An innovation in deposit accounts introduced in the 1980s is the central asset account. This type of account combines into one account many features of financial institutions, and often some investment and additional bookkeeping features. These include checking, savings, credit and debit cards, ATM access, lines of credit, and even brokerage services.

Central asset accounts are meant to make money management easy. Want to transfer funds from savings into your mutual fund, or borrow money and deposit it into your checking account? One phone call or perhaps one online visit can take care of any transaction. Consolidated statements track and perhaps even categorize all of the accounts' financial transactions, from checks to IRA deposits. When it is time to prepare tax returns, the extra features and consolidated statements of the accounts can be a real boon.

Another popular feature of central asset accounts is called a sweep. Periodically, as often as daily, unallocated funds above a certain amount in the account are automatically transferred—swept—into an interest- or dividend-bearing money market account. The sweep feature helps make sure your account funds are earning more quickly in a money market account and not languishing in a zero-rate checking account, for instance.

While you pay a fee for all these services, central asset accounts typically charge only $50 to $150 per year. You will need from $5,000 to $25,000 to start a central asset account, however, and will need to maintain a relatively high minimum balance to maintain the account.