BNY Mellon Wealth Management announced on Tuesday that it will now offer its private banking clients Cash Management Access Accounts that will allow them to manage banking and self-directed investments in one place.
With these accounts, clients are able to manage their day-to-day financial needs and view the activity of various accounts through one online portal. Cash Management Access Accounts are a brokerage account that holds investment assets and automatically directs any uninvested cash balances to a so-called “sweep account,” which has the option of an FDIC-insured interest bearing account.
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