7 Best Cash Management Accounts

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; no cash deposits are accepted; and customer service options are limited to daytime and evening phone support, email and Twitter.

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.

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.

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 and reimbursement of ATM fees worldwide, but doesn’t currently allow check writing. That feature is expected to be available in the near future.

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 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.

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 0.01% APY for this account isn’t very high compared with other recommended accounts.