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Empower Personal Cash review

This cash management account offers no fees, but its top APY isn't as high as other savings options.

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.

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$0 per month

Fee

4.70%

APY

$0

Minimum deposit to open

Details

Annual Percentage Yield (APY)4.70%
Fee$0 per month
Minimum deposit to open$0
ATMsNo access to ATMs
Overdraft fee$0
Learn moreApply 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.

Expert review

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.

How do I open a Empower Personal Cash account?

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.

  1. Select Apply now.
  2. Select Cash management from the website, then Open your account now.
  3. Enter your email address, create a password and provide a phone number to verify your account.
  4. Select Sign up for free tools.
  5. Link at least two bank accounts and one investment, credit card or loan account.

Once your Empower account is verified, you can open a Cash account with a deposit of $1 or more.

Eligibility

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.

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

Required information

Provide this key information when opening your 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 Empower Personal Cash 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 $250,000up to $1.5 million in this case.

It also comes with these benefits.

  • Built-in spend tracking and budgeting. Empower‘s app and website include budgeting tools. You can also set up saving or spending goals to keep your finances on track from day to day.
  • Solid APY. You can earn a 4.7% APY as a standard accountholder, more if you invest with Empower. Both APYs will bring you a return two to four times higher than the national average.
  • No fees. There are no monthly maintenance or overdraft fees. You can also send or receive domestic wire transfers of up to $1 million for free.
  • Joint accounts available. Empower Personal Cash supports individual and joint accounts.
  • Flexible deposits and withdrawals. You’re not limited to how many transactions you can make. You are limited to $250,000 per deposit or up to $25,000 per day for withdrawals, but these limits are high and don’t come close to what most people need to access.

How much interest you can earn

See how much interest you can earn as a standard Empower Personal Cash accountholder.

APYAmount in savingsInterest earned in 12 months
4.7%$1,000$47.00
4.7%$5,000$235.00
4.7%$10,000$470.00

What should I look out for?

Before signing up, be aware that you can’t deposit cash or paper checks with this account, along with a few other downsides.

  • Complicated application. To open a Empower Personal Cash account, you’re required to link at least three other accounts.
  • Not cash-friendly. This account doesn’t come with a debit card. You also can’t deposit physical checks or cash.
  • Not all banks are supported. Empower works well with a growing number of banks, but it can’t link to some new or small financial institutions.
  • No bill pay. Empower lets you view upcoming bills for linked credit cards and loans, but it doesn’t provide a way to pay those bills.
  • Limited support. Empower doesn’t have branches or offer chat support, and the main way to contact customer service is by sending a secure message via your account. You can only speak with a representative by phone if you have an advisory account.

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 Empower Personal Cash with other cash management accounts

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.

Name Product Fee Minimum deposit to open Annual Percentage Yield (APY) Offer
Brex Cash account
Finder Rating: 3.4 / 5: ★★★★★
Brex Cash account
$0 per month
$0
4.47%
Brex Cash is an innovative cash management account that lets business owners choose whether to save or invest funds. Uninvested funds are FDIC Insured up to $2.25 million. Invested funds are SIPC insured.
Empower Personal Cash
Finder Rating: 4.4 / 5: ★★★★★
Empower Personal Cash
$0 per month
$0
4.70%
The Empower Personal Cash account doesn’t require a minimum balance and is federally insured for up to $2 million. FDIC insurance up to $2 million.
Robinhood Cash Card
Finder Rating: 4.3 / 5: ★★★★★
Robinhood Cash Card
$0 per month
$0
N/A
The Robinhood Cash card lets you invest spare change in your brokerage or crypto account, earn cash back as you spend and more. Robinhood Cash card is FDIC insured. Robinhood brokerage or crypto account is not FDIC insured.
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How do I deposit or withdraw my money?

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

Deposits

Keep your account topped up through:

  • 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 Empower Personal 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

You can access the money in your account in a limited number of ways, including:

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

    How do I contact Empower about my account?

    You have a few ways to reach out to Empower with your questions, aside from self-help tools and information on your online account.

    • Call 855-855-8005 to ask questions about your Empower account. This is the general support line for Empower products, and its investment portfolios are its main offering.
    • Advisors. If you invest with Empower, you can reach out to your personal advisor who can access your account and see your financial outlook at a glance.

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