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finder.com’s rating: 4.4 / 5.0
★★★★★
The Empower Personal Cash account, formerly known as Personal Capital Cash, doesn’t require a minimum balance and is federally insured for up to $1.5 million. It earns 4.7% APY if you use the company’s advisory service. Otherwise, the yield is lower than other options on the market. If you’re an active investor looking for a place to store short-term cash, Empower Personal Cash might be right for you.
$0 per month
Fee
4.70%
APY
$0
Minimum deposit to open
Annual Percentage Yield (APY) | 4.70% |
---|---|
Fee | $0 per month |
Minimum deposit to open | $0 |
ATMs | No access to ATMs |
Overdraft fee | $0 |
Learn more | Apply now |
Review by
Michael Benninger is lead editor of banking at Forbes Advisor and a former writer at Finder, specializing in banking. His work and analysis has been featured in Business Insider, Yahoo Finance, GoBankingRates and the Los Angeles Times, among other top media. He holds a B.A. in business administration and marketing from Rowan University in New Jersey.
The Empower Personal Cash account offers an above-average 4.7% APY — more if you’re an Empower investor.
If you use Empower’s advisory services, which requires a portfolio valued at $100,000 or more, your cash account would earn a 4.7% APY. That APY is above average for a savings account, but not competitive compared to other high-yield accounts.
This account might be worth it if it offered more attractive features. However, it doesn’t offer checks or a debit card, so you can’t make purchases or access ATMs. You’ll get the most out of this account if you invest with Empower and want a convenient place to transfer your investment earnings.
Getting started with Empower Personal Cash is more involved than opening other cash management accounts because you’re required to link at least three other accounts.
Follow these steps to get started.
Once your Empower account is verified, you can open a Cash account with a deposit of $1 or more.
You can open an account as long as you meet these requirements. However, if you’re subject to IRS backup withholdings, you can’t open a Empower Personal Cash account.
Provide this key information when opening your account.
The Empower Personal Cash account lets you link to and manage all your financial accounts in one place. Like most cash management accounts, your funds are insured for more than the standard $250,000—up to $1.5 million in this case.
It also comes with these benefits.
See how much interest you can earn as a standard Empower Personal Cash accountholder.
APY | Amount in savings | Interest earned in 12 months |
---|---|---|
4.7% | $1,000 | $47.00 |
4.7% | $5,000 | $235.00 |
4.7% | $10,000 | $470.00 |
Before signing up, be aware that you can’t deposit cash or paper checks with this account, along with a few other downsides.
Not convinced that Empower is right for you? If you’re looking for a similar no-fee account with higher interest, try Axos Bank’s High Yield Savings, which earns a 0.61% APY. If you’re bent on a high-yield cash management account, you might like Aspiration Spend & Save account, which offers one of the highest APYs we’ve seen on a balance under $10,000.
Compare other cash management accounts based on their interest rates, fees, minimum opening deposits, ATM networks and more. Choose Go to site when you’re ready to sign up.
There are a few ways to deposit or withdraw funds from Empower Personal Cash accounts.
Keep your account topped up through:
You can access the money in your account in a limited number of ways, including:
You have a few ways to reach out to Empower with your questions, aside from self-help tools and information on your online account.
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