A type of account typically offered by brokerage firms which allows an individual to consolidate different accounts into one.
An all-in-one account banks and brokerages offer to allow customers to invest, write checks, pay bills, and earn an elevated interest rate on their cash. Brokerages typically require a minimum amount of cash and securities, sometimes as much as $25,000. Annual fees can reach $125 or so. Any cash that comes in from interest, dividends, or the sale of securities is swept into a money market account. Brokerages also offer customers free checking and access to preferred rates on loans. Because of the fees, this kind of account best serves active traders. Also called asset management account.
An interest bearing account, where your funds are held.
a competitive interest-bearing chequing account for all your day-to-day banking needs
A special account offered by financial institutions if balances are kept above a certain level. Interest payable is generally higher than on ordinary savings accounts.
The Direct Trader Cash Management Account works like a deposit account. When you buy or sell shares, money is either withdrawn from, or credited to, the account.
Merrill Lynch created the first CMA in 1977. A CMA is a brokerage account that consolidates all client transactions--stocks, bonds, mutual funds, limited partnerships and options. Typically, a client can write an unlimited amount of checks against a CMA, as well as borrow money using a CMA credit card.
type of brokerage account consolidating all client transactions (including stocks, bonds, options, etc.), that frequently allows the client to write checks and also to borrow money through use of a CMA credit card