We believe everyone should be able to make financial decisions with confidence. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free.
So how do we make money? Our partners compensate us. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services. Here is a list of our partners.
Chanelle Bessette is a personal finance writer at NerdWallet covering banking. She previously worked at Fortune, Forbes and the Reno Gazette-Journal. Her expertise has appeared in The New York Times, Vox and Apartment Therapy.
Sara Clarke is a Banking editor at NerdWallet. She has been an editor and project manager in newsrooms for two decades, most recently at U.S. News & World Report. She managed projects such as the U.S. News education rankings and the Best States rankings. Sara has appeared on SiriusXM Business Radio and iHeartMedia’s WHO Newsradio and has been quoted in The Salt Lake Tribune, The St. Paul (Minnesota) Pioneer Press and other outlets. She is based near Washington, D.C.
Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
This article provides information for educational purposes. NerdWallet does not offer advisory or brokerage services, nor does it recommend specific investments, including stocks, securities or cryptocurrencies.
Cash management accounts, or cash accounts, are typically a sort of hybrid checking and savings account and are usually offered by nonbank financial service providers, such as Wealthfront, rather than banks. Wealthfront, like most cash management account providers, sweeps customers’ cash balances into third-party banks that provide FDIC insurance on deposits. The lack of fees on the cash account offered by Wealthfront, a top robo-advisor, make it a worthy cash account to consider.
Best for: Wealthfront brokerage customers who are looking for a free companion cash account that earns some interest.
Offers ahigh APY. At 5.00%, Wealthfront’s interest rate is higher than the national average for savings accounts, which is currently just 0.45%.
Offers a bonus. Wealthfront also offers a bonus of $30 for opening your first Wealthfront account and meeting minimum deposit requirements. See below for more details.
No fees. Wealthfront doesn’t charge maintenance, withdrawal or other fees on this account.
Early direct deposit. Customers can have their paycheck directly deposited into their Wealthfront Cash Account and access the money up to two days earlier than their regular payday.
FDIC coverage up to $8 million through affiliated partner banks. The FDIC typically insures up to $250,000, per depositor, per institution. Wealthfront sweeps customers' funds into multiple partner banks to ensure coverage of up to $8 million (and up to $16 million for joint accounts).
Debit card allows purchases and cash withdrawals. Customers can use an optional debit card that allows them to make purchases and withdraw cash from more than 19,000 ATMs for free.
Bill pay and peer-to-peer app compatibility. Customers can enroll in bill pay with their account as well as link it to peer-to-peer money transfer apps such as Venmo, Cash App and PayPal.
Free “send a check” feature. If you’ve met the basic requirements of holding $2,500 across your Wealthfront balances for the past two months and have had at least $250 in direct deposits, Wealthfront can send a check payment on your behalf for free.
Automated saving and investing tools. Wealthfront allows its users to set a maximum account balance on their Wealthfront Cash Account or other checking account and automatically move additional cash into other accounts, such as a Wealthfront Individual or Joint Investment Account, an IRA or a 529 college savings plan.
Quick investing through the account. The Wealthfront Cash Account allows customers to quickly transfer money into their Wealthfront investment accounts, which feature a globally diversified portfolio of low-cost exchange-traded funds (ETFs).
See more information about Wealthfront's bonus
From Wealthfront:
The $30 Cash Bonus promotion (the “Promotion”) is available to prospective first-time Wealthfront clients only (persons who are eligible to open a Wealthfront account and have never opened or held one before). To earn a $30 cash bonus (the “Bonus”), you must click on the “Get Started” button on the Promotion landing page to begin the account application process, you must successfully open and fund a new Wealthfront Cash Account (the “Account”) as your first Wealthfront account, and your initial deposit into the Account at opening must be at least $500. Your Account must be opened while the Promotion is ongoing and the Promotion landing page is still available, and within 30 days after clicking the “Get Started” button. If you meet these criteria and all other eligibility requirements, Wealthfront Brokerage will deposit the Bonus into your Account 30 days after Account opening.
Wealthfront Brokerage reserves the right to modify or terminate the Promotion at any time without notice. Wealthfront Brokerage has no obligation to open an Account for any particular person and may accept or decline an application in its sole discretion. All eligibility, qualification, and account opening decisions will be made by Wealthfront Brokerage in its sole discretion. Without limiting the foregoing, Wealthfront Brokerage shall have sole discretion to disqualify any person from receiving a Bonus for any reason, including (but not limited to) if Wealthfront Brokerage determines, in its sole discretion, that fraudulent activity or a violation of the terms of the Promotion may have occurred. In the event Wealthfront Brokerage disqualifies a previously paid Bonus, Wealthfront Brokerage reserves the right to recapture the full amount of the Bonus. All taxes and any fees are the sole responsibility of the recipient. See additional terms.
Downsides
No cash deposits. Even though cash withdrawals are available, cash deposits are not.
Other things to consider
No overdraft program. Wealthfront rejects any transaction that can’t be covered by the funds in your account. While that means no overdraft fees, it also means you'll have to keep track of your account balance so you don’t come up short during a transfer.
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
Solid website and high app ratings. The Wealthfront website is well-designed, and it’s easy to find information about different account offerings as well as FAQs and general information about the company. Both Apple and Android users give the Wealthfront app high ratings.
Downsides
No branches. Wealthfront Cash is an online-only service.
Limited support. Wealthfront has extended weekday hours for phone support — 7 a.m. to 5 p.m. PT Monday through Friday — but it doesn’t offer live phone support on weekends. There is no online chat support.
AD
A savings account is a place where you can store money securely while earning interest.
A savings account is a place where you can store money securely while earning interest.
4.60%SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
5.50%*Current promotional rate; annual percentage yield (variable) is 5.50% as of 4/2/24, plus a .50% boost available as a special offer with qualifying deposit. Terms apply; if the base APY increases or decreases, you’ll get the .75% 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.
Min. balance for APY
$0
CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
5.30%The annual percentage yield is effective as of Thursday, June 25, 2024. APY is a fixed rate and a $1,000 minimum balance is required. Bask Bank will pay this rate and APY through your CD maturity date. Fees could reduce the earnings on your account, and an early withdrawal penalty may be imposed for early withdrawal. If your CD is not funded with at least $1,000 within 10 business days after the date the account is opened, it will automatically be closed. Read the full terms here: https://www.baskbank.com/terms-and-disclosures.pdf