NEA Members now have access to a unique cash management account with the flexibility to save, invest, and spend
CHICAGO, Feb. 17, 2021 /PRNewswire/ -- NEA Member Benefits (NEA MB) announced today it is offering a new cash management account (CMA) in partnership with Investor Cash Management (ICM) that integrates saving, investing, and spending. The NEA Smart Money program enables NEA's three million members to have immediate access to their funds in both FDIC insured accounts and investment accounts, with the aim of obtaining higher returns than those offered by conventional bank accounts.
The NEA Smart Money program provides the convenience of a Visa ® (NYSE: V) contactless debit card linked to both an account hosted at Sutton Bank (member FDIC) and a brokerage account hosted at DriveWealth (member of FINRA and SIPC). ICM's patent-pending technology allows immediate access to cash and invested funds for in-store and online purchases, ATM withdrawals, and bill payments. Members can manage their accounts via an NEA-branded Apple/Android app and corresponding web portal.
The NEA Smart Money program combines the convenience of a traditional bank account with the benefits of a brokerage account. Furthermore, it employs best-in-class technology and financial education to provide access to quality investment products to all accountholders and seeks to reduce racial and gender investment gaps.
Gary Phoebus, CEO of NEA MB, commented: "Our enduring promise is to make NEA members' lives better. Through our carefully vetted, best-in-class programs, we are pleased to work with ICM to offer a unique product that helps empower members to work towards their financial goals."
Fred Phillips, CEO of ICM, said: "ICM was created to provide both new and experienced investors a new way to manage their assets. By partnering with NEA MB and simplifying the investment process for NEA members, more than three million educators can access high-quality financial products to help build a better financial future."
Daniel Noonan, PIMCO Executive Vice President and Head of ETF Sales, said: "Innovation has long been a driving force in PIMCO's culture. Through our collaboration with ICM, we are pleased the NEA Smart Money account enables millions of educators to access PIMCO investment products to help attain their financial objectives."
About the National Education Association
The National Education Association is the nation's largest professional employee organization, representing more than 3 million elementary and secondary teachers, higher education faculty, education support professionals, school administrators, retired educators, students preparing to become teachers, health care workers and public employees. Learn more at www.nea.org
About NEA Member Benefits
For more than 50 years, NEA Member Benefits (NEA MB) has provided education professionals with solutions that help make their lives better so they can focus on educating and supporting students. Through its carefully vetted, best-in-class programs and services, NEA MB offers solutions to help its members plan for a secure future, maximize their hard-earned dollars, receive support in times in challenging times and live their best life. NEA members can access their benefits at www.neamb.com
About Investor Cash Management
Investor Cash Management (ICM) has developed unique technology to create cash management accounts (CMAs) linked directly to high-yield FDIC insured accounts and specified SEC-registered securities (e.g., government money market funds, mutual funds, and/or ETFs), thereby enabling the client to obtain exposure to a combination of higher investment return potential through an investment account and immediate liquidity through a bank product. All investment products contain risk and may lose value. ICM supports its distribution partners by providing them with turnkey, customized CMAs, including a branded Apple/Android app, web portal, and investment debit card. For more information, visit www.InvestorCashManagement.com
The NEA Smart Money Card is issued by Sutton Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. All investment products contain risk and may lose value.
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SOURCE Investor Cash Management