Setting aside money for a rainy day is a critical step toward financial security, but the paltry returns offered by traditional savings accounts—the national average annual percentage yield (APY) is just 0.43%—can be frustrating.
Cash management accounts can be a valuable alternative, offering higher interest rates that are 10 to 15 times those dismissable rates above. However, they work differently than savings accounts, so it's important to understand their ins, outs, and regulations before opening a cash management account.
