Personal Finance

10 Best Cash Management Accounts

Invest, bank, and set aside your cash for short-term savings all in one spot with cash management accounts.

Editor's Note

You can trust the integrity of our balanced, independent financial advice. We may, however, receive compensation from the issuers of some products mentioned in this article. Opinions are the author's alone. This content has not been provided by, reviewed, approved or endorsed by any advertiser, unless otherwise noted below.

Wouldn’t it be great if you can invest, bank, and set aside your cash for short-term savings all in one spot? Well, now you can with the help of cash management accounts offered by online investment platforms, apps, and even robo advisors.

Many offer similar features to checking accounts (like the fact that they’re FDIC-insured) and have higher interest rates with low to no fees. Below is a look at some of the best cash management accounts so you can determine whether it’s the right choice for you.

10 Best Cash Management Accounts

PlatformBest For
Aspiration Spend & Save AccountThose who like to give back
Wealthfront Cash AccountLow minimum opening balance
Betterment Cash ReserveRobo advisor
Robinhood Cash ManagementHigh FDIC insurance limits
Empower CardRewards and Cash Advance^
LendingClub Rewards Checking AccountFull-service banking
SoFi Money®Membership perks
Empower CashHigh-interest rates
Fidelity Cash Management AccountThose who prefer a full-service brokerage

1. Aspiration Spend & Save Account

Rate: Up to 3.00% APY on your savings with $1000/month spend, terms apply & 5.00% with Aspiration Plus

Fees: None or $7.99/month for Aspiration Plus

FDIC Insurance Limit: Up to $2.46 million per depositor by being swept to program banks. Visit and for more information.

Debit Card: Yes

What we like about Aspiration is that it’s very focused on its values, while still being able to offer account holders a high-interest rate. When you use your debit card, Aspiration gives up to 3-5% cash back on purchases at merchants that are part of its Conscious Coalition, including Warby Parker and Blue Apron. Otherwise, you’ll still earn a decent everyday 0.5% back from larger retailers that scored high on its Aspiration Impact Measurement like CVS, Walmart, and Target.

Choose your own monthly fee, even if it’s zero, and get fee-free access to one of the largest (55,000+) ATM networks. All you need is $10 to open an account.

Read the full Aspiration Review.

2. Wealthfront Cash Account

Rate: 4.30% APY

Fees: None

FDIC Insurance Limit: $3 million

Debit Card: Yes

A popular robo advisor, Wealthfront offers a decent annual percentage rate (APY). There are no limits on the number of transfers you can make, no maintenance fees, and your money is FDIC insured for up to $3 million. You can now move money between accounts and the account comes with a debit card.

The minimum initial deposit is only $1.

Visit Wealthfront or read the full Wealthfront Cash Account Review

3. Betterment Cash Reserve

Rate: 2.25% APY

Fees: None

FDIC Insurance Limit: $1 million

Debit Card: No

Betterment’s savings account doesn’t have any monthly maintenance or overdraft fees and no minimum account balance requirement. You’ll need $10 to open an account. While you don’t get a debit card, you can also open a Betterment checking account and get a Visa debit card. Extra perk: You can get rewards for using the card.

Betterment Cash Reserve APY Disclosure - Annual percentage yield (variable) is as of 9/26/2022. Cash Reserve is only available to clients of Betterment LLC, which is not a bank, and cash transfers to program banks are conducted through the clients’ brokerage accounts at Betterment Securities.

For Cash Reserve (“CR”), Betterment LLC only receives compensation from our program banks; Betterment LLC and Betterment Securities do not charge fees on your CR balance.

Visit Betterment or read the full Betterment Review

4. Robinhood Cash Management

Rate: 0.50% APY

Fees: None

FDIC Insurance Limit: $1.25 million

Debit Card: Yes

Robinhood, a mobile-based brokerage, allows you to open a cash management account that’s tied to your investment account so you can store your cash there when it’s not being invested. You can use it as a savings account as well, or as a place to store money from any sale you make on your investments using Robinhood. You can use your MasterCard debit card at over 75,000 fee-free ATMs.

You don’t need to make an initial opening deposit, but you do need to be an existing Robinhood customer. The cash management account doesn’t have any monthly, overdraft, or foreign transaction fees.

Visit Robinhood or read the full Robinhood Review

5. Empower

Empower offers the Empower Card which gives you easy access to your cash while still allowing you to earn a return on the money you’ve deposited.

Unlike other cash management accounts, it doesn’t split your balance among multiple banks or offer additional FDIC insurance beyond the normal $250,000 limit.* However, that doesn’t mean there aren’t plenty of perks.

When you sign up for an Empower Card, you can use the card to get you up to 10% cashback* when you use it at qualifying merchants. Plus, get free unlimited access to more than 37,000 ATMs in the United States.

Depositing your paycheck into the Empower Card unlocks additional features. You can get access to your paychecks up to two days early.* You’ll also get access to up to $250 Cash Advance^ with no interest, no late fees and no risk to your credit. Empower automatically deducts the amount of the advance from your next paycheck.

Empower is a financial technology company, not a bank. Banking Services provided by nbkc bank, Member FDIC.

Visit Empower or read our full Empower Review

^Eligibility requirements apply.

*Empower is a financial technology company, not a bank. Banking services provided by nbkc bank, Member FDIC. Early access to paycheck deposit funds depends on the timing of the employer’s submission of deposits. We generally post such deposits on the day they are received which may be up to 2 days earlier than the employer’s scheduled payment date. Cashback deals on Empower Card purchases, including categories, merchants, and percentages, will vary and must be selected in the app. Cashback will be applied automatically when the final transaction posts, which may be up to a week after the qualifying purchase.

6. LendingClub Rewards Checking Account

Rate: Up to 0.15% APY

Fees: None

FDIC Insurance Limit: $250,000

Debit Card: Yes

LendingClub Bank is free but you need to make a $100 opening deposit. Although the APY seems low, you do get other perks such as domestic ATM fee rebates worldwide and unlimited 1% cash back if you use your debit card to make purchases.

Visit LendingClub Bank or read the full LendingClub Bank Review

7. SoFi Money®

Rate: 0.25% APY

Fees: None

FDIC Insurance Limit: $1.5 million

Debit Card: Yes

SoFi was known initially as a student loan lender but now it’s branched out into other products, like its cash management account. You’ll find many of the same features as you would a checking account except it offers a higher APY and there are no minimum opening deposit requirements. If you use your debit card at an ATM can be reimbursed for third-party fees you might incur.

Visit Sofi or read the full Sofi Review

8. Empower Cash™

(Personal Capital is now Empower)

Rate: 3.35 APY (non-advisory clients) or and 3.45% APY for Empower Advisory Clients

Fees: None

FDIC Insurance Limit: Up to $1.5 million

Debit Card: No

Empower’s cash management account doesn’t have a minimum opening deposit requirement, no monthly maintenance fees and you can make unlimited transactions. Plus, if you’re an advisory client, you can earn a higher APY. Depending on your needs, you can also withdraw up to $100,000 each day.

Although this account doesn’t have a debit card, Empower representatives say this feature will be rolling out soon.

Visit Empower or read the full Empower Review

9. Fidelity Cash Management Account

Rate: 0.01%

Fees: None

FDIC Insurance Limit: $1.25 million

Debit Card: Yes

A popular brokerage firm, Fidelity might be for you if you want to work with a full-service company.

Like most of the other cash management accounts on this list, there are no monthly maintenance fees or minimum balance requirements. You’ll also get a debit card and you won’t be charged any ATM fees, plus all domestic third-party fees will be reimbursed.

If you want to make payments, Fidelity offers you free checkbooks, or you can do so easily from the Fidelity app.

10. Brex

Rate: N/A

Fees: None

FDIC insurance limit: $250,000

Debit card: No, but account holders get a charge card

Brex may be a good choice for a business with a high cash flow since you can open this account complete with a corporate credit card and accounting within minutes. There are no fees, though you’ll need at least $50,000 in your account to be able to access all the features. You’ll need to also give Brex access to your bank information, since your credit (officially a charge card) limit will fluctuate depending on factors like your balance.

Visit Brex

Pros and Cons of Cash Management Accounts

Take a look at some of the advantages and disadvantages of cash management accounts.

  • A simple way to invest since many of these accounts are managed by brokerages

  • Can offer higher interest rates compared to traditional bank accounts

  • Offers benefits that are similar to checking and savings accounts

  • Offers FDIC insurance protection through partner banks, often higher than what’s traditionally offered

  • Some accounts may not have as many robust features compared to savings and checking accounts

  • These types of accounts are online-only, a downside for those who want in-person services

  • High-yield savings accounts may offer better interest rates

How We Came up with the Best Cash Management Accounts

When doing our research, we wanted to find companies with good reputations and a history of consistent customer service. We also looked at other factors such as interest rates, account minimums, fees, and more.

Cash Management Account vs. High-Yield Checking

A cash management account offers similar features and services to a checking account. However, these types of accounts are provided by financial institutions like investment and brokerage firms instead of banks.

Related: Online Stock Brokers That Pay Interest on Cash Account

Cash Management Accounts vs Traditional Checking: What’s the Difference?

Traditional checking accounts often come with no to low-interest rates and are offered by both brick and mortar and online-only banks. Your money is FDIC-insured up to $250,000 and features may include a debit Visa card, checks, and more. A cash management account offers many of these same features except that it partners with banks to house your cash. While the cash management accounts aren’t themselves FDIC-insured, partner banks are.

Frequently Asked Questions

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How do cash management accounts earn so much interest?

Cash management accounts want to provide an incentive for customers to make larger deposits, so it tries to do so by offering higher interest rates. These companies don't have as many overhead costs for these accounts compared to more traditional banks, so they pass on the savings to you in the form of higher interest.

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Where does my money go when I deposit it into a cash management account?

Companies offering cash management accounts partner with banks or a series of them to manage your money. So when you make a deposit, the money will be swept into one of these partner banks at the end of the day. You'll be able to take advantage of perks like FDIC insurance.

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Are these accounts safe?

Cash management accounts use the most up-to-date technology to ensure information transmitted won’t be able to be hacked by outsiders. Since they partner with chartered banks, your money is technically FDIC insured up to $250,000. In some cases, insurance can be based on how many partner banks there are. (It’s best to check with the financial institution).

Final Overview of the Best Cash Management Accounts

BrandAPYMonthly FeeMinimum Balance
AspirationUp to 3.00%NoneNone
Wealthfront0.35% APYNone$1
Robinhood0.50% APYNoneNone
Empower0.01% APY*$8None
LendingClubUp to 0.15% APYNoneNone
SoFi Money®0.25% APYNoneNone
Empower0.15% APY (non-advisory clients) or and 0.25% APY (advisory clients)NoneNone
BrexNon-interest bearingNoneNone

Note: APY rates are up-to-date as of March 18, 2022. Please check each brand’s website for the most updated rates.

Final Thoughts

Cash management accounts can be an attractive option since you can earn some pretty high-interest rates while still getting liquid access to your funds. However, if you’re not comfortable working with a company that does not have a long-standing reputation or working with an online-only institution, then these types of accounts may not be best suited for you.

Betterment Cash Reserve Disclosure - Betterment Cash Reserve ("Cash Reserve") is offered by Betterment LLC. Clients of Betterment LLC participate in Cash Reserve through their brokerage account held at Betterment Securities. Neither Betterment LLC nor any of its affiliates is a bank. Through Cash Reserve, clients' funds are deposited into one or more banks ("Program Banks") where the funds earn a variable interest rate and are eligible for FDIC insurance. Cash Reserve provides Betterment clients with the opportunity to earn interest on cash intended to purchase securities through Betterment LLC and Betterment Securities. Cash Reserve should not be viewed as a long-term investment option.

Funds held in your brokerage accounts are not FDIC‐insured but are protected by SIPC. Funds in transit to or from Program Banks are generally not FDIC‐insured but are protected by SIPC, except when those funds are held in a sweep account following a deposit or prior to a withdrawal, at which time funds are eligible for FDIC insurance but are not protected by SIPC. See Betterment Client Agreements for further details. Funds deposited into Cash Reserve are eligible for up to $1,000,000.00 (or $2,000,000.00 for joint accounts) of FDIC insurance once the funds reach one or more Program Banks (up to $250,000 for each insurable capacity—e.g., individual or joint—at up to four Program Banks). Even if there are more than four Program Banks, clients will not necessarily have deposits allocated in a manner that will provide FDIC insurance above $1,000,000.00 (or $2,000,000.00 for joint accounts). The FDIC calculates the insurance limits based on all accounts held in the same insurable capacity at a bank, not just cash in Cash Reserve. If clients elect to exclude one or more Program Banks from receiving deposits the amount of FDIC insurance available through Cash Reserve may be lower. Clients are responsible for monitoring their total assets at each Program Bank, including existing deposits held at Program Banks outside of Cash Reserve, to ensure FDIC insurance limits are not exceeded, which could result in some funds being uninsured. For more information on FDIC insurance please visit Deposits held in Program Banks are not protected by SIPC. For more information see the full terms and conditions and Betterment LLC's Form ADV Part II.

Empower Personal Wealth, LLC (“EPW”) compensates Webpals Systems S. C LTD for new leads. Webpals Systems S. C LTD is not an investment client of Personal Capital Advisors Corporation or Empower Advisory Group, LLC

Sarah Li Cain

Sarah Li Cain

Sarah Li-Cain is a finance writer and Accredited Financial Counselor candidate whose work has appeared in places like Bankrate, Business Insider, Redbook, Financial Planning Association and Kiplinger. She's also the host of Beyond The Dollar, a podcast where she and her guests have deep and honest conversations on how money affects our well-being.

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