Cash Management Accounts FDIC Coverage
See the table below to see how FDIC insurance limits compare among CMAs.
What Is a Cash Management Account (CMA)?
A cash management account is an account for uninvested cash that earns interest. CMAs are typically offered by brokerages and other nonbank financial institutions. These accounts allow you to manage cash while also providing some checking and savings-like features under the umbrella of a particular institution.
It’s important to remember that cash itself can be considered an investment position. That’s especially true when you are strategizing or waiting to enter the market, such as buying during a market pullback.
The rules for opening a CMA vary from institution to institution. One thing to watch for when choosing the best CMA for you is whether a financial advisor relationship with the institution is required. Other financial institutions may offer a CMA as a standalone product, or if you open a brokerage account or enroll in a robo-advisor, among other financial services.
How to Choose a Cash Management Account
The best CMAs offer the flexibility of a checking account, such as debit cards, free ATM access and unlimited check writing, as well as options for a wide range of investment offerings and advisory services.
You might consider the following attributes when selecting a cash management account:
- APY. This is the account’s annual percentage yield (APY), which determines how much your money can earn. You’ll want to keep an eye on how rates change, and account features, other than just the impressive rate.
- Account minimums and fees. Many cash management accounts have no monthly fees. When fees do apply, typically, the amount often works out to less than $10 per month. CMAs offered through wealth management firms might have higher entry requirements, so you may need to check minimum investable asset requirements. You should also review any additional charges that you could incur with the CMA, such as account closures, overdraft fees and transaction fees.
- FDIC insurance. Cash management accounts are offered by investment firms as a place to hold uninvested cash. Some platforms have a banking partner. The key feature is the “sweep.” This is how the account provides FDIC coverage. The cash is moved, typically overnight, into one or more partner banks, which then pay the interest and provide FDIC insurance. Depending on the provider, a CMA may instead offer SIPC protection on assets.
- Account structure. Some cash management accounts can be opened and used on their own, such as MaxMyInterest and the Vanguard Cash Plus Account. Others may require an advisory relationship. RBC Wealth Management is an example. Wealth management firms, such as that one, typically require higher minimum balances.
- Investment and advisory offerings. You’ll also want to consider how a particular CMA fits into your financial goals. After all, cash can be a position in your overall investment portfolio. So, you’ll want to think about how that money is ultimately managed: whether it’s through a robo advisor, a traditional advisory service or by using different tools for your own hands-on investing.
- Customer service. Check to see whether there is a phone representative available to answer all your questions in addition to other support options, such as live chat and email.
Pros and Cons of Cash Management Accounts
Cash Management Accounts offer benefits that appeal to many investors and can also serve as an alternative to high-yield savings accounts. These accounts combine the benefits of checking and savings whilst providing a good place to park your uninvested cash. Here are some pros and cons:
Pros
- Higher APYs than other cash accounts (e.g., brokerage sweep, checking, savings)
- Earns interest on a cash position in an investment portfolio
- Low or no monthly fees
- FDIC-insured
- Offers some basic checking account features (e.g., ATM access, direct deposit, check writing, etc.)
Cons
- An advisory relationship might be required, depending on the company
- Some CMAs are offered by institutions without a brick-and-mortar space
- You might need a minimum amount to qualify for a higher APY
Cash Management Accounts vs. Checking Accounts
Checking accounts and cash management accounts are both able to handle daily money management. Oftentimes, CMAs can include features like a debit card, check writing and pay bill ability as well as the ability to receive direct deposits. But that is where many similarities end.
CMAs are known for earning much higher yields. While they can be a solution to manage everyday spending, that’s not their intended purpose. The intended purpose of a CMA is to hold uninvested cash.
These cash accounts typically provide seamless access to your investment accounts with the added protection of FDIC insurance, sometimes beyond normal limits.
Some CMAs may have a higher barrier to entry, with a specific deposit requirement or other requirements for opening an account.
Cash Management Accounts vs. High-Yield Savings Accounts
Cash management and high-yield savings accounts (HYSA) are both deposit accounts with typically higher APYs than checking accounts.
A key difference is that CMAs tend to be offered by nonbanking, brokerage institutions, whereas high-yield savings are offered by traditional banks, credit unions and online-only banks.
Frequently Asked Questions (FAQs)
How are cash management accounts insured?
Cash management accounts are typically FDIC-insured. Although some firms offer CMAs with simply SIPC protections, which cover up to $500,000, instead. One of the benefits of CMA is that these accounts typically offer higher FDIC coverage limits than regular savings accounts.
“One of the biggest perks is increased FDIC insurance. While a traditional bank account usually covers up to $250,000 for single-owner accounts, many CMAs spread your cash across multiple partner banks, which can increase coverage into the millions. It’s an easy way to keep your savings accessible, earning more and well protected,” says Sara Wright, a CFP with Domain Money.
How do cash management accounts work?
CMAs combine many features of checking and savings accounts. You can earn a higher APY in your cash while using the account to pay bills, receive direct deposits, use debit cards, write checks and make ATM withdrawals.
One of the most important features is that a CMA acts as a hub for funding investments. It’s typically linked to a brokerage account, allowing you to move money seamlessly to buy stocks, bonds, funds and other types of investment assets.
What is the difference between a brokerage and a cash management account?
Brokerage accounts and cash management accounts can seem somewhat similar since they’re offered by non-banking institutions. But these accounts serve very different purposes.
- Brokerage (investing): A brokerage account is primarily for buying and selling investments.
- Cash management accounts (cash): The focus on a cash management account is cash use, liquidity and hybrid checking/savings account features.