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December 6, 2021

Should you bank with your brokerage?

  • Here are some things about cash management accounts to consider.
  • By CHANELLE BESSETTE
    NerdWallet

    If you've invested with a brokerage firm in recent years, you may have noticed that your brokerage offers a product called a cash management account. These accounts are very similar to a checking or savings account and typically provide competitive interest rates, debit cards and other money management features. However, those services aren't always standard.

    So what, then, would be the appeal of opening a CMA with a brokerage? Here are some things to consider when deciding whether to let your brokerage help you manage your cash.


     
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