Brokerages now offering accounts similar to checking, savings accounts

If you've invested with a brokerage firm in recent years, you may have noticed that your brokerage offers a product called a cash management account, or CMA. These accounts are very similar to a checking or savings account and typically provide competitive interest rates, debit cards and other money management features.

However, these features are not standard, and while many brokerages partner with chartered banks to insure deposits in CMAs, this isn't required.

Also, CMA customer service is typically online only. Most CMA providers offer only remote customer service because they don't have branches. As a result, customers who open an account will need to be comfortable with service options that aren't in person.

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.

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.

Here are some other things to consider when deciding whether to let your brokerage help you manage your cash.

Pros

"I use Fidelity for my daughter's 529 account, and it is nice that I can do a transfer to that account instantly," Parker says. "If I had my primary brokerage account with Fidelity, it would be the same way."

Cons

Easier to invest?

When it comes to investing, timing can be critical. Missing a day or two of having your cash in the market — say, the amount of time it takes to transfer cash from 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.