A cash management account, offered by brokerage and investment firms, is a financial option that blends checking and savings features into a single account. Yahoo Finance's Molly Moorhead offers insights into these accounts and highlights their potential advantages.But have you ever heard of a cash management account?
And the account is gonna include a lot of the same features as a bank account, like a debit card check, writing, you can pay your bills out of the account and it's usually not gonna have any kind of monthly fee associated with it.
A high yield savings account at an online bank might pay a better a py than a cash management account.So the FDIC insurance that you get with a bank account is capped at $250,000. I retired in my 30s with a net worth of $2.5 million over a decade ago. Now, I'm going back to work at 46.