Kevin has been writing and creating personal finance and travel content for over six years. He is the founder of the award-winning blog, Family Money Adventure, and host of the Family Money Adventure Show podcast. He has been quoted by publications l.
Kevin Payne Banking WriterKevin has been writing and creating personal finance and travel content for over six years. He is the founder of the award-winning blog, Family Money Adventure, and host of the Family Money Adventure Show podcast. He has been quoted by publications l.
Written By Kevin Payne Banking WriterKevin has been writing and creating personal finance and travel content for over six years. He is the founder of the award-winning blog, Family Money Adventure, and host of the Family Money Adventure Show podcast. He has been quoted by publications l.
Kevin Payne Banking WriterKevin has been writing and creating personal finance and travel content for over six years. He is the founder of the award-winning blog, Family Money Adventure, and host of the Family Money Adventure Show podcast. He has been quoted by publications l.
Banking Writer Doug Whiteman Personal Finance EditorDoug Whiteman is an award-winning journalist with three decades of experience covering personal finance, starting when he was the Washington, D.C.-based consumer news editor and reporter for Associated Press Radio in the 1990s and early 2000s. He's p.
Doug Whiteman Personal Finance EditorDoug Whiteman is an award-winning journalist with three decades of experience covering personal finance, starting when he was the Washington, D.C.-based consumer news editor and reporter for Associated Press Radio in the 1990s and early 2000s. He's p.
Doug Whiteman Personal Finance EditorDoug Whiteman is an award-winning journalist with three decades of experience covering personal finance, starting when he was the Washington, D.C.-based consumer news editor and reporter for Associated Press Radio in the 1990s and early 2000s. He's p.
Doug Whiteman Personal Finance EditorDoug Whiteman is an award-winning journalist with three decades of experience covering personal finance, starting when he was the Washington, D.C.-based consumer news editor and reporter for Associated Press Radio in the 1990s and early 2000s. He's p.
| Personal Finance Editor
Updated: Jun 24, 2024, 11:20am
Have a question we may not have answered?Ask our editors here
Have a question for Kevin Payne or our other editors?
Ask here for a chance to be featured in a story.
This form is protected by reCAPTCHA Enterprise and the Google Privacy Policyand Terms of Serviceapply.
Send a note to Kevin Payne, Doug Whiteman and our other editors. We read every email.
By submitting this form, you agree to allow us to collect, store, and potentially publish your provided information, including name and question, in the article or any related content. You confirm that the submitted content is original, accurate, and non-infringing on any third-party rights. We may contact you via the email address provided for follow-up questions or to notify you if your question is selected for publication. See our Terms of Useand our Privacy Policy.
Thank you for submitting your question.Keep reading Forbes Advisor for the chance to see the answer to your question in one of our upcoming stories. Our editors also may be in touch with follow-up questions.
Continue readingEditorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.
Editor’s note: TD Ameritrade is now part of Charles Schwab. The acquisition was announced in 2020 and completed in late 2023. All TD Ameritrade accounts are now accessible via Charles Schwab.
TD Ameritrade is a brokerage well known for its online and in-person investment services, but it also offers cash management accounts as a part of its suite of services for its brokerage customers. Cash management accounts at TD Ameritrade are not separate products and require a brokerage account to open.
TD Ameritrade offers two cash accounts: Transactional Cash and Investment Cash. This review provides an overview of TD Ameritrade’s Transactional Cash account, its features and benefits, and how it compares to other cash management accounts. Account details and annual percentage yields (APYs) are accurate as of Jan. 18, 2023.
Why you can trust Forbes Advisor
Our editors are committed to bringing you unbiased ratings and information. Our editorial content is not influenced by advertisers. We use data-driven methodologies to evaluate financial products and companies, so all are measured equally. You can read more about our editorial guidelines and the banking methodology for the ratings below.
As mentioned above, TD Ameritrade Online Cash Services are an extension of its brokerage products and are available for all of its brokerage customers. Once a brokerage customer, you must opt in to access the Transactional Cash account.
There is no minimum deposit requirement and no monthly maintenance fees for the Transactional Cash account. The account also features several valuable benefits, including:
One of this account’s standout features is unlimited reimbursement for ATM fees charged by ATM operators. This means you can withdraw cash at any ATM in the U.S. and get reimbursed for any ATM fees. There’s no need to stick to a specific ATM network. You can also connect your debit card to Apple Pay for more payment options.
One of the perks of keeping cash in a TD Ameritrade cash management account is that it allows you to move money between TD Ameritrade accounts easily. If you want to move money over to your brokerage account to buy stock, you can do that quickly and easily in one spot.
TD Ameritrade cash accounts are interest-bearing accounts. However, don’t expect to earn too much interest. Currently, the interest rate on all balance tiers is just 0.35% APY. A TD Ameritrade cash management account is not the place to park your money if you want to maximize your savings. You may want to consider, instead, keeping your money at one of the best online banks.
As with most cash management accounts, you can protect your money in a TD Ameritrade cash account beyond standard FDIC insurance limits through the use of a sweep program. After you deposit money in your cash account, TD Ameritrade utilizes a sweep program to move your deposits to partner banks, with each bank offering the standard $250,000 FDIC coverage per depositor. The maximum FDIC coverage you can receive is $500,000 for individual accounts and $1 million for joint accounts.
As a brokerage firm, TD Ameritrade offers individual and joint brokerage accounts along with retirement accounts. TD Ameritrade also offers a variety of investment products and services, including:
Read our in-depth TD Ameritrade Review for details on investing and retirement accounts through the roboadvisor.
TD Ameritrade accounts are accessible online through TD Ameritrade’s website or its mobile app. Customers can access cash management tools, deposit checks and manage investment and retirement accounts through its mobile app.
For in-person support, TD Ameritrade also operates more than 175 physical branches across the U.S. You can also receive help over the phone through the following numbers:
Regular support and account service and support are available via phone 24/7. Technical support is available Monday through Friday from 7 a.m. to 6 p.m. ET.
You can also send messages and chat via social media through Facebook Messenger and Twitter. There’s also an option to receive support on your mobile device by texting messages to 898832.
TD Ameritrade’s cash management services are an extension of its brokerage accounts. That’s not always the case with other top cash management accounts, many of which offer separate cash accounts. If you’re opening a cash management account through a brokerage firm, you may also want to use its brokerage services, but it’s not a given.
Either way, TD Ameritrade offers enough value in its cash management services to at least give it a look. The account comes with plenty of perks to make it a viable alternative to a traditional bank account. That said, the interest rate is similar to what you may find at a brick-and-mortar national bank. You could maximize your savings better by opening a high-yield savings account elsewhere. If you’re already a TD Ameritrade customer, though, it’s easy enough to use the broker’s cash management options—you simply need to opt in.
Through a deposit sweep program, funds deposited into TD Ameritrade cash accounts are FDIC insured up to $500,000 maximum—up to $250,000 per partner bank, including any existing deposits at those banks.
As part of its brokerage accounts, TD Ameritrade brokerage customers can opt in to cash management services, which operate similarly to checking and savings accounts. Cash accounts are interest-bearing and feature benefits like check-writing privileges, online bill pay, mobile check deposit and more.
A cash management account is an account available through brokerage firms and other non-bank financial institutions that acts similar to a bank account. Cash accounts often include similar features to checking and savings accounts, like access to a debit card and a checkbook and interest earnings.
To access TD Ameritrade cash management services, you must first open a TD Ameritrade individual, joint or retirement brokerage account. You’ll be asked to provide personal information to verify your identity during the application process.
Yes, TD Ameritrade’s cash management services are a feature of its brokerage accounts and aren’t available without an account.
Helping You Make Smart Financial DecisionsGet the Forbes Advisor newsletter for helpful tips, news, product reviews and offers from a name you can trust.
Thanks & Welcome to the Forbes Advisor Community!This form is protected by reCAPTCHA Enterprise and the Google Privacy Policy and Terms of Service apply.
I agree to receive the Forbes Advisor newsletter via e-mail. Please see our Privacy Policy for more information and details on how to opt out.
Information provided on Forbes Advisor is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Past performance is not indicative of future results.
Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners.