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Personal Capital Cash review

This cash management account offers no fees, but its top APY is only 0.1%.

The Personal Capital Cash account doesn’t require a minimum balance and is federally insured for up to $1.5 million. It earns 0.1% APY if you use the company’s advisory service, but otherwise, the yield is just 0.05%. If you’re an active investor looking for a place to store short-term cash, Personal Capital Cash might be right for you, but you can’t access your money from an ATM.

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$0 per month

Fee

0.10%

APY

$1

Minimum deposit to open

Details

APY0.10% You must have at least $100,000 in investments and sign up for Personal Capital’s advisory services. Otherwise, 0.05%
Fee$0 per month
Minimum deposit to open$1
ATMsNo access to ATMs
Overdraft fee$0

Review by


Michael Benninger is a staff banking writer at Finder. He is a former credit analyst and longtime freelancer whose articles have been published by Intuit, Business Insider and the Los Angeles Times. Michael is passionate about all facets of personal finance and has written hundreds of articles about money management during the past decade.

Expert review

When I opened my Personal Capital Cash account, it offered a generous 2.30% APY, which was higher than my other savings account at the time. But within months the APY dropped to 1.55%. From there it only kept dropping. Now, the account earns just 0.05% APY, which is barely above the national average of 0.04% for savings accounts. If I used Personal Capital’s advisory services, which requires a portfolio valued at $100,000 or more, my Cash account would earn 0.1% APY, which is still far from competitive compared to high-yield savings accounts like Axos High Yield savings, which earns 0.61% APY.

If the account offered more attractive features, I might be willing to overlook the mediocre APY. It doesn’t offer checks or a debit card, so you can’t make purchases or access ATMs. While it does come with budgeting tools, free wire transfers and no monthly maintenance fees, it’s not enough to pull me away from my current account.

I don’t use Personal Capital Cash anymore, but I do still use Personal Capital’s other tools. If a great interest rate is what you’re after, you’re better off growing your nest egg with a high-yield savings account.

How do I open a Personal Capital Cash account?

Getting started with Personal Capital Cash is more involved than opening other cash management accounts because you’re required to link at least three other accounts.

  1. Click Apply now.
  2. From the provider’s site, select Cash management then Open your account now.
  3. Enter your email address, create a password and provide a phone number to verify your account.
  4. Click or tap Sign up for free tools.
  5. Link at least two bank accounts and one investment, credit card or loan account.
  6. Once your Personal Capital account is verified, you can open a Cash account with a deposit of $1 or more.

Eligibility

If you’re subject to IRS backup withholdings, you can’t open a Personal Capital Cash account. Otherwise, you can open an account as long as you meet these requirements:

  • US citizen or resident alien
  • At least 18 years old

Required information

Provide the following information when opening an account:

  • Social Security number
  • Details from a government-issued ID
  • Login information for external banks accounts and credit cards

What are the benefits of a Personal Capital Cash account?

The Personal Capital Cash account lets you link to and manage all your financial accounts in one place. And like most cash management accounts, your funds are insured for more than the standard $250,000. This account insures your funds up to $1.5 million. It also comes with these benefits:

  • No fees. There are no monthly maintenance or overdraft fees.
  • Free wire transfers. You can send or receive domestic wire transfers of up to $1 million for free.
  • Built-in budgeting. Personal Capital’s app and website include budgeting tools to help you keep your finances on track.
  • Joint accounts available. Personal Capital Cash supports individual and joint accounts.

What should I look out for?

Before signing up for a Personal Capital Cash account, you should be aware of these drawbacks:

  • Low APY. To earn the highest APY at 0.1%, you must have at least $100,000 in investments and sign up for Personal Capital’s advisory services to qualify for that yield. Otherwise, your APY will drop to 0.05%.
  • Complicated application. To open a Personal Capital Cash account, you’re required to link at least three other accounts.
  • Not cash-friendly. This account doesn’t come with a debit card or ATM support, and there’s no way to deposit cash.
  • Can’t write or deposit checks. There are no checkwriting privileges, and you can’t deposit checks directly into this account.
  • Not all banks are supported. Personal Capital works well with a growing number of banks, but it can’t link to some newer or smaller financial institutions.
  • No bill pay options. Personal Capital lets you view upcoming bills for linked credit cards and loans, but it doesn’t provide a way to pay those bills automatically.
  • Limited support. Personal Capital doesn’t have branches or offer chat support, and you can only speak with a representative by phone if you have an advisory account. Otherwise, you can only contact customer service by sending a secure message through Personal Capital’s app or website.

Is Personal Capital Cash safe?

Yes, Personal Capital Cash accounts are federally insured for up to $1.5 million — that’s six times the standard limit you’ll find with checking and savings accounts, which insure your funds up to $250,000. You can also activate two-factor authentication on your account, which requires you to either enter a code you receive from the mobile app or via text message.

Personal Capital Cash reviews and complaints

Personal Capital is accredited by the Better Business Bureau (BBB), which rates it an A+ based on five complaints over the past three years. As of March 2021, Personal Capital also has an average customer rating of 1 out of 5 stars on the BBB’s website, but that’s based on only four reviews.

On Trustpilot, Personal Capital has nearly 650 customer reviews with an average rating of 4.3 out of 5. But the vast majority of these reviews relate to Personal Finance’s tracking tools rather than the cash management account.

Compare Personal Capital Cash with other cash management accounts

Use this table to compare other cash management accounts based on their fees, minimum deposits, ATMs networks and other factors.

Name Product APY Minimum deposit to open ATMs Out-of-network ATM fee
Aspiration Spend & Save Account
Finder Rating: 4.2 / 5: ★★★★★
Aspiration Spend & Save Account
5.00% on balances of $0 to $10,000
$10
55,000 free in-network ATMs
$0
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.
SoFi Money
Finder Rating: 4.6 / 5: ★★★★★
SoFi Money
0.25%
$0
$0
SoFi Money® is a cash management account that charges no account fees to save, spend, and earn cash back rewards when you spend on brands you love.
M1 Spend
Finder Rating: 4.2 / 5: ★★★★★
M1 Spend
1.00%
$0
$0
An FDIC-insured checking account integrated directly into the M1 app.
Robinhood Cash Management
Finder Rating: 4.3 / 5: ★★★★★
Robinhood Cash Management
0.30%
$0
15,000 international ATMs for free + 75,000 ATMs in the US
$0
This brokerage account feature offers interest and no monthly fees but Robinhood support is only available by email.
Personal Capital Cash
Personal Capital Cash
0.10%
$1
No access to ATMs
The Personal Capital Cash account doesn’t require a minimum balance and is federally insured for up to $1.5 million.
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Compare up to 4 providers

How do I deposit or withdraw my money?

There are a few ways to deposit or withdraw funds from Personal Capital Cash accounts.

Funding

  • Automated clearing house (ACH) transfers. You can conduct bank-to-bank transfers via the website or mobile app.
  • Direct deposit. Your employer can deposit your paycheck directly into your Personal Capital Cash account.
  • Wire transfers. Deposit up to $1 million via a domestic or international wire transfer, but only on weekdays between 9 a.m. and 2:30 p.m. PT, and you must call 833-569-6730 to initiate the process.

Withdrawals

  • ACH transfers. Send funds to an external bank via Personal Capital’s website or app.
  • Wire transfers. Send outgoing domestic wire transfers for free, but you can’t wire money internationally.

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