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Wealthfront Cash Account
Wealthfront Cash is a newer player to the cash game, but their offering is pretty nice. Currently you can get a cash account that earns 0.35% APY. The account is FDIC-insured up to $1 million, has no fees, and you only need a $1 to open an account. What I also like about this account is the fact you can make unlimited free transfers every month–something a traditional savings account won’t let you do (usually the limit is six withdrawals per month before you’re charged a fee). If you’re looking for somewhere to store cash for a rainy day, or just want to house your uninvested cash until you invest it – this might be your best bet. Also, Wealthfront has JUST launched their checking feature–giving you access to a debit card, direct deposit, bill pay, cash at ATMs, and a whole lot more. Plus, you can get paid up to two days early when you set up direct deposit. Wealthfront just changed the game. Read more: Wealthfront Cash Account full review
Of all the online brokers, E*TRADE is perhaps best known for its cash management features. In addition to stock brokerage services, E*TRADE also offers banking services as E*TRADE bank. With an E*TRADE brokerage account, you get access to an online savings account. Funds can be easily and quickly transferred between accounts. E*TRADE also allows you to set up an automatic savings plan. Currently, E*TRADE’s online savings accounts pays 0.05% interest. The E*TRADE bank also offers online checking and CDs. Because these rates change frequently, you can get current rates and details about E*TRADE’s brokerage services on the E*TRADE website.
Learn More: E*TRADE Review
Scottrade: For arguably the most full featured of all the online discount brokers, Scottrade offers a rising rate based on the amount of cash you have in your account. At the low end, Scottrade pays just 0.05% for balances under $5,000. The rate increases to a high of 1.00% for balances of $1 million or greater. Perhaps not the best rates unless you have a lot of cash in your brokerage account, but at least it pays some interest. You can get more details and check the current rates on the Scottrade website.