an outside account into your investing account
— could mean losing out on market gains. By
having all of your accounts in one place, you can
take advantage of vital time in the market to
potentially earn more money on your cash.
“First and foremost, you are likely setting up a
one-stop-shop for yourself so you can bank,
save and invest all in one,” said Leah Bourne,
by email. Bourne, the managing editor of the
investing education website The Money Manual,
also added, “Many of the companies that offer
these accounts have made the ability to transfer
money between accounts really, really easy. If
you are actively investing, this is a big pro.”
One of the other big practical perks when it
comes to keeping a CMA with your brokerage?
You have less to keep track of by keeping your
cash accounts and your investment accounts at
the same place.
“That means you’ll have one app on your phone
instead of a few and will be seamlessly able to
monitor your cash account and your brokerage
account all in one spot,” Bourne says.
Such as with any financial product, consumers
should do their research to determine whether
a CMA makes sense for their lifestyle and if
the perks work for their spending, saving and
investing habits.