National Education Association Member Benefits announces NEA Smart Money accounts, powered by Investor Cash Management, Visa ®, and PIMCO
NEA Members now have access to a unique cash management account with the flexibility to save, invest, and spend
NEA Member Benefits (NEA MB) announced 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 ® 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.”
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