The Vanguard Group has unveiled a cash management account, the VanguardAdvantage Account, which combines key traits of traditional bank checking accounts with the firm's well-regarded brokerage and investment services.

Featuring unlimited checking with no minimum amount per check, overdraft protection, and a Visa Gold check card, the new account also offers money market yields that are among the highest in the industry, according to Lipper.

The VanguardAdvantage account is now available to members of Vanguard Flagship and Voyager services. Vanguard expects to extend the account to all shareholders in mid-2003. Account holders can invest in individual securities and non-Vanguard mutual funds, and choose any Vanguard money market fund as their settlement account for brokerage trades.

Vanguard is working with PFPC, who will act as banking clearing agent. Pershing will continue to provide correspondent clearing services for brokerage trades. 

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