Best Cash Management Accounts Of 2025

We picked the Wealthfront Cash Account for its generous APY, lack of monthly fees and extremely high FDIC insurance coverage limit.

Why We Like It:

Wealthfront’s FDIC insurance coverage limit tops this list. And, in addition to low fees and a high APY, we like that the Wealthfront Cash Account supports automatic transfers into other accounts. After you set a target balance in your cash account, the platform automatically transfers any excess beyond a certain threshold into one of your selected accounts.

What We Don’t Like:

Though you can pay bills with your cash account, Wealthfront doesn’t offer a bill pay service, like you may find with other CMAs. There are also a few fees associated with debit card use, and you have to meet certain requirements to deposit and send checks.

Who Should Get it:

Wealthfront provides the highest level of FDIC coverage of any CMA on this list, so those with high balances should consider this account. The account also offers a generous array of checking account features for those wanting to replace their current checking account with a CMA.

Wealthfront charges a $2.50 out-of-network ATM fee (on top of the ATM owner’s fee), a $2.50 bank teller fee (on top of the home bank’s teller fee), a 2.75% international transaction fee and a fee of up to $5.95 to make cash deposits at participating retailers. The cash account comes with a Visa-branded debit card, mobile check deposit, early paycheck access and the ability to connect to Apple Pay, Google Pay and peer-to-peer payment apps.

We chose the Interactive Brokers Universal Account for its high APY, lack of monthly maintenance fees and checking account features.

Why We Like It:

Interactive Brokers rewards individuals with high balances with a generous APY, and the account comes with up to $2.75 million in insurance coverage. We also appreciate that, unlike some competitors, this account accepts mobile check deposits.

What We Don’t Like:

If you don’t have at least $100,000, you can’t earn the highest advertised APY. Plus, you can find higher FDIC limits elsewhere.

Who Should Get it: 

This account caters to those with large balances, as you need $100,000 to earn the highest available APY. However, if you need more than $2.75 million worth of insurance, you’ll need to look elsewhere.

You can manage deposits and trading with the Interactive Brokers mobile app. This account’s insurance coverage includes $2.5 million in FDIC coverage and $250,000 in SIPC coverage. The Up to 3.79% APY only applies to cash balances above $10,000 for clients who have a balance of at least $100,000. Balances below the $100,000 threshold will earn a lower APY.

We chose the Public High-Yield Cash Account for its 4.10% APY – the highest on our list. And with no fees, you can maximize your earnings.

Why We Like It:

We like the Public High-Yield Cash Account for its lack of fees and highly competitive interest rate. There are also no account minimums, and deposits are insured up to $5 million, allowing a wide range of savers to take advantage of this account.

What We Don’t Like:

While Public has a lot to offer the eager investor, the platform doesn’t have a checking account, and the cash account lacks checking features. For everyday spending, you’ll need another account.

Who Should Get it: 

Those focused on investing should consider this account, as Public offers a wide range of investment options. If you’re looking for checking features, this isn’t the account for you.

Public’s High-Yield Cash Account has no account minimums or maximums. You can fund your account with a transfer from a brokerage account or a connected external bank account. Transfers from your cash account to your brokerage account are instant.

We chose the Betterment Cash Reserve account for its high yield and savings features. Plus, with no monthly maintenance fee, your savings can grow more quickly.

Why We Like It:

Betterment’s Cash Reserve account allows you to set specific savings goals within your account, separating your money into targeted buckets. Account holders can set up automatic deposits for each of their goals. For a limited time, new customers can earn 4.75% APY for three months by funding their accounts with a qualifying deposit within 14 days of opening*.

What We Don’t Like:

The Cash Reserve account is set up like a high-yield savings account. If you want to get the benefits of a checking account, you’ll need to open a Betterment Checking Account to accompany your Reserve account.

Who Should Get it: 

Since this account has fewer options than other CMAs that incorporate checking account services automatically, it’s a good fit for customers who need a savings and investing vehicle that’s less convenient to access. This might be an excellent choice if you’re trying to be more disciplined about your spending.

While you do need to deposit at least $10 to open a Cash Reserve account, you don’t need to maintain a minimum balance. The only way to deposit money into your Reserve account is either via electronic transfer from a separate account or via wire transfer. Deposits and withdrawals take one to three business days. There are no limits on withdrawals.

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*Current promotional rate. Annual percentage yield (variable) is 4.00% as of 12/27/24, plus a .50% boost available as a special offer with a qualifying deposit. Terms apply; if the base APY goes up or down you’ll get the .50% boost on the updated rate. Cash Reserve is only available to clients of Betterment LLC, which is not a bank; cash transfers to program banks conducted through clients’ brokerage accounts at Betterment securities.

**For Cash Reserve (“CR”), Betterment LLC only receives compensation from our program banks; Betterment LLC and Betterment Securities do not charge fees on your CR balance.

We chose Empower Personal Cash for its lack of fees and minimum deposit requirements. Plus, its $5 million in FDIC coverage is higher than that of several competitors.

Why We Like It:

We like that this account has no fees to speak of. With 4.00% APY on any size balance, along with unlimited withdrawals and deposits, this account is straightforward, simple and functional.

What We Don’t Like:

While this account does support direct deposit, there’s no debit card, check writing or bill pay feature. Reaching customer service may also present a challenge, especially for prospective investors who don’t yet have an account. The only phone numbers listed on Empower’s website are for those enrolled in workplace retirement plans, the providers of workplace plans and financial professionals.

Who Should Get it: 

If you’re looking for generous FDIC coverage and no fees, but you need checking account features, consider this account.

While there are no limits on the number of withdrawals and deposits you can make, you can’t deposit more than $250,000 at a time. The daily withdrawal limit is generally $25,000. If you have a Personal Strategy account or your account was opened and funded more than 60 days before the withdrawal, the limit is $100,000. You can withdraw and deposit money by ACH transfer using the Empower website or mobile app.

We chose the Aspiration Spend & Save account for sustainability-focused features. In addition to earning cash back with qualifying retailers and the assurance your deposits won’t fund fossil fuel developments, the account comes with perks like a large ATM network and $600 in cellphone insurance.

Why We Like It:

We like that Aspiration is a socially conscious investment platform that focuses on environmental sustainability without sacrificing account features and perks. This account comes with a debit card, access to 55,000+ free in-network ATMs and the reassurance that your deposits won’t fund fossil fuel production.

What We Don’t Like:

In order to qualify for the highest APY, the highest cash back rate, carbon offsets and out-of-network ATM reimbursements, you have to pay for Aspiration Plus. Plus, FDIC coverage for this account is lower than that of many competitors.

Who Should Get it: 

Due to the sustainability focus and the ethical values behind this account, Aspiration Spend & Save is best suited for those who want to financially support sustainable causes.

Aspiration offers two accounts: the basic Aspiration Spend & Save and Aspiration Plus, the latter of which has a mandatory fee of $7.99 per month or $71.88 annually. With the basic account, you can earn up to 1.00% APY on balances up to $10,000 if you have $500 worth of settled debit card transactions per month. With Aspiration Plus, you can earn up to 3.00% APY on balances up to $10,000 with $500 worth of settled debit card transactions per month. Balances over $10,000, or those that don’t meet the above criteria, earn 0% APY with the regular plan and 0.25% with Aspiration Plus.

We chose the M1 High-Yield Cash Account for its high APY, minimal monthly fee and automations.

Why We Like It:

We like that the M1 High-Yield Cash Account makes automated saving and investing simple with Smart Transfers. These automations let you create rules for moving money between your cash account, brokerage account and The Owner’s Rewards Card by M1.

What We Don’t Like:

The M1 High-Yield Cash Account doesn’t come with many standard checking features, like a debit card, check writing or ATM access. Nor does M1 offer a stand-alone checking account. If you want the convenience of a checking account, you’ll have to look elsewhere.

Who Should Get it: 

Those who want to automate their savings and investments with preset rules should consider this account.

You need an M1 brokerage account to open an M1 High-Yield Cash Account. You also need an initial deposit of $100 to earn the stated APY. M1 charges a $3 Platform Fee for accounts that don’t reach $10,000 at least one day during the billing cycle, but the fee is waived if you have an M1 personal loan or Owner’s Rewards card.

M1 is a technology company offering a range of financial products and services. “M1” refers to M1 Holdings Inc., and its wholly-owned, separate affiliates M1 Finance LLC, M1 Spend LLC, and M1 Digital LLC.

A $3 monthly platform fee will apply to clients with less than $10,000 in M1 assets or without an active Personal Loan. The fee will be waived if your opened M1 Invest or Earn accounts settled aggregate balance equals or exceeds $10,000 for at least one day during the 30 days prior to program launch. The monthly platform fee will be waived for all clients with an active M1 Personal Loan, regardless of their M1 Invest or Earn balances.

M1 is not a bank. M1 Personal Loans are furnished by B2 Bank NA, Member FDIC and Equal Opportunity Lender, and serviced by M1 Spend LLC, a wholly-owned operating subsidiary of M1 Holdings, Inc.

¹M1 High-Yield Cash Account(s) is an investment product offered by M1 Finance, LLC, an SEC registered broker-dealer, Member FINRA / SIPC. M1 is not a bank and M1 High-Yield Cash Accounts are not a checking or savings account. The purpose of this account is earn interest on securities not actively invested. An open M1 Investment account is required to participate in the M1 High-Yield Cash Account. All investing involves risk, including the risk of losing the money you invest.

²Stated APY (annual percentage yield) with the M1 High-Yield Cash Account is accrued on account balance. Obtaining stated APY requires a minimum initial deposit of $100. APY is solely determined by M1 Finance LLC and its partner banks, and will include administrative and account fees that may reduce earnings. Rates are subject to change without notice. M1 High-Yield Cash Account is a separate offering from, and not linked to, the M1 High Yield Savings Accounts offered by M1 Spend LLC’s banking partner. M1 is not a bank.

³The cash balance in your Cash Account is only eligible for FDIC Insurance once it is swept to our partner banks and out of your brokerage account. Until the cash balance is swept to partner banks, the funds are held in a brokerage account and protected by SIPC insurance. Once funds are swept to a partner bank, they are no longer held in your brokerage account and are not protected by SIPC insurance. FDIC insurance is not provided until the funds participating in the sweep program leave your brokerage account and into the sweep program. FDIC insurance is applied at the customer profile level. Customers are responsible for monitoring their total assets at each of the sweep program banks. A complete list of participating program banks can be found here.

⁴Credit Card is not available for US Territory Residents. The Owner’s Rewards Card by M1 is Powered by Deserve and issued by Celtic Bank. Review Cardholder Agreement and Rewards Terms for important information about the Owner’s Rewards Card by M1.

We chose the Vanguard Cash Plus account for its easily waivable fees, substantial APY and ability to diversify with money market funds.

Why We Like It:

We like the Vanguard Cash Plus account as an all-around functional account: It has no minimum balance requirement, allows unlimited transactions and offers direct deposit and bill pay. But we also like that it offers five money market funds as an alternative to the bank sweep.

What We Don’t Like:

While generous, Vanguard’s Cash Plus account has lower FDIC coverage than some competitors. There are also a few fees to be aware of.

Who Should Get it: 

Those looking for a solid account from a trusted name in investing should consider this account, especially those who want to invest in money market funds.

Vanguard Cash Plus offers $1.25 million in FDIC coverage². You can keep your money in the bank sweep or invest with five available money market funds. Each fund has a $3,000 minimum. There are no transaction limits, and transfers generally take two to three business days. Fees include wire transfer fees, account closure fees and an annual account service fee. You can waive the account service fee by enrolling in document e-delivery.

¹The Vanguard Cash Plus bank sweep offers a competitive annual percentage yield (APY) of 3.65% as of January 6, 2025. The APY will vary and may change at any time.

²Bank Sweep program balances are held at one or more participating banks, earn a variable rate of interest, and are not covered by SIPC. See the list of participating Program Banks. Balances are eligible for FDIC insurance subject to applicable limits. https://personal.vanguard.com/pdf/Bank_Sweep_Participating_Banks.pdf

We chose the Morgan Stanley CashPlus account because it has lots of perks, including free ATM rebates, additional features for families and—if you open or already have the Platinum Card from American Express Exclusively for Morgan Stanley—a boatload of membership rewards points..

Why We Like It:

We like the Morgan Stanley CashPlus account for its range of perks. Account holders receive a free debit card with no foreign transaction fees, the ability to lock and unlock your card, and bill pay. Plus, if you have a family, the free Greenlight App and Debit Card can aid in managing your kids’ spending.

What We Don’t Like:

All these perks come with a cost. For the Premier CashPlus account, the lower of the two tiers, you can expect to pay $15 per month. And the Platinum CashPlus account comes with a steep $55 per month price tag. Fees can be waived, but the criteria may be hard to meet.

Who Should Get it: 

If you can meet the criteria to avoid monthly fees, this account may be worth it. And if you open or already have the Platinum Card from American Express Exclusively for Morgan Stanley—or you spend $100,000 annually across your Morgan Stanley debit cards—you can qualify for 80,000 membership rewards points.

To avoid the $15 monthly fee for the Premier CashPlus account, you must have $2,500 in total monthly deposits (or any amount of Social Security deposits) or have an average daily balance of at least $10,000. To avoid the $55 monthly fee with the Platinum CashPlus account, you must receive $5,000 in total monthly deposits (or any amount of Social Security deposits) and maintain an average daily balance of $25,000. Platinum CashPlus comes with all the features of the Premier account, plus additional credit and identity protection enrollments and the potential to earn the $695 annual bonus.