Personal Capital Cash Review: Online Cash Management Account

Chanelle BessetteMay 19, 2020

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Personal Capital Cash™
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Personal Capital Cash helps customers manage their money with the benefit of no fees or minimum balance. Cash management accounts — also known as cash accounts — combine features that are commonly found in checking and savings accounts but are typically offered by nonbank financial service providers, like Personal Capital, an automated investment management service. Keep in mind that you currently can’t withdraw or deposit cash with Personal Capital Cash, and there is no face-to-face customer service.

» Looking for information about Personal Capital’s investment services? Check out NerdWallet’s review of its investment offerings

Where Personal Capital Cash shines

Where Personal Capital Cash falls short

  • The 0.05% annual percentage yield is comparable to what most brick-and-mortar banks offer.

  • No fees.

  • No minimum balance.

  • FDIC insured through third-party bank.

  • High mobile app ratings.

  • No branches.

  • No cash withdrawals or deposits.

  • No debit card.

  • No check writing or deposits.

Checking and savings features

3.5/5.0

Upsides

No fees. Personal Capital Cash doesn’t charge any fees for its service, including monthly fees.

No minimum balance. Personal Capital Cash has no minimum balance requirements after the $1 it takes to open your account and start earning interest.

Offers joint accounts. Partners can co-manage their finances with a joint account.

FDIC insurance through third-party banks. Like most cash management accounts, Personal Capital Cash uses third-party partner banks to federally insure customers’ deposits. Personal Capital sweeps its customers’ cash balances into one or more third-party banks, where those funds have Federal Deposit Insurance Corp. coverage up to $250,000 per third-party bank.

No withdrawal limits. Unlike traditional savings accounts at banks, cash management accounts aren’t subject to federal regulations that restrict the number of withdrawals a customer can make each month. Personal Capital Cash doesn’t have limits on the number of withdrawals customers can make.

» Looking for products that are similar to CMAs? Check out Cash Accounts and Apps to Buddy Up With Your Investments

Downsides

No cash withdrawals or deposits, and no check writing. Personal Capital Cash currently only supports electronic transfers to deposit into and withdraw from the account. Direct deposits and wire transfers are also supported.

No debit card. A debit card is not available with the Personal Capital Cash account, but the company says it’s working to make it available, along with bill pay.

Other things to consider

APY is comparable to brick-and-mortar banks. Customers receive a 0.05% APY on their money in a Personal Capital Cash account. The rate goes up to 0.10% APY for customers who also use Personal Capital’s advisory services.

No overdraft program. If a customer tries to make a transfer that exceeds available funds, Personal Capital will decline it. This means customers avoid hefty overdraft fees, but there's also no cushion if they come up short during a transfer.

» Looking for more information about Personal Capital? Check out NerdWallet’s review of its tools and investment services

Customer experience

3.5/5.0

Upsides

Budgeting tools and net worth tracking available. Personal Capital built its business on helping customers budget and track their net worth via its online platform, so its site and app have robust tools to help with these tasks.

High mobile app ratings. The Personal Capital app — which includes its hallmark net worth tracking service — has very high app ratings in both the Apple and Google Play app stores.

Solid website. The Personal Capital website is well-designed and easy to navigate, and prospective customers can easily find information on how to open a Personal Capital Cash account.

Personal Capital Cash™
NerdWallet rating 
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Downsides

Basically no human phone support. Phone support is usually for customers to talk to a sales associate. Personal Capital Cash customers wanting support are advised to email or talk to their individual advisors.

No chat support. Customer support is available only via phone and email.

No branches. Personal Capital Cash is an online-only financial service, so customers don’t have access to face-to-face service.

No mobile check deposit. The only way to deposit money into your account is through electronic transfer, so if you need to make a check deposit, you’ll need to deposit it into a linked bank account and then transfer it into your Personal Capital Cash account.

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