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TD Ameritrade Cash Management Account Interest Rate and Review for 2019


TD Ameritrade banking service review. TD Ameritrade cash management account review, CMA interest rate, free check-writing, and debit/credit card.



TD Ameritrade CMA Overview


TD Ameritrade is a large brokerage firm that attracts millions of customers who trade stocks, bonds, and funds. What these investors may not realize is that the broker also has some attractive cash management features that can be added to a securities account. Let's take a detailed look at the firm's cash management offerings.


TD Ameritrade Cash Management Services


A TD Ameritrade brokerage account can have checks and a Visa debit card added free of charge. This is not an independent cash account. It is a securities account with checks and a debit card attached to it. There is no monthly fee for this cash management service. The broker also offers on-line bill pay free of charge. Clients can establish recurring bill payments. The broker sends customers' checks in bundles of 100. Re-orders are free of charge. Check writing is also unlimited. The debit card can be used anywhere Visa is accepted. Even better, all ATM fees incurred in the United States are reimbursed by TD Ameritrade. The debit card can also be added to Apple Pay.


TD Ameritrade Cash Management Account


Checks can be deposited into a TD Ameritrade account using one of the broker's mobile apps. They all function on Apple and Android phones and tablets. One of the broker's apps that has check deposit capability functions on Windows 10.

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TD Ameritrade customers have three options as to how their cash deposits are handled. They can elect to use an FDIC-insured bank as a cash sweep vehicle. They can simply leave a deposit with TD Ameritrade where it will be protected by SIPC. Or a deposit can be moved into a money market mutual fund. With the first option, a cash deposit is moved to an FDIC-insured bank. This is the default option. Any deposit of cash is automatically swept to TD Bank or TD Bank USA. Both companies are FDIC insured. If a deposit is higher than the standard $250,000 insurance, it can be split between the two banks, thus doubling the regular cash protection to $500,000. Currently, the APY for all balances is only 0.01%. The broker does offer a program called Insured Deposit Account Plus for account holders who have at least $1,000,000 in cash deposited with the broker. This program carries a different APY tier structure, although all levels currently are just 0.01% as well.


TD Ameritrade Cash Management Account Review


If a cash balance is left with TD Ameritrade, it will be protected by SIPC up to $250,000. SIPC is a non-governmental entity that is unaffiliated with the FDIC. The current interest rate for this sweep option is 0.01%. Choosing to move a cash deposit into a money market fund might increase the yield slightly in some economic environments, although money market funds currently available with the broker are only yielding 0.01%. Choosing the third option increases SIPC protection to $500,000 because cash is moved into a security.


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Other Products


TD Ameritrade clients can also apply for a Visa Signature credit card with the broker. The card is designed for TDA clients and has no annual fee. It is offered and maintained by TD Bank, who offers customer service 24 hours a day, 7 days a week, just like the broker. All purchases with the credit card earn 1.5% cash back, which can be deposited into a TDA brokerage account. There are no limits on the cash back program as long as the card is open and in good standing. Even better, the broker adds a 10% bonus on all credit card rewards that are deposited into a trading account. Instead of cash back, cardholders can instead redeem their credit card points for merchandise, statement credits, and gift cards.


TD Ameritrade CMA Review


TD Ameritrade Cash Management Account Recap


In addition to great brokerage services, TD Ameritrade (read review) offers excellent cash management features. With bank products and a Visa Signature card linked to the securities account, several financial needs can be met with just one account.


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TD Ameritrade Cash Management reviewed by Brokerage-Review.com on Rating: 4.5