TD Ameritrade Transactional Cash Account
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:
- A complimentary debit card issued by TD Bank USA, N.A.
- Unlimited check writing
- Free standard checks
- Online bill pay
- Mobile check deposit on your smartphone or tablet
One of this account’s standout features is unlimited reimbursem*nt 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.
