Best Cash Management Accounts for 2024

_{*T&C: Deposits made via ACH can take 5-7 days to arrive, depending on your bank or credit union. A minimum deposit amount of $125 is required. This limited time offer is available to first-time customers only.}

Tellus is a smart savings platform that enables its users to manage their finances and build wealth with ease and confidence. The platform is simple to use, transparent, and it’s available for both iOS and Android devices. In addition to that, Tellus has a team of experienced professionals who are available to help users with any questions they may have.

APY and Fees 

When it comes to APY, Tellus offers competitive interest rates. Its APY ranges from 3.85% to 5.12%. There are no costs to sign up for a Tellus account or to use the platform, and users may withdraw their funds at any time. 

The company earns money by providing mortgages to American residential borrowers. These mortgages are usually 12 to 18 months in duration and are fully collateralized. Tellus keeps those loans on its balance sheet, and they generate income for the company. 

Features 

Tellus offers a variety of features that make it a great choice for users seeking a high-yield savings solution. It offers two core cash account products: Reserve Account and Boost Account.

The Tellus Reserve Account has a 4.75% APY up to $2,500 – though the company recently launched features that enable you to increase your Reserve Account balance up to $4,000 by completing tasks in the app. It has zero crypto and zero stock exposure, and there are no fees. Savers may withdraw their cash at any time.

The Tellus Boost Account is a great way to save money and earn interest. The account comes with a base interest rate of 3.85% APY and has no monthly fees and no balance limit. Additionally, Boost offers free daily APY power-ups called “Boosts” that enable you to earn as much as 6% APY for limited periods of time. 

Application and Ease of Use

The Tellus platform is designed to be user-friendly and easy to use. The interface is straightforward, and users can easily find the features they need. The app is available for both iOS and Android devices, making it accessible to a wide range of users.

You can set up an account in minutes, make your first deposit, and start earning interest right away. Just be advised that the minimum deposit amount is $125.

Security and Support

With Tellus, all personal and financial data is encrypted using AES-256 bank-level security. The company uses industry-leaders Plaid and Stripe to securely connect users’ bank accounts and facilitate transactions. Tellus app doesn’t store users’ banking credentials on its servers, which is an important security measure.

The company insures all deposits through its partnership with Riskified, which protects Tellus against certain types of fraud. 

All of Tellus’s cash on the balance sheet is held with Chase Bank (a subsidiary of JPMorgan Chase & Co), one of the largest banks in the United States.

When it comes to customer support, Tellus offers an in-app chat that pairs you directly with a member of the company’s CA-based customer service team. Users can also reach Tellus via the contact form. The company also has an exhaustive blog section that provides answers to common questions. 

Overall, Tellus is an excellent choice for customers looking for an easy-to-use mobile savings platform that pays an exceptional interest rate on long- and short-term savings. All products offer daily compounding interest, daily interest payouts, no fees, and the ability to withdraw your funds anytime.

Aspiration is a California-based financial institution that offers cash management services. The company’s co-founders, Andrei Cherny and Joseph Sanberg, started the company in 2013. Their mission was to provide free financial services while protecting the environment. 

Specifically, the company’s different programs let customers help plant new trees by offsetting their gas purchases or rounding up transactions to the nearest dollar if they want to. By now, the company has over three million clients, and they have helped plant more than 105 million trees. The company’s Spend and Save plans include two different accounts called Aspiration and Aspiration Plus. 

APY and Fees 

Aspiration charges monthly fees. However, Aspiration clients have an option to choose how much to pay for the company’s services. With the Aspiration account, you will not be required to pay anything if you don’t want to. 

Aspiration asks customers to pay what they think is fair, and if you think it’s $0, they will not charge you anything. However, the fees are mandatory with the Aspiration Plus account, and they are $5.99 per month if billed annually or $7.99 if billed monthly.

We recommend applying for the Aspiration Plus account even if you can get Aspiration with no monthly cost because it comes with a significant 5% APY.

Just keep in mind that you’ll need to spend $1,000 or more per month with their debit card, or the APY will go down to 0.25%.

Features 

Both accounts come with a cash reward program. You will get 3%-5% cashback on Conscience Coalition purchases with the basic Aspiration account, while Aspiration Plus offers 10% cashback rewards and one out-of-network ATM reimbursement each month.

Another great thing about these accounts is that all new account holders get the first set of paper checks for free. Unlike other companies, Aspiration doesn’t have an option to send checks online, so you’ll need to pay a shipping fee on your orders. You can sign up for the direct deposit program and get your paychecks up to 2 days earlier. 

The company promises that it won’t fund fossil fuel production or support weapons manufacturing and allegedly plants one tree every time users round up their debit card transactions.

Application and Ease of Use

Just go to the company’s website, and choose the account type you want to open. There are no deposit fees regardless of the plan you choose. The only requirements you need to meet are being a US citizen and being at least 18 years old. 

Thanks to the company’s partnership with Allpoint, you will get access to over 55,000 free ATMs across the state. If you use your debit card to withdraw money from out-of-network ATMs, expect only one reimbursement per month, and only if you’re using the Aspiration Plus account. 

Another thing that Aspiration offers is the ability to sign up for a direct deposit program. With this program, you can get your paychecks up to two days earlier. 

Security and Support 

The company offers accounts that are FDIC-insured across up to ten banks for up to $2 million per depositor in total. When it comes to online security, website transactions are protected with 256-bit encryption and monitored 24/7.

Betterment Cash Reserve was founded in 2010. The company’s mission is to help ordinary people make everyday investments, no matter how small they are, and benefit from them in the future. The company has over 730,000 clients across the US and handles $33 billion in funds, spread across numerous Checking and Cash Reserve accounts.

APY and Fees 

Like other similar products, this account combines the features of savings, checking, and investment accounts. That means you can earn interest on your savings without keeping them out of reach for years.

However, the interest you earn is as high as with a traditional savings account, and you can look forward to a 3.20% APY, which is around 15 times more than the national average. 

When it comes to money transfer fees, Betterment Cash Reserve doesn’t charge any. You can make as many deposits and withdrawals as you want without having to pay any fees.

There are none on account balances either. 

Features 

With the Cash Reserve account, you can create different savings goals and manage them from your mobile app. You can use the auto-deposit feature and set the deposit amount for each of the savings goals you create. You can also add budgets for every expense you have. 

You can, for example, set up a spending category for your vacation, home renovation, and so on. Another great thing about this account is that it doesn’t only help you to save money but also to learn how to grow your funds.

Betterment provides personal reports with analyses of your spending patterns and gives recommendations aimed at helping you save up and multiply your profits.

Application and Ease of Use 

The biggest downside is that you’ll need to transfer funds from it to your checking account to withdraw money. It doesn’t feature a debit card, so you’ll need to use an existing one or open a Betterment Checking account that offers one and transfer money to it when you want to get your hands on some cold, hard cash. Security and Support 

All Betterment products, including Betterment Cash Reserve, are insured for up to $1 million per depositor (up to $250,000 at four different banks). There are also joint accounts with FDIC insurance of up to $2 million. 

Betterment has fantastic customer service that is available via phone, email, and live chat. A rich FAQ can help you find out more about your account, while the knowledge section has great articles about managing finances.

In 2019, Wealthfront launched Wealthfront Cash, an account that combines the features of both savings and investment accounts. You can quickly link it to the company's account for investing money and use both products at the same time. 

Wealthfront has over 480,000 clients, and it is one of the most reputable financial institutions offering cash management accounts.

APY and Fees 

Wealthfront doesn’t have any fees. You don’t need to pay monthly maintenance fees or account balance fees. It’s also great to know that at Wealthfront, clients don’t need to pay any transfer fees either. 

When it comes to the Wealthfront Cash account interest rate, the account holders can expect a 3.30% APY, regardless of their monthly balances. Wealthfront APY is one of the best in the industry. Plus, it comes with zero fees and advanced additional features. 

Features 

Wealthfront Cash comes with a variety of useful tools and features. The first thing worth mentioning is the Wealthfront debit card. Once you open the account, you will get a debit card that you can use on Wealthfront ATM machines.

You will get access to over 19,000 ATMs to withdraw money from for free, but if you use it out-of-network, expect to pay industry-standard ATM fees. 

As was already said, the Wealthfront Cash account combines different features that help you save and invest your money better. You can create different spending categories and fund them easily. You can also create emergency funds, and the amount of money you set up will be transferred to those funds automatically. 

The rest of the money that you may have left can be used for investments. You can transfer it to your investment portfolio quickly with the Wealthfront Cash mobile app.

Application and Ease of Use

To apply you need to be at least 18 years old and have a permanent US residence. You can complete the application through an online dashboard, or you can use the mobile app.

Aside from providing personal information (like your name, home address, and Social Security number), you’ll also need to deposit $1 to open an account. 

Security and Support

Unless you have an account at Wealthfront, you will have difficulties getting in touch with the company’s representatives. Live chat and phone support are not available, but you can send a message by filling out the online form on the Wealthfront website. 

It can take a while before you get the answer, so it’s always a wise choice to check the FAQ page. It's full of articles that explain a wide range of financial topics, such as cash management, investment accounts, credit lines, and taxes. All depositors are insured up to $1 million through Wealthfront’s partner banks.

Founded in 2009, Empower was originally a wealth management firm. The personal cash management service is an extra product made for customers who make big deposits and withdrawals often.

One of the main perks of this account is that you can withdraw up to $1 million without worrying about any fees. Unfortunately, this is not a great account if you’re looking to earn good interest on your savings. 

Compared to some high-yield savings accounts, Empower Personal Cash offers a far worse APY, and that’s without even looking at competitors from our list, such as Aspiration.

There are many other benefits to consider, though, so let’s see what you can get with this account. 

APY and Fees

When it comes to APY, the interest rate on this account is lower than the national average for savings accounts. If you open the Empower Personal Cash account, you may expect a 3.35% APY, or a 3.45% APY if you’re a Empower Advisory client. The interest is accrued daily, and the payouts happen on the first business day of each month.

The cash management account comes with no monthly maintenance costs. Also, you do not need to worry about account balance fees since there are no daily or monthly balance requirements. The same goes for overdraft fees.

This is one of the best accounts we have found for clients who are used to making large withdrawals. You can withdraw up to $1 million via wire transfer and pay no fees. The daily limit is $250,000 for both deposits and withdrawals. 

Features 

Empower offers a variety of additional features that you might find very useful. For example, you can apply for a  joint account. There are several types of joint accounts that help you save more on fees. 

The account comes with no daily balance limits, and it allows you to set up direct deposits for your paper checks. You can also link the account to a checking account you already have to make it easy to pay your monthly bills. 

The biggest downside when it comes to Empower is the lack of debit cards. While other similar products offer free debit cards, Empower doesn’t have them yet. 

Application and Ease of Use

If you want to open an account at Empower, you need to fulfill the following requirements: 

• Be at least 18 years
• Be an American citizen
• Provide your personal information

If you want to deposit money and withdraw from your Empower Personal Cash, you need to link it to an external bank account. Account management goes through the online dashboard or the Empower mobile app. 

Security and Support 

The account comes with some of the best protection tools in the industry, with multi-layer authentication and top-notch cybersecurity protection. For example, after you download the app from Apple’s App Store or Google Play, you can set up an authentication code or use fingerprint authentication.