Empower Cash

Empower Cash Review

Empower Cash is offered by Empower, founded in 2009 and based in San Carlos, CA. Empower Cash are available in 50 states (and Washington, DC).

Key Takeaways

• Very high annual percentage yield (APY). This account offers an annual percentage yield of up to 2.60%, which is much higher than the average interest rate for a savings account.
• $0 monthly fee. This account does not charge any monthly account fees.
• Small minimum initial deposit. You only need $1 to open an account.

Personal Capital cash Pros & Cons

Pros	Cons
Available in all 50 states. High variable APY. No charge on incoming domestic or international wire transfers.	No signup bonus. Does not offer mobile check deposits. Does not provide access to a nationwide ATM network. Does not come with a debit card

Personal Capital cash FAQ

Are savings accounts from Empower federally insured?

Yes, your deposits are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

Does Empower offer a signup bonus?

Personal Capital cash has a signup bonus of $0.

What is the minimum initial deposit for Personal Capital cash?

The minimum deposit to open a Personal Capital cash is $1.

Empower Cash Minimums

Description
Minimum Balance to Avoid Monthly Fee	Starting at $0
Minimum Opening Deposit	Starting at $1
Minimum Required Balance	$0

What APY does Empower Cash offer?

Personal Capital cash offers an APY of 2.60% (APY stands for annual percentage yield, rates may change). This is higher than the typical APY for online-only savings accounts, which is around 1% APY.

The interest rate on a savings account or checking account can change based, in part, on what the Federal Reserve does. Note that the APY of a savings account is the amount of interest you will earn if you keep your money in the account for a full year expressed as a percentage. The difference between an APY and an interest rate is that the APY takes into account how often your money earns interest (or compounds). The more often your money compounds, the more it will earn. Savings accounts with an interest rate that compounds daily, for example, will earn a higher return (and therefore a higher APY) than savings accounts that compound annually.

What fees does Personal Capital cash charge?

Personal Capital cash does not charge a monthly service fee. See the fee breakdown section below to view all fees.

What features and perks does Personal Capital cash offer?

This savings account includes the following features:

• Free Online Bill Pay - Online Bill Pay allows you to pay bills easily from your account.
• Mobile Banking Services - Personal Capital cash allows you to manage your money online or with a mobile app.

Can you set up a direct deposit to Personal Capital cash?

Yes, you can typically set up a direct deposit to this account. However, it depends on the direct deposit program your employer uses. Most direct deposit programs allow you to send your paycheck to a savings or checking account. In some cases, you can even split your paycheck between the two.

What is the customer support email for Personal Capital cash?

The customer support email for Personal Capital cash is privacy@personalcapital.com.