Best Cash Management Accounts
A cash management account lets a brokerage sweep your cash to partner banks, so you can earn a savings-level APY with FDIC coverage that often runs into the millions.
A cash management account is a brokerage account built for cash. Instead of holding your money itself, the brokerage sweeps it to a network of partner banks, which can stretch FDIC coverage well past the usual $250,000 and still pay a savings-level APY. As of October 18, 2026, the six accounts we verified pay between 1.96% and 3.6% APY on swept cash, against an FDIC national average of 0.37% for savings.
Terms as of October 18, 2026. Every APY, fee, minimum and FDIC coverage figure on this page was checked against the provider’s own page on October 18, 2026. Each brokerage was confirmed as an active firm in FINRA BrokerCheck the same day, and Empower’s program manager bank was confirmed in FDIC BankFind. APYs are variable and can change after you open an account. Boosts and promotions carry terms and deadlines. This page is general information, not financial advice. Some links on Money 8020 are affiliate or partner links; see our advertiser and affiliate disclosure.
If you would rather keep cash at a bank, see best high-yield savings accounts. If you are weighing a fund instead of a sweep, see best money market funds and our guide to high-yield savings vs money market accounts.
Quick answer: which cash management account is best?
- Best overall: Wealthfront Cash Account, 3.55% APY, $0 fees, up to $8 million in FDIC coverage.
- Best new-client boost: Betterment Cash Reserve, 3.50% APY plus a 0.75% boost for new clients through 2/15/2027.
- Best for Vanguard investors: Vanguard Cash Plus, 3.50% APY with $0 to open and no minimum.
- Best FDIC coverage for large balances: Empower Personal Cash, 3.50% APY and up to $5 million in FDIC coverage.
- Best for spending: Fidelity Cash Management Account, unlimited ATM fee refunds and no foreign transaction fees.
- Best headline APY: Robinhood Gold cash, 3.6% APY for Gold members at $5 a month.
How we ranked these accounts
We ranked on five things, in this order:
- Base APY you can earn without a membership fee or a time-limited boost.
- Fees and minimums: account fees, membership fees and the deposit needed to earn the rate.
- FDIC coverage: how far the program-bank network stretches coverage for one person.
- Spending access: debit card, ATM refunds and transfer limits.
- Fine print: boost conditions, eligibility rules and how much cash is swept versus held as brokerage cash.
All account terms come from each provider’s own page, loaded October 18, 2026. FINRA BrokerCheck confirmed each brokerage firm, and the FDIC’s deposit insurance guide sets the $250,000 per-bank limit that program-bank networks multiply. National context comes from the FDIC’s national rates and rate caps. We do not use aggregator roundups for any figure on this page.
Comparison table: cash management accounts (October 18, 2026)
| Account | APY | Fees | Minimum | FDIC coverage (individual) | Regulator check |
|---|---|---|---|---|---|
| Wealthfront Cash Account | 3.55% (as of 10/01/2026) | $0 | $1 | Up to $8M via up to 32 banks | FINRA CRD 153407 |
| Betterment Cash Reserve | 3.50% (as of 9/21/2026) | $0 | $10 | Up to $4M | FINRA CRD 47788 |
| Vanguard Cash Plus | 3.50% (as of 10/18/2026) | $0 with e-delivery | $0 | Up to $1.25M | FINRA CRD 7452 |
| Empower Personal Cash | 3.50% (as of 9/17/26) | $0 | $0 | Up to $5M | UMB Bank, N.A. (FDIC #8273) |
| Fidelity Cash Management | 1.96% sweep (as of 10/16/2026) | $0 | $0 | Sweep to program banks | FINRA CRD 7784 |
| Robinhood Gold cash | 3.6% (as of 9/17/2026) | $5/mo Gold | $0 | Cash above $10,000 swept to 15 banks | FINRA CRD 165998 |
Sources: each provider’s cash account page, checked October 18, 2026; FINRA BrokerCheck and FDIC BankFind for firm and bank status. Fidelity’s 1.96% is the FDIC-insured deposit sweep APY; its SPAXX money market fund showed a 3.50% 7-day yield as of 10/16/2026 and is not FDIC insured.
1. Wealthfront Cash Account: best overall
Per Wealthfront, the Cash Account pays a 3.55% APY (as of 10/01/2026) through its program banks, with $0 account fees and a $1 minimum. Coverage reaches up to $8 million in FDIC insurance ($16 million for joint accounts) by spreading cash across up to 32 program banks. Wealthfront lists 19,000+ fee-free ATMs and up to two out-of-network ATM fee reimbursements a month, up to $7.50 each.
Wealthfront also advertises a 0.65% boost for three months for new clients on up to $150,000, and an ongoing 0.25% boost (up to 4.45% total) with $1,000 a month in direct deposits or $2,500 in recurring deposits plus a funded investing account. Boosts carry terms. It ranks first because the base rate is the highest here with no membership fee. See the Wealthfront Cash Account review, or compare it head to head in Betterment vs Wealthfront.
2. Betterment Cash Reserve: best new-client rate boost
Per Betterment, Cash Reserve pays a variable 3.50% APY (as of 9/21/2026) with no fees and a $10 minimum deposit to earn it. FDIC coverage runs up to $4 million for individual accounts and $8 million for joint accounts through program banks. New clients can get a 0.75% boost on up to $1 million through 2/15/2027, terms apply.
You need a Betterment Securities brokerage account to open Cash Reserve. See the Betterment Cash Reserve review.
3. Vanguard Cash Plus: best for Vanguard investors
Per Vanguard, the Cash Plus bank sweep paid 3.50% APY as of October 18, 2026, with $0 to open, $0 minimum and $0 account service fees with e-delivery. Clients with $1 million or more in qualifying assets, Personal Advisor clients and certain plans can earn an enhanced 3.65% APY. FDIC coverage reaches up to $1.25 million for individuals and $2.5 million for joint accounts.
Vanguard’s page does not list a debit card, so treat Cash Plus as a place to park cash next to your Vanguard investments, not a spending account. See the Vanguard Cash Plus review.
4. Empower Personal Cash: best FDIC coverage for large balances
Per Empower, Personal Cash pays a 3.50% APY (as of 9/17/26) with no account fees and no minimums, and offers up to $5 million in FDIC coverage through program banks. Private Client members can earn a premium 3.70% APY (as of 10/14/2026). Empower lists a $250,000 maximum per deposit and a $25,000 daily withdrawal limit, rising to $100,000 for Personal Strategy clients or accounts open 60 days or more.
UMB Bank, N.A. (FDIC cert #8273) was confirmed active in FDIC BankFind on October 18, 2026. See the Empower Personal Cash review.
5. Fidelity Cash Management Account: best for spending
Per Fidelity, the Cash Management Account has $0 account fees and no minimums, unlimited ATM fee reimbursements at ATMs displaying the Visa, Plus or Star logos, and no foreign transaction fees. Its FDIC-insured deposit sweep paid 1.96% APY (1.94% rate) as of Oct-16-2026, per Fidelity’s core rates page.
The sweep rate is the lowest here, which is why Fidelity ranks fifth. Many customers also keep cash in a money market fund: Fidelity showed a 3.50% 7-day yield on the Fidelity Government Money Market Fund (SPAXX) as of 10/16/2026, but a fund is not FDIC insured and can lose value. Fidelity says accounts opened on or after September 28, 2026 can hold only fixed income, CDs and Fidelity money market funds. See the Fidelity Cash Management Account review.
6. Robinhood Gold cash: best headline APY for Gold members
Per Robinhood, Gold members earn 3.6% APY on eligible brokerage cash (as of Sept 17, 2026) with no cap. Robinhood Gold costs $5 a month after a 30-day free trial. The first $10,000 is held as brokerage cash, which is covered by SIPC rather than the FDIC; cash above $10,000 is swept to 15 program banks. Robinhood charges a 1.5% fee for instant withdrawals.
On $10,000, 3.6% earns about $360 a year, or about $300 after $60 in Gold fees (our arithmetic), which is less than Wealthfront’s 3.55% with no fee at that balance. See the Robinhood Gold cash review.
What the national data says
- Average savings rates trail far behind. The FDIC’s national rate for savings was 0.37% as of September 21, 2026, and 0.63% for money market deposit accounts.
- The FDIC limit is per bank. FDIC insurance covers up to $250,000 per depositor, per insured bank, per ownership category. A cash management account multiplies that by spreading your cash across many banks, but coverage only applies once cash reaches an insured bank.
- Brokerage cash is different. Cash held at the brokerage itself (such as Robinhood’s first $10,000) falls under SIPC protection, which covers missing assets if a firm fails, not losses from market moves.
How to pick the right cash management account
- Compare base APYs, not boosts. Wealthfront’s 3.55% and the 3.50% at Betterment, Vanguard and Empower are the rates you keep after promotions end.
- Count every fee. Robinhood’s 3.6% only beats the others once your balance is large enough to cover $60 a year in Gold fees.
- Match FDIC coverage to your balance. If you hold more than $1.25 million in cash, Wealthfront, Empower and Betterment offer more program-bank coverage.
- Decide if you need spending tools. Fidelity has the strongest ATM refunds; Vanguard lists no debit card.
- Keep the rest invested. A cash account is for short-term money and emergency funds. For long-term money, see the best brokerage accounts.
Frequently asked questions
How did you verify these cash management accounts?
We loaded each provider's own cash account page on October 18, 2026 (Wealthfront, Betterment, Vanguard, Empower, Fidelity and Robinhood) and recorded the APY, fees, minimums and FDIC program-bank coverage only where the page stated them. Each brokerage was confirmed as an active firm in FINRA BrokerCheck the same day, and Empower's bank, UMB Bank, N.A., was confirmed active in FDIC BankFind. Rates are variable and change often, so confirm terms before you open an account.
Which cash management account pays the most?
Of the accounts we checked on October 18, 2026, Robinhood showed the highest headline rate at 3.6% APY, but only for Robinhood Gold members paying $5 a month. Among accounts with no membership fee, Wealthfront paid the highest base rate at 3.55% APY. Betterment, Vanguard and Empower each showed 3.50% APY.
Is a cash management account FDIC insured?
The brokerage is not a bank. Your cash is swept to FDIC-insured program banks, and coverage applies once it lands there. FDIC insurance covers up to $250,000 per depositor, per insured bank, per ownership category, so spreading cash across many banks raises the total: up to $8 million at Wealthfront, $5 million at Empower, $4 million at Betterment and $1.25 million at Vanguard for an individual account, per each provider on October 18, 2026. Money market funds such as SPAXX are not FDIC insured.
Is a cash management account better than a high-yield savings account?
It depends on what you want. The rates on this list are in the same range as many high-yield savings accounts, and the program-bank structure gives you far more FDIC coverage in one place. A bank savings account is simpler and has no sweep program to understand. Compare both on our best high-yield savings accounts list. This is general information, not financial advice.
How do cash management APYs compare with the national average?
The FDIC's national average savings rate was 0.37% as of September 21, 2026. On $10,000, a 3.55% APY earns about $355 a year versus about $37 at the national average (our arithmetic). APYs on cash management accounts are variable and can change at any time.