BEST OF

4 Best Cash Management Accounts

Chanelle Bessette
By Chanelle Bessette 

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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 0.33%.

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 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.

Best Cash Management Accounts

Our pick for

Cash Management Account

NerdWallet rating 

4.0

/5
Wealthfront Cash Account
Learn more

at Wealthfront

Monthly fee

$0

APY

3.80%

With $1 min. balance for APY

Bonus

$30

Requirements to qualify

NerdWallet rating 

4.5

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

at Betterment

Monthly fee

$0

APY

3.75%

With $0 min. balance for APY

Bonus

N/A

NerdWallet rating 

3.5

/5
Personal Capital Cash™

Monthly fee

$0

APY

2.60%

With $0 min. balance for APY

Bonus

N/A

NerdWallet rating 

4.0

/5
Fidelity Cash Management Account

Monthly fee

$0

APY

1.58%

With $0 min. balance for APY

Bonus

N/A

Last updated on October 3, 2022

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

UFB Best Savings

4.5

NerdWallet rating 
UFB Best Savings

APY

4.21%

With $0 min. balance for APY

SoFi Checking and Savings

5.0

NerdWallet rating 
SoFi Checking and Savings

APY

3.75%

With $0 min. balance for APY

Bonus

$250

Earn up to $250 with direct deposit. Terms apply.

at SoFi, Member FDIC

CIT Bank Savings Connect

4.5

NerdWallet rating 
CIT Bank Savings Connect

APY

4.05%

With $0 min. balance for APY

at CIT Bank, Member FDIC

To recap our selections...

NerdWallet's Best Cash Management Accounts

Frequently asked questions