BEST OF

4 Best Cash Management Accounts of 2023

Chanelle Bessette
By Chanelle Bessette 
Edited by Sara Clarke

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The best cash management accounts pay interest and typically come with low or no fees. They're usually offered by brokerage firms and combine services and features similar to those of checking, savings and/or investment accounts, all in one product.

Why trust NerdWallet: Our writers and editors follow strict editorial guidelines to ensure fairness and accuracy in our coverage to help you choose the financial accounts that work best for you. See our criteria for evaluating banks and credit unions.

Interest rates for the best cash management accounts are much higher than the national average savings account APY, currently just 0.40%.

Cash management accounts are cash accounts offered by nonbank financial service providers, such as brokerages. These hybrid accounts combine services and features similar to those of checking, savings and/or investment accounts, all in one product. To provide federal insurance, cash management account providers typically work with partner banks. CMA providers sweep customer deposits into partner bank accounts, where the funds benefit from the bank’s Federal Deposit Insurance Corp. insurance.

These brokerage savings accounts can offer an alternative to traditional savings accounts. They can be a good option for people seeking high interest rates and some robust features. Here’s our look at the top cash management accounts.

» Want to learn more about the basics of cash management accounts? Check out NerdWallet’s guide to this banking product.

Best Cash Management Accounts

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People often identify opening a savings account as their next money move.

UFB Premier Savings

4.5

NerdWallet rating 
UFB Premier Savings

APY

4.81%

With $0 min. balance for APY

at UFB Direct, Member FDIC

Axos Bank® High Yield Savings

4.0

NerdWallet rating 
Axos Bank® High Yield Savings

APY

0.25%

With $25,000 min. balance for APY

at Axos Bank®, Member FDIC

Citizens Online Savings Account

4.5

NerdWallet rating 
Citizens Online Savings Account

APY

4.50%

With $0.01 min. balance for APY

at Citizens, Member FDIC

Our pick for

Cash Management Account

NerdWallet rating 

4.5

/5
Betterment Cash Reserve – Paid non-client promotion
Learn more

at Betterment

Monthly fee

$0

APY

4.50%

With $0 min. balance for APY

Bonus

$90

Requirements to qualify

NerdWallet rating 

4.0

/5
Empower Personal Cash
Monthly fee

$0

APY

4.45%

With $0 min. balance for APY

Bonus

N/A

NerdWallet rating 

5.0

/5
Fidelity Cash Management Account
Monthly fee

$0

APY

2.60%

With $0 min. balance for APY

Bonus

N/A

NerdWallet rating 

4.5

/5
Wealthfront Cash Account
Monthly fee

$0

APY

4.55%

With $1 min. balance for APY

Bonus

$30

Requirements to qualify

Last updated on May 19, 2023

To recap our selections...

NerdWallet's Best Cash Management Accounts of 2023

Frequently asked questions