Best Cash Management Accounts • Benzinga

If you’re looking for greater returns and flexibility beyond traditional savings and checking, cash management accounts often provide higher interest rates, increased Federal Deposit Insurance Corp. (FDIC) insurance limits and integrated investment capabilities. They are typically offered by brokerage firms and robo-advisers.

This article provides an overview of the five best cash management accounts to consider. 

5 Best Cash Management Accounts

How We Chose The Best Cash Management Accounts

We selected the best cash management accounts based on annual percentage yields (APYs), fee structure and FDIC insurance coverage. We also considered account accessibility, integration with investment platforms, and features like early paycheck access or global ATM reimbursements.

The Best Cash Management Accounts

Betterment — Best Overall

Betterment’s Cash Reserve account offers a competitive APY, a user-friendly interface and integration with its robo-adviser investment platform. Designed to help users maximize returns on their uninvested cash while providing easy access, it offers FDIC insurance and a no-fee structure, making it attractive to savers who want both growth and convenience.

• APY: Offers a competitive variable APY of 4%, significantly higher than traditional savings accounts. That rate is subject to change.

• Fees: No monthly maintenance fees or minimum balance requirements to earn the APY. No limits on withdrawals. 

• Investment Access: Integrates directly with Betterment’s investment services, which offer expertly built portfolios composed of low-cost exchange-traded funds (ETFs) covering stocks and bonds.

• Platform Experience: Betterment’s intuitive platforms for web and mobile simplify financial management by allowing savers to easily set goals, manage cash and track investments from a centralized dashboard. Its debit card provides convenient ATM access. 

• Tools and Education: The platform provides a goal-based planning framework to help users connect their cash savings to broader financial objectives. Dedicated tools for cash management are minimal beyond the core account, but integration with investment advisory services and educational content on financial planning is strong. Deposits are swept to multiple program banks, providing up to $2 million in FDIC insurance for individual accounts and up to $4 million for joint accounts.
• Drawbacks: Betterment is not a bank, and funds are held at program banks, so it may not offer the same ancillary services as a traditional bank. 

Who It’s Best For: Savers who want a high-yield cash account with robust FDIC insurance, no fees and integration into a goal-oriented investment platform. 

Wealthfront — Best for Paycheck Direct Deposit

Wealthfront’s Cash Account is a great choice for savers who want a high APY on their uninvested cash coupled with banking-like features. It offers a competitive interest rate and allows users to receive their paychecks up to two days early through direct deposit. With extensive FDIC insurance coverage and a commitment to no account fees, it’s an attractive option for maximizing cash returns while maintaining liquidity.

• APY: Wealthfront offers a 4% APY with no account minimums. Occasional referral programs may temporarily boost the APY for three months.

• Fees: The Wealthfront Cash Account charges no account fees, including no maintenance, transfer or overdraft fees. In-network ATM withdrawals are free, but out-of-network ATMs may charge a fee. International transaction fees of 2.75% apply.

• Investment Access: The Cash Account is integrated into the broader Wealthfront ecosystem, which includes automated investing, automated bond ladders and commission-free stock investing. This allows for seamless transfers between cash and various investment accounts.

• Platform Experience: The web platform and mobile app are intuitive and user-friendly, offering features like mobile check deposit, bill pay and compatibility with payment apps like Venmo, CashApp, PayPal, Apple Pay and Google Pay. Users can organize their cash into categories such as emergency fund or vacation fund for better budgeting.

• Tools and Education: A highlight is the ability to receive direct deposits up to two days early. Wealthfront provides FDIC insurance, protecting deposits up to $8 million through a network of partner banks. It also offers free wire transfers to title and escrow companies and accounts you own.

• Drawbacks: Wealthfront is a brokerage, not a bank, so it doesn’t offer traditional banking services like physical branches for cash deposits. There is no human financial adviser access for the cash account. 

Who It’s Best For: People who want to maximize their earnings on uninvested cash with a high APY, along with the benefit of early paycheck access and a fee-free integrated cash management solution within an automated investing platform. 

Merrill Guided Investing — Best for Traditional Banking Services

Merrill Guided Investing’s cash management solution blends traditional banking with the benefits of a professionally managed automated investment portfolio. As part of the Bank of America and Merrill ecosystem, it appeals to users who want integrated financial management, allowing for easy transitions between everyday banking needs and long-term investment goals. While primarily an investment advisory program, Merrill’s cash component provides funds insured by the FDIC. 

• APY: Interest rates on invested cash in Merrill Guided Investing’s sweep programs vary depending on the amount in your accounts. 

• Fees: Merrill charges an annual program fee of 0.45% of assets under management for its online-only version, which is assessed monthly. For the “with Advisor” option, it charges 0.85%. 

• Investment Access: Merrill Guided Investing focuses on building and managing portfolios of low-cost ETFs and mutual funds based on your goals, risk tolerance and time horizon. The cash management feature is integrated into the advisory program, allowing seamless movement of funds within the Merrill and Bank of America ecosystem.

• Platform Experience: Users benefit from the online and mobile platforms of both Merrill and Bank of America. The integration allows you to manage your cash, investments and traditional banking services from a single login. Features include online bill pay, mobile check deposit and access to Bank of America ATMs.

• Tools and Education: Merrill Guided Investing provides access to Merrill’s Chief Investment Office insights, goal-planning tools and educational content. Uninvested cash in the Merrill Lynch Bank Deposit Program is FDIC-insured, typically by sweeping funds to Bank of America up to applicable limits.

• Drawbacks: The annual program fee on assets under management is higher than many robo-advisers or pure cash-management accounts. The APY on cash can vary significantly, depending on how the funds are swept, and basic tiers may offer very low rates.  

Who It’s Best For: Existing Bank of America customers or those seeking an integrated financial solution that combines automated investment management with comprehensive traditional banking services. 

Vanguard Cash Plus — Best for Integration with Vanguard Investments

The Vanguard Cash Plus Account is a good fit for existing Vanguard investors or people considering entering the Vanguard ecosystem who want a competitive yield on their short-term savings. Designed as an alternative to traditional savings accounts, it offers a strong APY through a bank sweep program, ample FDIC insurance and cash management features integrated with Vanguard’s low-cost investment platform. It provides convenience for managing cash and investments on a single platform.

• APY: The Vanguard Cash Plus sweep program APY is 3.65% as of July 4, 2025. The APY will vary and may change at any time. 

• Fees: There are no fees to open the account, no minimum balance requirements to earn the APY and no account service fees if you opt for e-delivery of documents. There are also no fees for transferring money between Vanguard accounts or for electronic bank transfers. 

• Investment Access: The Cash Plus Account is integrated with Vanguard Brokerage Services, allowing for seamless transfers between your high-yield cash and Vanguard’s low-cost ETFs, mutual funds, stocks and other investment products. 

• Platform Experience: Vanguard’s online platform and mobile app allow for easy management of your Cash Plus account alongside your investments. It provides routing and account numbers for direct deposits and bill payments, enabling it to function similarly to a checking account for many everyday needs. Mobile check deposit is available through the app. 

• Tools and Education: The main benefit is the competitive APY on FDIC-insured cash, which is managed through a network of program banks. This provides FDIC insurance coverage of up to $1.25 million for individual accounts and $2.5 million for joint accounts by sweeping funds to multiple banks. Vanguard provides educational content on managing cash and various investment strategies on its broader platform. 

• Drawbacks: Does not offer physical checks or a debit/ATM card directly. It’s APY might not always be the highest available compared to some standalone high-yield savings accounts. 

Who It’s Best For: Current Vanguard investors or people committed to Vanguard’s low-cost investing philosophy who want a high-yield, FDIC-insured place for their cash that integrates with their investment portfolio.

Fidelity Cash Management — Best for No Fees

Fidelity’s Cash Management Account is a cost-effective solution for managing everyday finances and is a powerful alternative to traditional checking accounts. It stands out for its commitment to zero fees, robust features like free check-writing and online bill pay and its generous policy of reimbursing all ATM fees worldwide. Its APY may not always be the highest, but its convenience and fee structure make it an excellent choice for savers who want a comprehensive and budget-friendly cash management hub with a leading brokerage.

• APY: The Fidelity Cash Management Account’s APY was 2.21% for its sweep program and 4% for its Government Money Market Fund as of July 3, 2025. 

• Fees: There are no monthly maintenance fees, no minimum balance requirements, no foreign transaction fees and free unlimited check writing. Fidelity also reimburses all ATM fees charged by other institutions when using the Fidelity debit card..

• Investment Access: The Cash Management Account integrates with Fidelity’s broader investment offerings. Uninvested cash can easily be moved to invest in mutual funds, ETFs, stocks and other securities. 

• Platform Experience: Fidelity’s user-friendly platform and mobile app allow users to manage their cash through mobile check deposits, online bill pay, direct deposits and linking to external bank accounts. The debit card functions globally, making it ideal for travelers.

• Tools and Education: Unlimited ATM fee reimbursements worldwide make it convenient for cash access. Fidelity’s strong security measures and robust customer service add to its appeal. The account’s uninvested cash is swept into multiple program banks, providing FDIC insurance coverage of up to $5 million for individual accounts.

• Drawbacks: The APY is generally lower than some high-yield savings accounts or other cash management accounts. There are no physical branches for accessing banking services. 

Who It’s Best For: Savers who prioritize a fee-free cash management solution with excellent liquidity, global ATM fee reimbursements and integration with an investment platform. 

Choosing The Best Cash Management Accounts

Cash management accounts offer a compelling alternative to traditional bank accounts, delivering higher interest rates and enhanced features.

Betterment Cash Reserve is a strong overall choice with its competitive 4% APY and robo-adviser integration. Wealthfront Cash Account matches the 4% APY and offers early paycheck access. For those who want traditional banking convenience within an investment ecosystem, Merrill Guided Investing provides integrated services. Vanguard Cash Plus is ideal for Vanguard users, while Fidelity Cash Management excels with its fee-free structure and global ATM reimbursements. 

Choosing the best cash management account depends on your priorities, whether they’re maximizing yield, convenient spending or consolidating finances on an existing investment platform. 

Frequently Asked Questions