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Best Cash Management Accounts 2020

List of best cash management accounts offered by nonbank financial institutions with no-fees or minimums.

The article may contain affiliate links from one or more partners. Learn how we make money to continue our financial wellness mission.

You might be wondering what are cash management accounts. To put it simply, it’s a hybrid account that takes advantage of the accessibility and liquidity of checking accounts and the high-interest of savings accounts.

Cash management accounts are offered by nonbank financial institutions such as investment firms, insurance companies, and other fintechs. These cash management accounts operate much like checking accounts with some added benefits of zero or lower fees, high yields, and the ability to make multiple transfers.

How cash management accounts work

There are more similarities than differences between a cash management account and a traditional checking account. With CMAs, customers still have access to the use of debit cards, ATMs and order paper checks. These accounts are equipped to handle direct deposits and electronic transfers and payments.

Why do nonbanks or other financial services companies offer cash management accounts? The goal of these financial companies is to deepen the relationship with their customers. And to attract new customers into using their more profitable products and services.

Is your money insured in a cash management account?

The companies that offer cash management accounts partner with banks. In fact, when you open a cash management account, the partner bank will be disclosed to you. By partnering with a bank, your deposits are then swept into an FDIC insured account with that partner bank. This extends FDIC insurance to your funds in your cash management account.

Below is the most current list of some of the best cash management accounts available:

SoFi Money

SoFi continues to make waves and its entry into online banking starts with its very own cash management account. They offer a high yield hybrid account that you can use as an online savings account and as a checking account.

Debit Card: Yes

Minimum Balance: None

Fees: No account maintenance fees and overdraft fees

ATM Access: Access any ATMs for free

New Account Bonus: Open a new SoFi Money account and get $50.

Aspiration Spend and Save Account

Aspiration is a company to admire as it puts its social and environmental mission to the forefront. It’s not apologizing for its desire to serve members who aspire for a cleaner environment. Whether you agree with Aspiration’s mission statement, you can’t deny the Spend and Save Account is highly competitive. With the account, you get a bundled savings and checking account.

Debit Card: Yes

Minimum Balance: None

Fees: Choose your fee*. There are no set account maintenance fees or overdraft fees

ATM Access: Get 5 free ATM cash withdrawals per month using any ATM

New Account Bonus: Open a new Aspiration account with a minimum of $50 and get $50; $25 into your account and $25 donated in your name.

*Essentially, you don’t have to pay Aspiration a dime to use their services, but you may be inclined to do so to support a company that aligns with your values.

Note: The Smile List includes products and services that have been used by myself or contributors for a minimum of 60 days. Fortunately, this gives us personal experience before recommending the products listed. The goal is to share products that can help you live financially well and not merely based on the affiliate income we may earn. But, if you decide to use any of these products and click the link provided, we may earn income from the list. We thank you in advance for considering these products and helping us in our mission. Again, you can always check our financial marketplace to search, filter, and find the best product to meet your needs.

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Jason Vitug

Jason is the founder of phroogal, creator of the award winning project Road to Financial Wellness, and author of the bestseller and New York Times reviewed book, You Only Live Once: The Roadmap to Financial Wellness and a Purposeful Life.

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