It's better than a current account – WATCH

If you're looking for a way to simplify your finances, earn more interest on your money than the traditional checking account, and consolidate your spending, savings, and investments in one place, a cash management account could be what you need. you need. looking for. If you've never heard of a cash management account before, you're not alone. The vast majority of Americans use a checking account that earns 0% or close to it to receive direct deposits, pay bills, write checks, and more. But I want to make my money work harder than I do. So, while searching for the best current account for my personal money management, which also offers a good interest rate, I came across this type of account. So if this sounds like something you might be interested in for yourself or a family member, watch this entire video because I'm going to explain to you what a cash management account is, why it's better than 'a traditional current account, where I found myself. by opening my account, and I will guide you step by step on how you can open one too, if you are interested. Trust me, it will be worth it to move your direct deposits from your old checking account and reconfigure your bill payments into a cash management account. Banks know that customers don't want to go through the hassle of moving accounts once established, which is why they have very little incentive to give you a higher interest rate on your checking account.

So, what is a cash management account?
A cash management account is like a Swiss army knife for your finances. Think of it as a blend of the accessibility of a checking account, the interest potential of a savings account, and the ability of an investment account to trade and hold securities like stocks and obligations. Unlike traditional checking accounts offered by traditional banks or credit unions, cash management accounts are offered by brokerage firms. These types of accounts are intended to supplement your brokerage account, but you do not need to have a brokerage account or invest with a brokerage firm to open one. Brokerage firms offer them to make it easier for you to invest, such as not having to wait for funds to settle if you move them from a regular checking account to a brokerage account to buy stocks or index funds. Sometimes the brokerage firm will set up a bank to offer this type of account, like Schwab does for its checking account, but more often brokerage firms will partner with a bank to offer the features you normally get from a check or savings. account. This actually comes at a cost for them, but they do it with the aim of one day convincing you as a customer for their brokerage services, with which they make a huge amount of money. Depending on the brokerage firm, they may offer all of the features you are normally used to getting from your checking account or just a few of those features. A good cash management account offers FDIC insurance, easy-to-earn high annual yield (APY), direct deposit, no monthly fees, no overdraft fees, free debit card, no ATM fees , no minimum deposit requirement, no minimum balance. requirements, large ATM network size, check writing capability, mobile check deposits, and mobile and online access.

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