Empower Personal Cash (formerly Personal Capital Cash) Review: Online Cash Management Account
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Empower Personal Cash — formerly called Personal Capital Cash — helps customers manage their money with no fees or minimum balance. Cash management accounts — also known as cash accounts — combine features that are commonly found in checking and savings accounts but are typically offered by nonbank financial service providers, such as Empower, an automated investment management service. Keep in mind that you can’t withdraw or deposit cash with Empower Personal Cash, and there is no face-to-face customer service or phone support.
» MORE: Check out NerdWallet’s review of Empower's investment offerings
Best for: Empower investing customers who want a place to keep uninvested cash where it can earn a high-yield interest rate.
Where Empower Personal Cash shines | Where Empower Personal Cash falls short |
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Checking and savings features
4.0/5.0
Upsides
No fees. Empower Personal Cash doesn’t charge any fees — monthly or otherwise — for its service.
No minimum balance. Empower Personal Cash has no minimum balance requirements.
Offers joint accounts. Partners can co-manage their finances with a joint account.
Up to $5 million in federal insurance through third-party banks. Like most cash management accounts, Empower Personal Cash uses third-party partner banks to federally insure customers’ deposits. Personal Capital sweeps its customers’ cash balances into one or more third-party banks, where those funds have Federal Deposit Insurance Corp. coverage up to $250,000 per depositor per third-party bank. Customers can get aggregate FDIC insurance up to $5 million.
» Looking for cash management products? Check out cash accounts and apps that you can pair
Downsides
No cash withdrawals or deposits, and no check writing. Empower Personal Cash supports electronic transfers to deposit into and withdraw from the account. Direct deposits and wire transfers are also supported.
No debit card. A debit card is not available with the Empower Personal Cash account.
Other things to consider
APY is comparable to online banks. Customers receive 4.70% APY on their money in an Empower Personal Cash account.
No overdraft program. If a customer tries to make a transfer that exceeds available funds, Empower will decline it. This means customers avoid hefty overdraft fees, but there's also no cushion if they come up short during a transfer.
Customer experience
3.0/5.0
Upsides
Budgeting tools and net worth tracking. Empower built its business on helping customers budget and track their net worth via its online platform, so its site and app have robust tools to help with these tasks.
Solid mobile app ratings. The Empower app has decent app ratings in both the Apple and Google Play app stores.
Solid website. The Empower website is well-designed and easy to navigate, and prospective customers can easily find information on how to open an Empower Personal Cash account.
Downsides
No human phone support. Empower Personal Cash customers who want support are advised to email.
No chat support. Customer support is available only via email.
No branches. Empower Personal Cash is an online-only financial service, so customers don’t have access to face-to-face service.
No mobile check deposit. The only way to deposit money into your account is through electronic transfer, so if you need to make a check deposit, you’ll need to deposit it into a linked bank account and then transfer it into your Empower Personal Cash account.
