The Basics of Asset Management Accounts

If you haven’t heard of or been using asset management accounts, you’re missing out!  

This is especially true if you have a lot of different accounts, such as checking accounts, money market accounts, and various investment accounts.

If you fit the above description and would like to manage all of your accounts more easily and more conveniently, then read on to learn about the awesomeness that is an asset management account.

How They Work

Asset management accounts basically allow all of your accounts to be combined into one, a sort of a “hybrid account,” if you will.

This means that, when you deposit money into your asset management account, the balance goes into a money market fund where it earns a sizable interest, much more than a standard checking account earns. However, money can be deducted at any time for cash withdrawals, debit or credit purchases, investments, and more.

You’ll receive a statement of all of your account activity on a monthly basis. Also, in many cases, you’ll be able to sign up for automatic mutual fund purchases and other automatic investments that make earning money easier than ever!

Signing Up

If you’re ready for an asset management account, your first step is to find a financial service that offers them, such as PF Invest.

From there, you’ll need to make sure you meet the minimum account amount, which will vary from one company to the next, and that you’re okay with the maintenance fees charged.

As long as all of these things work out, then you can open your account and start enjoying all of the benefits that go along with it.