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1Fix the driver behind crashes, sound loss and screen glitches2Repair Windows errors before they cause bigger problems3Scan for outdated or missing drivers - takes under a minuteA cash management account (CMA) is typically offered by a brokerage or investment provider. It lets you hold cash and may add ways to spend or move it, such as a debit card, bill pay, or checkwriting. The label does not tell you where the cash is held: it may be a bank deposit, a money market fund, or a balance at the brokerage, and each has different risks and protections.
How does a cash management account work?
A CMA combines cash storage with account-access features. Depending on the provider, you may be able to use a debit card, write checks, pay bills electronically, deposit checks by mobile, or transfer money. These features and the way cash is handled vary by account.
When cash is not invested, find out where it actually sits. The SEC describes three common arrangements in its cash sweep guidance:
- Bank deposit sweep: The brokerage transfers uninvested cash to deposit accounts at one or more banks. The deposits may earn variable interest. Eligible deposits at participating FDIC-insured banks may qualify for FDIC insurance, subject to limits and conditions.
- Money market fund sweep: Cash is automatically invested in one or more money market mutual funds. A money market fund is a security, not a bank deposit, and is not FDIC-insured. SIPC protection may apply to eligible property held at a member brokerage if the firm fails and customer property is missing, but it does not cover losses from a fund’s decline in value.
- Free credit balance: Cash remains at the brokerage. The firm may or may not pay interest. Eligible cash may be covered by SIPC protection under its rules and limits if the brokerage fails and customer property is missing.
These arrangements can affect different portions of an account differently. For example, cash in transit, money invested in a fund, and deposits already swept to a bank may not receive the same treatment. The SEC notes that bank-sweep deposits are held outside the brokerage; SIPC does not protect them simply because the brokerage arranged the sweep.
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What protection applies to CMA cash?
FDIC insurance and SIPC protection apply to different types of property and different circumstances. Neither guarantees a particular yield or prevents investment losses.
| Protection | What it may cover | Limit or key condition |
|---|---|---|
| FDIC insurance | Eligible deposits at FDIC-insured banks if an insured bank fails. | The SEC describes a general limit of $250,000 per customer at each participating bank for bank-sweep programs. Ownership categories and other deposits at the same bank affect available coverage. |
| SIPC protection | Eligible customer cash and securities held at a SIPC-member brokerage if the firm fails and customer property is missing. | The SEC describes advances of up to $500,000 per customer, including a $250,000 limit for cash claims. SIPC does not protect against a decline in securities’ market value. |
A sweep across multiple banks may make a larger balance eligible for FDIC coverage, but existing deposits you hold at those banks can reduce the coverage available for the swept money. Check which institution holds each balance and when it is deposited there. The SEC’s SIPC guidance explains that SIPC protection is not insurance against investment losses.
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How does a CMA compare with checking or a high-yield savings account?
A CMA can bring cash access and investment accounts together, but the account name alone does not establish that it works like a bank checking or savings account. Compare the specific terms rather than assuming its cash earns a competitive rate or has the same access and protection as a bank account.
| What to compare | Questions to ask |
|---|---|
| Cash location and protection | Is the balance a bank deposit, a money market fund, or cash held at the brokerage? Which institution holds it, when does any insurance apply, and will your other deposits affect coverage? |
| Yield | What rate or fund yield applies now? Can it change, and are there balance tiers or minimums? A sweep rate is not necessarily the same as an online savings rate or money market fund yield. |
| Access | Does the account offer a debit card, checkwriting, bill pay, direct deposit, or mobile deposit? Check transfer timing and ATM rules in the account terms. |
| Fees and minimums | Are there maintenance, transaction, withdrawal, or asset-based fees? Is a minimum balance required? Consider how fees affect the interest or dividends you keep. |
| Everyday fit | Does the CMA provide the access and account arrangement you want, or would a separate bank account be a better fit? The SEC advises considering financial accounts outside the investment firm, too. |
What should you check before opening a CMA?
- Read the cash-sweep terms. Identify the default cash option and whether you can choose a bank sweep, money market fund, or another arrangement.
- Confirm where the money is held. Check the participating bank or fund, how transfers into the sweep work, and whether any cash remains at the brokerage.
- Estimate applicable protection. For bank deposits, account for the same ownership category and any other deposits you have at participating banks. For brokerage-held property, review the firm’s SIPC membership and the limits that apply.
- Check current rates, fees, and access rules. Rates, participating banks, features, and charges can change. Review current account disclosures rather than relying on an older rate or feature list.
- Compare with a separate bank account. Decide whether the CMA’s convenience is worth any difference in yield, services, or account structure.
Provider examples: Fidelity and Betterment
Provider examples show why it is important to read account-specific terms; they are not recommendations.
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Fidelity Cash Management Account
Fidelity’s Cash Management Account FAQ identifies the account as a brokerage account. It describes a government money market fund and an FDIC-insured deposit sweep as cash options, and lists features including a debit card, checkwriting, bill pay, and mobile deposit. Fidelity states that money market fund balances are not FDIC-insured and that sweep deposits are subject to coverage limits.
Betterment Cash Sweep Program
Betterment says its unified Cash Sweep Program became effective May 1, 2026. Its program page describes cash allocation to participating program banks and explains that eligibility and aggregate FDIC coverage depend on conditions, including deposits you already hold at those banks. Consult Betterment’s FDIC and SIPC disclosures for current terms. Rates, participating banks, and program details can change; a rate shown at one time should not be treated as permanent.
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When might a CMA make sense?
A CMA may suit someone who wants cash access alongside an investment relationship and finds the provider’s available features useful. A separate bank account may be preferable if the CMA’s cash options do not meet your needs for yield or ordinary bank-account services. The choice depends on the account’s current terms and how you plan to use it.
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Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
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