Most cash management accounts come with a debit card, paper checks, and digital banking. Money is easily transferable between accounts. The interest rate in a cash account is often higher than what brick and mortar banks offer and similar to what you get from online banks.
Cash management accounts offer big advantages: high interest rates coupled with the convenient liquidity of a checking account.
These brokerage savings accounts, which are relatively new to the financial product scene, offer an alternative to traditional savings accounts. They could be a good option for people seeking higher-than-average interest rates and some fantastic features. Here’s our look at the top 6 cash management accounts.
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Best Cash Management Accounts
Betterment Everyday Cash Reserve
Betterment Everyday Cash Reserve is their cash management suite that helps you make the most of your everyday money. No matter your age or situation, Betterment can help you build a plan for life after work. They will help you determine how much to save and automatically invest your contributions.
- Availability: Nationwide Online
- Mobile App: iOS or Android
- APY Earned: 1.85%
- Monthly Service Fee: None Listed
- Minimum Balance Requirement: None
- Minimum Opening Deposit: $10
- How To Open:
- Open a Betterment Everyday Cash Reserve Account with a opening balance of $10
For detailed information, be sure to check out this Betterment Everyday Account here!
Wealthfront Cash Account
With a Wealthfront Cash Account you can grow your cash faster with an account that offers 1.82% APY and FDIC insurance for up to $1M. Wealthfront helps you save, plan, and invest all in one place.
On top of that earn more interest on your cash, get advice on how to manage your savings, and automate your investments at a low cost.
- Availability: Nationwide Online
- Mobile App: iOS or Android
- APY Earned: 1.82%
- Monthly Service Fee: None
- Minimum Balance Requirement: $1.00
- Minimum Opening Deposit:$1.00
- How To Open:
- Open a Wealthfront Cash Account with a low opening deposit of $1.00
For more information on this promotion, check out the Wealthfront Cash Account promotional page!
SoFi Invest Account
Get $100 worth of your favorite stock to start building your portfolio when you fund your SoFi Invest account with at least $1,000.
- Availability: Nationwide Online
- Mobile App: iOS or Android
- APY Earned: 1.60%
- Monthly Service Fee: None Listed
- Minimum Balance Requirement: None
- Minimum Opening Deposit: $10
- How To Open:
- Choose from over 100 popular stocks like Amazon, Tesla, and Disney.
- Put at least $1,000 in your active investing account—this triggers your free Stock Bit.
- You’ll see your free Stock Bit in your account within ten days.
If this account interests you be sure to take a closer look at this SoFi Invest Account here!
Personal Capital Free Tools
Personal Capital is the smart way to track and manage your financial life. Get award-winning financial tools and personal attention from registered financial advisors for significantly less than traditional financial advisors.
- Availability: Nationwide Online
- Mobile App: iOS or Android
- APY Earned: 1.55%
- Monthly Service Fee: None Listed
- Minimum Balance Requirement: None
- Minimum Opening Deposit: None
- How To Open:
- Open an account with Personal Capital
- A user must link at least one valid investment account (brokerage, 401k, IRA, etc) containing a balance of more than $1000 within 30 days of registering
- Referring users who exceed $600 in valued gift cards, will be issued a 1099 and may be subject to tax reporting
- Referrers cannot exceed 30 gift rewards in 30 days, and cannot exceed 100 gift rewards in total
- All awards will be electronically delivered within six weeks from registration
For more information on this promotion, check out the Personal Capital Account promotional page!
Aspiration Spend and Save Account
The Aspiration Spend & Save Account is a cash management account offered by Aspiration Financial, LLC, a broker dealer, not a chartered bank.
This account is a cash management account offering up to 1.00% APY interest (up to 100 times higher than Big Banks), 5 free ATM withdrawals each month, and your own personal People/Planet impact score.
- Availability: Nationwide Online
- Mobile App: iOS or Android
- APY Earned: 1.00%
- Monthly Service Fee: You choose
- “All Extra Services Provided at Cost,” meaning that we’ll only charge you what it costs us to provide the extra service. Besides these at-cost service charges, the only account fee you pay is the fee you choose, even if it’s $0, which is why we call it Pay What Is Fair.
- Minimum Balance Requirement: None
- Minimum Opening Deposit: None
- How To Open:
- Open a Aspiration Spend and Save Account with a opening balance of $10
- Choose which features you want and pay fees on only what you want
For detailed information, be sure to check out this Aspiration Spend and Save Account here!
Fidelity Cash Management Solutions
Fidelity Cash Management Solutions provides an alternative for individuals seeking FDIC insurance and gives you the power to manage your cash and spending alongside your investments.
Plus, earn unlimited 2% cash-back on everyday purchases with the Fidelity® Rewards Visa Signature® Card.
- Availability: Nationwide Online
- Mobile App: iOS or Android
- APY Earned: 0.82%
- Monthly Service Fee: None
- Minimum Balance Requirement: None
- Minimum Opening Deposit:None
- How To Open:
- Open a Fidelity Cash Management Account
- Fund your account with any of the following:
- Direct Deposit:
- Have your paycheck or other regular payments automatically deposited into your Fidelity account
- Mobile Check Deposit:
- Deposit checks with the snap of a photo using Fidelity Mobile®
- Electronic Funds Deposit:
- Transfer money quickly and securely between your bank and Fidelity, without deposit slips, stamps, or checks
- Direct Deposit:
- Make payments from your account:
- Fidelity BillPay:
- Pay bills anytime, anywhere with our free, online service
- Direct Debit:
- You can authorize billers to debit your accounts with this offline alternative to Fidelity BillPay®
- Check Writing:
- Get free checks, deposit slips, and online images of your cleared checks when you add check writing In Required to your account
- Fidelity BillPay:
For more information on this promotion, check out the Fidelity Cash Management Solutions promotional page!
Conclusion
A one-stop shop is all the latest trend in financial services, with consumers able to bank, invest and save without having to switch between apps.
Cash management accounts are cash accounts offered by non-bank financial service providers, such as brokerages. These hybrid accounts combine services and features similar to those of checking, savings and/or investment accounts. Thanks to the lowered costs of online-only services, most of these accounts offer high interest rates and low or no fees.
Keep in mind that the interest rate will vary, as will the fees and requirements from one provider to the next.
Additionally, if you are interested in other banking options and would still like to earn bonuses then check out our list of Bank Bonuses, Referral Bonuses, Bank Rates as well as our CD Rates for all your banking needs.
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