What is a Cash Management Account?
Ever wondered what a cash management account (CMA) is and why you might consider one? Let’s break it down. A CMA is like a turbocharged bank account, offering the flexibility of a checking account with the interest-earning power of a savings account. It’s designed to handle not just daily expenses and bill payments but also to help you manage investments, making it a one-stop shop for your financial needs.
CMAs were born from the idea that people wanted more efficiency in managing their finances—something that could combine the features of savings, checking, and investment accounts into one. Financial services realized that by merging these features, they could offer a streamlined solution that saves you the hassle of juggling multiple accounts across different platforms.
