BEST OF

7 Best Cash Management Accounts

Chanelle BessetteJul 19, 2021
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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.

Though APYs have seen some big cuts over the past year, the interest rates for some cash management accounts remain higher than the national average savings account APY, currently just 0.06%.

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 FDIC insurance.

These brokerage savings accounts can offer an alternative to traditional savings accounts. They could be a good option for people seeking higher-than-average 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.

Summary of Best Cash Management Accounts

SoFi Money®
Learn more

at SoFi

SoFi Money®

4.5

NerdWallet rating 
SoFi Money®

Monthly Fee

$0

APY

0.25%

With $500 minimum balance

Bonus

$100

Get $100 when you switch your direct deposit to SoFi Money.

Learn more

at SoFi


Bonus

$100

Get $100 when you switch your direct deposit to SoFi Money.

Why we like it

SoFi’s cash management account, SoFi Money, offers a 0.25% interest rate for accounts that have a recurring monthly deposit of $500 or more, and it has no monthly account fees, no minimum balance, no overdraft fees, no ATM fees and no foreign transaction fees. Accounts that don't meet the necessary monthly deposit earn 0.01%. Accounts that were opened before June 8, 2020, earn 0.25% regardless of deposit activity. 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, and cash deposits are accepted only at Green Dot locations at retailers like CVS and 7-Eleven. Customer service options are available seven days a week with daytime and evening phone support, customer chat after logging in, and on Twitter

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Wealthfront Cash Account
Learn more

at Wealthfront

Wealthfront Cash Account

4.0

NerdWallet rating 
Wealthfront Cash Account

Monthly Fee

$0

APY

0.10%

With $1 minimum balance

Bonus

N/A
Learn more

at Wealthfront


Bonus

N/A

Why we like it

Wealthfront Cash Account offers a 0.10% APY, with no fees. Customers can add a debit card to their Cash Account, which allows them to withdraw cash from more than 19,000 fee-free ATMs as well as make purchases. They can also use their account to pay bills and link to apps like Venmo and Cash App to send money to friends and family. Direct deposit with payments up to two days early is also available.

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Aspiration Spend & Save Account - Aspiration Plus
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at Aspiration

Aspiration Spend & Save Account - Aspiration Plus

4.5

NerdWallet rating 
Aspiration Spend & Save Account - Aspiration Plus

Monthly Fee

$0

APY

1.00%

With $0 minimum balance

Bonus

$200

Requirements to qualify

Learn more

at Aspiration


Bonus

$200

Requirements to qualify

Why we like it

Aspiration’s Spend & Save is a cash management account that offers cash-back rewards at retailers that earn high marks on Aspiration’s social impact scoring system and bonus rewards for spending at socially conscious businesses. Aspiration also offers a 1.00% APY on the “Save” aspect of the account with an upgraded membership, an optional monthly fee for a basic account, a network of more than 55,000 ATMs and cell phone protection. 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.

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Betterment Cash Reserve

4.5

NerdWallet rating 
Betterment Cash Reserve

Monthly Fee

$0

APY

0.30%

With $0 minimum balance

Bonus

N/A

Bonus

N/A

Why we like it

The Betterment Cash Reserve cash management account has an annual percentage yield of 0.30%. The Cash Reserve account and the companion Betterment Checking account have no fees and no minimum balance requirement. Betterment Checking offers a debit card, mobile check deposit, check writing and reimbursement of ATM fees worldwide.

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Personal Capital Cash™

3.5

NerdWallet rating 
Personal Capital Cash™

Monthly Fee

$0

APY

0.05%

With $0 minimum balance

Bonus

N/A

Bonus

N/A

Why we like it

Personal Capital Cash offers a 0.05% APY — 0.10% for advisory clients — as well as robust budgeting features through its highly rated app. It also has no fees or minimum balance. 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.

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Robinhood Cash Management

4.5

NerdWallet rating 
Robinhood Cash Management

Monthly Fee

$0

APY

0.30%

With $0 minimum balance

Bonus

N/A

Bonus

N/A

Why we like it

Robinhood Cash Management is a feature of the company’s brokerage account and offers a decent 0.30% APY on uninvested cash. The account comes with an optional debit card in either a physical or virtual version that can be linked to Google Pay, Apple Pay or Samsung Pay. Robinhood Cash Management is available to existing brokerage customers.

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Fidelity Cash Management Account

4.0

NerdWallet rating 
Fidelity Cash Management Account

Monthly Fee

$0

APY

0.01%

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 a rare unlimited ATM fee reimbursement and free check writing. The account carries FDIC insurance of $1.25 million through Fidelity’s partner banks, and customers are able to invest in certificates of deposit from the account. Keep in mind, however, that the 0.01% APY for this account is low compared with other recommended accounts.

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Last updated on July 19, 2021

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

Axos Bank® Rewards Checking

5.0

NerdWallet rating 
Axos Bank® Rewards Checking

Monthly Fee

$0

APY

1.25%

With $0 minimum balance

Bonus

N/A

at Axos Bank®, Member FDIC

Chime Spending Account

4.5

NerdWallet rating 
Chime Spending Account

Monthly Fee

$0

APY

N/A

Bonus

N/A

at Chime, Deposits are FDIC Insured

LendingClub Rewards Checking

5.0

NerdWallet rating 
LendingClub Rewards Checking

Monthly Fee

$0

APY

0.10%

With $2,500 minimum balance

Bonus

N/A

at LendingClub Bank, Member FDIC

Frequently asked questions