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4 Best Cash Management Accounts

Oct 3, 2022

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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 0.24%.

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

Wealthfront Cash Account
Learn more

at Wealthfront

Wealthfront Cash Account

4.0

NerdWallet rating 
Wealthfront Cash Account

Monthly fee

$0

APY

3.30%

With $1 min. balance for APY

Bonus

$30

Requirements to qualify

Learn more

at Wealthfront


Bonus

$30

Requirements to qualify

Why we like it

Wealthfront Cash Account offers a 3.30% 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 such as 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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Betterment Cash Reserve
Learn more

at Betterment

Betterment Cash Reserve

4.5

NerdWallet rating 
Betterment Cash Reserve

Monthly fee

$0

APY

3.20%

With $0 min. balance for APY

Bonus

N/A
Learn more

at Betterment


Bonus

N/A

Why we like it

The Betterment Cash Reserve cash management account has an annual percentage yield of 3.20%. The Cash Reserve account and the companion Betterment Checking account have no fees and no minimum balance requirement except for the $10 it takes to open the account. Betterment Checking offers a debit card, mobile check deposit, check writing and reimbursement of ATM fees worldwide.

Betterment says: "Annual percentage yield (variable) is as of 11/07/2022."

Betterment says: "Cash Reserve is only available to clients of Betterment LLC, which is not a bank, and cash transfers to program banks are conducted through the clients' brokerage accounts at Betterment Securities. Learn more: https://www.betterment.com/cash-reserve."

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Personal Capital Cash™

3.5

NerdWallet rating 
Personal Capital Cash™

Monthly fee

$0

APY

2.60%

With $0 min. balance for APY

Bonus

N/A

Bonus

N/A

Why we like it

Personal Capital Cash offers a 2.60% APY — 2.70% 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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Fidelity Cash Management Account

4.0

NerdWallet rating 
Fidelity Cash Management Account

Monthly fee

$0

APY

1.58%

With $0 min. balance for APY

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.

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Last updated on October 3, 2022

You may also like these

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

CIT Bank Savings Connect

4.5

NerdWallet rating 
CIT Bank Savings Connect

APY

3.60%

With $0 min. balance for APY

at CIT Bank, Member FDIC

LendingClub High-Yield Savings

4.5

NerdWallet rating 
LendingClub High-Yield Savings

APY

3.25%

With $0 min. balance for APY

at LendingClub Bank, Member FDIC

UFB High Rate Savings

4.5

NerdWallet rating 
UFB High Rate Savings

APY

3.91%

With $0 min. balance for APY

at UFB Direct, Member FDIC

Frequently asked questions