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Best Brokerage Cash Management Account


Best cash management account review for 2018. Top brokerage firm CMA bank checking account pros and cons. Is it FDIC insured and good?



TD Ameritrade Cash Management Overview


Those looking for a cash management option with the convenience of holding their investments at the same institution should consider TD Ameritrade Cash Management Account (CMA). This account available to all customers who have a brokerage account. The Cash Management account offers bill pay, Visa debit card, paper check writing, mobile app, and the convenience of having it all in one place.

FDIC insurance coverage on cash balances is available up to $250,000. The higher limit is achieved by having the cash held at two separate banks while not invested. Higher cash balances can be placed in the money market option for SIPC insurance up to $500,000.


TD Ameritrade Cash Management Features


The account can be managed 24 hours per day, 7 days per week via the website, the mobile app, or the customer service phone line. Customer Service can be reached anytime at 1-800-454-9272. Agents are available around the clock.

TD Ameritrade allows linking of external bank accounts via ACH for ease of shifting cash around as needed. In addition funds transfers can be initiated via the mobile app. The app also allows the remote deposit of paper checks using photos.

In addition to the Visa debit card TD Ameritrade offer a Visa Signature credit card that earns 1.5% cashback on all purchases. Depositing the cashback earned from the credit card comes with a 10% bonus of the amount depositied to TD Ameritrade brokerage accounts. The credit card has no annual fee.


Best Cash Management Account


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TD Ameritrade Cash Management Fees


TD Ameritrade Cash Management has no monthly maintenance fees. The Visa debit card and paper checks are free of charge. TD Ameritrade does not impose any minimum balance or trading activity. ATM fees are reimbursed with no limit for ATM machines located within the United States. TD Ameritrade does not impose any ATM fees of their own.

The initial order of paper checks for the account are free. Additional subsequent orders of 100 checks are also free of charge. The stop payment fee is $25 and a hard copy of a cancelled check is $15.


Best CMA Account


TD Ameritrade Cash Management Interest Rates


TD Ameritrade pays between 0.01% and 0.09% on cash balances held in their FDIC insured bank accounts. Balances under $5,000 earn 0.01% while balances of $1,000,000 or more earn 0.09%. The rate increases on a stair-step scale in between.

The money market account option, in lieu of the cash sweep, earns the going money market rate offered by TD Ameritrade. The customer can choose which option they prefer, money market or bank sweep, for earning interest. The money market account option is covered under SIPC insurance.


TD Ameritrade Cash Management Summary


TD Ameritrade Cash Management is a great banking solution with the access to your investments all in one place. With the modern conveniences of bill pay, remote deposit, ACH transfers, and ATM reimbursements managing money is simple. No account or activity minimums are required. Free paper checks are a nice addition to the benefits of the service. Holding both investments and cash management at TD Ameritrade make managing money easier.

Compared to competitors TD Ameritrade’s cash management services are offered for free while some others charge as much as $100 per year for the same capabilities. This is one of the major reasons TD Ameritrade CMA is often rated as the Best Cash Management Account.


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