BEST OF

6 Best Cash Management Accounts

Jul 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 0.08%.

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.

Best Cash Management Accounts

Aspiration Spend & Save Account - Aspiration Plus

Cash management

4.5

/5
 NerdWallet rating 
Monthly fee
$0
APY
5.00%
With $0 min. balance for APY
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 up to 3.00% APY on savings for the basic Spend & Save account, or, if you have an upgraded Aspiration Plus account, you can earn up to 5.00%. There's an optional monthly fee for a basic account, and the Aspiration Plus account is either $7.99 per month or the equivalent of $5.99 per month when you pay for an annual membership. Aspiration belongs to a network of more than 55,000 ATMs, and it also offers a cell phone protection feature on its accounts. 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.
The Aspiration Spend & Save Accounts are cash management accounts offered through Aspiration Financial, LLC, a registered broker-dealer, Member FINRA/SIPC, and a subsidiary of Aspiration Partners, Inc. (“Aspiration”). Aspiration is not a bank.
The Aspiration Save Account’s up to 5.00% Annual Percentage Yield (“APY”) with up to 83x the national interest rate is variable, subject to change, and only available to customers enrolled in Aspiration Plus after conditions are met. Customers not enrolled in Aspiration Plus receive 3.00% APY after conditions are met.
Betterment Cash Reserve

Cash management

4.5

/5
 NerdWallet rating 
Monthly fee
$0
APY
1.10%
With $0 min. balance for APY
Bonus
N/A
Why we like it
The Betterment Cash Reserve cash management account has an annual percentage yield of 1.10%. 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.
Betterment says: "Betterment Cash Reserve ("Cash Reserve") is offered by Betterment LLC. Clients of Betterment LLC participate in Cash Reserve through their brokerage account held at Betterment Securities. Neither Betterment LLC nor any of its affiliates is a bank. Through Cash Reserve, clients' funds are deposited into one or more banks ("Program Banks") where the funds earn a variable interest rate and are eligible for FDIC insurance. Cash Reserve provides Betterment clients with the opportunity to earn interest on cash intended to purchase securities through Betterment LLC and Betterment Securities. Cash Reserve should not be viewed as a long-term investment option."
Betterment also says: "Funds held in your brokerage accounts are not FDIC‐insured but are protected by SIPC. Funds in transit to or from Program Banks are generally not FDIC‐insured but are protected by SIPC, except when those funds are held in a sweep account following a deposit or prior to a withdrawal, at which time funds are eligible for FDIC insurance but are not protected by SIPC. See Betterment Client Agreements for further details. Funds deposited into Cash Reserve are eligible for up to $1,000,000.00 (or $2,000,000.00 for joint accounts) of FDIC insurance once the funds reach one or more Program Banks (up to $250,000 for each insurable capacity—e.g., individual or joint—at up to four Program Banks). Even if there are more than four Program Banks, clients will not necessarily have deposits allocated in a manner that will provide FDIC insurance above $1,000,000.00 (or $2,000,000.00 for joint accounts). The FDIC calculates the insurance limits based on all accounts held in the same insurable capacity at a bank, not just cash in Cash Reserve. If clients elect to exclude one or more Program Banks from receiving deposits the amount of FDIC insurance available through Cash Reserve may be lower. Clients are responsible for monitoring their total assets at each Program Bank, including existing deposits held at Program Banks outside of Cash Reserve, to ensure FDIC insurance limits are not exceeded, which could result in some funds being uninsured. For more information on FDIC insurance please visit www.FDIC.gov. Deposits held in Program Banks are not protected by SIPC. For more information see the full terms and conditions and Betterment LLC's Form ADV Part II."
Betterment says: "The annual percentage yield ("APY") on the deposit balances in Betterment Cash Reserve ("Cash Reserve") is 1.10% and represents the weighted average of the APY on deposit balances at the banks participating in Cash Reserve (the "Program Banks") and is current as of May 11, 2022. This APY is variable and subject to change daily. Deposit balances are not allocated equally among the participating Program Banks. A minimum deposit of $10 is required, but there is no minimum balance required to be maintained. The APY available to a customer may be lower if that customer designates a bank or banks as ineligible to receive deposits. APY applies only to Cash Reserve and does not apply to checking accounts held through Betterment Checking. Cash Reserve and Betterment Checking are separate offerings and are not linked accounts."
Wealthfront Cash Account

Cash management

4.0

/5
 NerdWallet rating 
Monthly fee
$0
APY
1.40%
With $1 min. balance for APY
Bonus
N/A
Learn more

at Wealthfront

Why we like it
Wealthfront Cash Account offers a 1.40% 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.
Personal Capital Cash™

Cash management

Deposits are FDIC Insured

3.5

/5
 NerdWallet rating 
Monthly fee
$0
APY
0.05%
With $0 min. balance for APY
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.
Robinhood Cash Management

Cash management

Deposits are FDIC Insured

4.5

/5
 NerdWallet rating 
Monthly fee
$0
APY
1.00%
With $0 min. balance for APY
Bonus
N/A
Why we like it
Robinhood Cash Management is a feature of the company’s brokerage account and offers a decent 1.00% 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.
Fidelity Cash Management Account

Cash management

Member FDIC

4.0

/5
 NerdWallet rating 
Monthly fee
$0
APY
0.01%
With $0 min. balance for APY
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.

Last updated on July 19, 2021

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LendingClub High-Yield Savings

5.0

NerdWallet rating 
LendingClub High-Yield Savings

APY

1.26%

With $0 min. balance for APY

at LendingClub Bank, Member FDIC

Discover Bank Online Savings

5.0

NerdWallet rating 
Discover Bank Online Savings

APY

1.00%

With $0 min. balance for APY

Bonus

$200

Requirements to qualify

at Discover Bank, Member FDIC

American Express® High Yield Savings Account

4.5

NerdWallet rating 
American Express® High Yield Savings Account

APY

0.90%

With $1 min. balance for APY

at American Express National Bank, Member FDIC

Frequently asked questions