Best Cash Management Accounts – November 2020

Have you ever heard of online-exclusive cash management accounts? They typically provide above-market APYs with zero stipulations. For this reason, it’s understandable why you or anyone else would consider cash management accounts a flash in the pan offer used by banks and credit unions to incentivize new customers. 

However, as pointed out, now might be opportune to re-evaluate cash management accounts. Also referred to as hybrid accounts, this financial product offers a significant perk: competitive interest rates combined with a checking account’s high liquidity.

Cash management accounts aren’t necessarily ideal for helping you reach long-term savings targets. Rather, certificates of deposit or perhaps select high-yield bank accounts can give you higher APY. But if you want something more out of your existing checking account, you might want to consider a cash management account.

To help you get started, DepositAccounts ranked the best cash management account offers available right now. 

Aspiration Spend and Save

What sets Aspiration apart from other cash management accounts is its “pay what you want” fee program, giving you 3% to 5% cash back on qualifying purchases guaranteed. If you move up to an Aspiration Plus account (which has a $7 monthly fee), you could get as much as 1.00% APY on the money in your Aspiration Save account.

Aspiration cash management accounts connect your savings account to a Spend checking account, allowing you to deposit your money whenever you want quickly. And if you upgrade to a Plus account, you can get 1.00% APY on your savings (max $10,000). This way, if you want to make the most of your returns, all you need to do is keep most of your funds in an Aspiration Save account.

The downside is that although you pay $3.00 for Plus, you have to use your Aspiration debit card on a minimum of $1,00 each month to qualify for the 1.00% APY.

Simple Protected Goals Account

Despite its name, Simple’s online banking is less than intuitive. Although it falls short in user-friendliness, it makes up for it by incorporating useful budgeting tools and savings strategies into day-to-day money management. 

DepositAccounts gives Simple points for its Protected Goals account, a type of savings account that offers better APYs based on the amount of money in your account. What sets Simple’s Protected Goals account apart from traditional banks’ savings accounts is its free transfers. Since there is no limit to the number of times you can use this feature, you can treat it like another checking account. Plus, you can earn 0.60% APY on your Protected Goals account funds.

These perks are great, but what makes Simple a cash management account? It’s because Simple lets you easily and immediately move funds between your Protected Goals accounts and spending account (or a Simple account) — no limits. Just make sure you keep most of your money in a Protected Goals account, so you maximize your APY.

Betterment Cash Reserve

Betterment made a name for itself thanks to its robo-investing tools, cash management services, fewer fees than traditional banks, and acceptable APY. Betterment partnered with four different banks to ensure its customers’ Cash Reserve funds are insured up to $1 million by the FDIC. 

With Betterment, there’s no limit on transfers from Cash Reserve accounts and your existing bank account. However, the drawback is that it can take up to two business days for the money to go through.

Wealthfront Cash Account

Wealthfront is a robo-advisory service that provides cash management accounts with 0.35% APY. The drawback is that these accounts also work more or less like an online savings account, so you can’t spend the money held in the account, which differs from other providers on DepositAccount’s list. 

The FDIC insures up to $1 million of Wealthfront Cash Account funds. While this provider’s website says it intends to roll out a debit card that lets customers use their Cash Account like an ordinary checking account, it has yet to do so. But, Wealthfront does offer free transfers to any bank or credit union of your choice. 


  • DepositAccounts. “The Best Cash Management Accounts in November 2020.” Deposit Accounts, 6 Nov. 2020,