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6 Best Cash Management Accounts

Chanelle BessetteOctober 29, 2019

At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.

Summary of Best Cash Management Accounts

BankMonthly FeeAPYLearn More
Betterment Everyday™ Cash Reserve

Betterment Everyday™ Cash Reserve

at Betterment

$0

1.83%

With $0 minimum balance

at Betterment

Wealthfront Cash Account

Wealthfront Cash Account

at Wealthfront

$0

1.78%

With $1 minimum balance

at Wealthfront

SoFI Money®

SoFI Money®

at SoFi

$0

1.60%

With $0 minimum balance

at SoFi

Personal Capital Cash™

Personal Capital Cash™

$0

1.55%

With $0 minimum balance

Aspiration Spend & Save Account

Aspiration Spend & Save Account

$0

1.00%

With $0 minimum balance

Fidelity Cash Management Account

Fidelity Cash Management Account

$0

0.82%

With $0 minimum balance

BankMonthly FeeAPYLearn More
Betterment Everyday™ Cash Reserve

Betterment Everyday™ Cash Reserve

at Betterment

$0

1.83%

With $0 minimum balance

at Betterment

Wealthfront Cash Account

Wealthfront Cash Account

at Wealthfront

$0

1.78%

With $1 minimum balance

at Wealthfront

SoFI Money®

SoFI Money®

at SoFi

$0

1.60%

With $0 minimum balance

at SoFi

Personal Capital Cash™

Personal Capital Cash™

$0

1.55%

With $0 minimum balance

Aspiration Spend & Save Account

Aspiration Spend & Save Account

$0

1.00%

With $0 minimum balance

Fidelity Cash Management Account

Fidelity Cash Management Account

$0

0.82%

With $0 minimum balance

Betterment Everyday™ Cash Reserve

at Betterment

Betterment Everyday™ Cash Reserve

Betterment Everyday™ Cash Reserve

Monthly Fee

$0

APY

1.83%

With $0 minimum balance

Bonus

N/A

at Betterment


Bonus

N/A

Why we like it

Betterment Everyday Cash Reserve cash management account has an annual percentage rate of 1.83%. The Cash Reserve account has no fees and no minimum balance requirement, offers debit cards and reimburses ATM fees worldwide. However, the account doesn’t currently allow check deposits or writing. A companion Everyday Checking account is gradually being rolled out.

Read Full Review
Wealthfront Cash Account

at Wealthfront

Wealthfront Cash Account

Wealthfront Cash Account

Monthly Fee

$0

APY

1.78%

With $1 minimum balance

Bonus

N/A

at Wealthfront


Bonus

N/A

Why we like it

Wealthfront Cash Account offers an attractive 1.78% APY that rivals products like high-yield savings accounts and CDs, all with no fees. If you want to take advantage of the high APY, however, keep in mind that it’ll be hard to access your cash on the fly from this account. There is currently no way to withdraw or deposit cash or write or deposit checks. To fund or withdraw from this account, customers have to use electronic transfer to or from an outside bank account.

Read Full Review
SoFI Money®

at SoFi

SoFI Money®

SoFI Money®

Monthly Fee

$0

APY

1.60%

With $0 minimum balance

Bonus

N/A

at SoFi


Bonus

N/A

Why we like it

SoFi’s cash management account, SoFi Money, offers a high 1.60% interest rate, and it has no monthly account fees, no minimum balance, no overdraft fees, no ATM fees and no foreign transaction fees. Other benefits include peer-to-peer money transfers, free physical checks and FDIC insurance up to $1.5 million through SoFi’s partner banks. The downsides are that there are no physical branches; no cash deposits are accepted; and customer service options are limited to daytime and evening phone support, email and Twitter.

Read Full Review

Personal Capital Cash™

Personal Capital Cash™

Monthly Fee

$0

APY

1.55%

With $0 minimum balance

Bonus

N/A


Bonus

N/A

Why we like it

Personal Capital Cash offers a high 1.55% APY as well as robust budgeting features through its highly rated app. It also has no fees or minimum balance, which means it’s a pretty low-cost place to park your money if you want to earn a high interest rate. Keep in mind, however, that Personal Capital Cash currently doesn’t support cash deposits, cash withdrawals or check writing. Electronic transfers, wire transfers and direct deposits, however, are currently supported.

Read Full Review

Aspiration Spend & Save Account

Aspiration Spend & Save Account

Monthly Fee

$0

APY

1.00%

With $0 minimum balance

Bonus

N/A


Bonus

N/A

Why we like it

Aspiration’s Spend & Save is a cash management account that offers cash-back rewards on every purchase, bonus rewards for spending at socially conscious businesses, a 1.00% APY on the “Save” aspect of the account, a “choose your own monthly fee” feature, no ATM fees worldwide and cell phone protection insurance. The account also has a unique socially conscious feature: Customers receive a score for how often they shop at sustainable businesses. In addition, Aspiration gives 10% of its earnings to charity.

Read Full Review

Fidelity Cash Management Account

Fidelity Cash Management Account

Monthly Fee

$0

APY

0.82%

With $0 minimum balance

Bonus

N/A


Bonus

N/A

Why we like it

Fidelity Cash Management Account has no monthly fees or minimum balance requirements, and it offers ATM fee reimbursement and free check writing. The account carries FDIC insurance of $1.25 million through Fidelity’s partner banks. Keep in mind, however, that the 0.82% APY for this account isn’t very high compared with other recommended accounts.

Read Full Review

Last updated on October 29, 2019

Frequently asked questions

A cash management account is a hybrid account that offers similar services and features as checking and savings accounts. They aren’t provided by banks; instead, they’re provided by nonbank financial service providers like brokerage and investment firms.

Check out our list of the best cash management accounts on the market.

Cash management accounts—offered by nonbank financial service providers like brokerage and investment firms—bring checking, savings and/or investment products all under one roof. They typically offer high interest rates and tech-savvy features.

Since CMA providers aren’t banks, they can’t directly offer FDIC insurance to customers’ funds. Instead, providers partner with banks behind the scenes and sweep customers’ cash into bank accounts, thereby allowing banks to extend FDIC coverage to that money.

A brokerage account is an investment account where customers can put away their long-term savings to earn interest. A cash management account is for short- to medium-term savings and regular spending and is meant to be used frequently.

Since most CMAs are offered by brokerage and investment firms, customers can often connect their brokerage account to a CMA and transfer money back and forth under the umbrella of the same provider

Some of the best alternatives to cash management accounts include: certificates of deposit (CDs), peer-to-peer lending, high-yield money market accounts (MMAs) and high-yield online savings accounts.

To learn more about the similarities and differences of these products, check out this guide from NerdWallet.

Cash management refers to the way consumers process and determine the usage of their money.

When it comes to cash management accounts, customers can manage the flow of their cash through spending, saving and—usually—investing it all under the same roof.