Cash management accounts, offered by nonbank financial services providers, are meant to help people spend and save their money. Until recently, many highlighted a high interest rate and lacked certain checking-related, consumer-friendly features, like debit cards and ATM access. Customers often had to use online transfers to move their money around.
Since interest rates dropped across the board for CMAs in early 2020 — part of the financial repercussions of the coronavirus pandemic — these accounts have had to evolve to keep customers interested. Here are some of the new checking-related options that CMAs are offering to entice customers.
