2024-07-24T01:00:25Z JUMP TO Section Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
  • What is the Webull Cash Management Account?
  • Key Features
  • Fees and Costs
  • How to Open an Account
  • Customer Experience and Support
  • Is Webull Trustworthy?
  • Pros and Cons
  • Webull Cash Management Account Review
  • How Webull Cash Management Compares
  • Why You Should Trust Us
  • FAQs

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    The Webull Cash Management Account might be worth considering if you already invest with Webull and want to earn a high interest rate on uninvested cash. But if you'd like to open a joint account or explore more traditional banking options, go through our best banks for more picks.

    What is the Webull Cash Management Account?

    While Webull is an online investment platform, you can earn interest on uninvested cash through the Webull Cash Management Account. Here's how it works: You'll open a brokerage account, activate cash management, and your cash balances that aren't invested will still earn some interest.

    The Webull Cash Management Account is accessible to any Webull users who have cash accounts (excluding IRA accounts) on the investment platform.

    Webull isn't a bank, but it's partnered with banks that provide FDIC insurance. Webull spreads cash deposits across multiple banks so up to $1 million can be insured.

    Webull Cash Management Account Start banking Webull, FDIC Insured Webull Webull Cash Management Account Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4/5 Fees

    no monthly service fee

    Annual Percentage Yield (APY)

    5.00%

    Minimum Opening Deposit

    $0

    Pros
    • Check mark icon A check mark. It indicates a confirmation of your intended interaction. High interest rate
    • Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly fees
    • Check mark icon A check mark. It indicates a confirmation of your intended interaction. No minimum balance requirements
    • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Unlimited withdrawals
    Cons
    • con icon Two crossed lines that form an 'X'. No joint accounts
    • con icon Two crossed lines that form an 'X'. Can't deposit cash
    Insider’s Take

    The Webull Cash Management Account might be worth considering if you already invest with Webull and want to earn a high interest rate on uninvested cash. But if you'd like to open a joint account or explore more traditional banking options, go through our best banks for more picks.

    Product Details
    • FDIC insured of up to $1 million
    • Interest accrued daily, deposit the 15th of each month
    Show Pros, Cons, and More chevron down icon An icon in the shape of an angle pointing down.

    Webull Cash Management Account Key Features

    Competitive Annual Percentage Yield (APY)

    The Webull Cash Management Account pays 5.00% APY, which is more than the average savings account. It's even more competitive than some high-yield savings accounts.

    Interest in the account grows daily — it's calculated by multiplying your daily uninvested cash balance by the current APY and then dividing it by 365.

    If your account isn't earning interest, it might be because Webull changed its cash management program when it implemented its bank sweep program. You'll need to re-enroll in the cash management program to earn interest.

    Low Opening Requirements

    The Webull Cash Management Account is a fee-free management account — It has a $0 minimum opening deposit and no monthly service fee. Webull might be worthwhile if you don't have a lot of money to deposit upfront.

    Webull Cash Management Fees and Costs

    The Webull Cash Management Account doesn't have monthly fees or minimum balance requirements.

    There are fees for wire transfers, though. Deposits via wire transfer cost $8 per deposit, and withdrawals via wire transfer costs $25 per withdrawal. You also could be charged a $5 reversal fee for ACH transfers that are returned because of insufficient funds.

    How to Open a Webull Cash Management Account

    To get the Webull Cash Management Account, open a brokerage account with Webull and select the Cash Account option. You must be at least 18 years old and include your Social Security number. You'll also need to provide your address and general information about yourself, like your birthday and phone number.

    Once enrolled in the Cash Management Program, you can deposit money into your account and earn interest on uninvested cash.

    Webull Cash Management Customer Experience and Support

    The Webull app is rated 4.3 out of 5 stars in the Google Play Store with over 183,000 reviews. It's received 4.7 out of 5 stars in the Apple Store with over 298,600 reviews.

    To contact customer support, you can call from 9 a.m. to 5 p.m. ET. You can also send a message to support through the app anytime.

    Is Webull Trustworthy?

    For our Webull Cash Management Account review, we've included ratings from the Better Business Bureau, which reviews how companies deal with customer complaints. Bear in mind, BBB ratings are not necessarily the be-all and end-all. To see if a company may be suitable for you, also speak with current customers or read online customer reviews.

    The BBB gave Webull an F rating. On the BBB website, Webull has received over 145 complaints, it hasn't responded to 90 complaints filed, and it has 10 unresolved complaints. Government action has been also taken against the business.

    According to a desist and refrain order by the California Department of Financial Protection and Innovation, the DFPI tried to reach out to Webull regarding a consumer complaint that was filed with them, but Webull didn't respond. As a result, Webull has to pay a penalty of $5,000.

    In March 2023, Webull was also required to pay a fine of $3 million because the Financial Industry Regulatory Authority claimed Webull wasn't utilizing reasonable due diligence when approving customers for options trading between December 2018 and July 2021.

    Webull Cash Management Account: Pros and Cons

    Pros

    • High interest rate on uninvested cash
    • No monthly fees
    • No minimum balance requirements

    Cons

    • Have to open a cash brokerage account
    • No joint accounts
    • Limited ways to deposit/withdraw money

    Is the Webull Cash Management Account Right for You?

    You might like the Webull Cash Management Account if you currently invest with Webull and would like to earn a competitive interest rate on cash that isn't being invested. The account also doesn't require a minimum opening deposit and has no monthly service fee.

    You may prefer other options if you want more of a traditional banking experience. Online or brick-and-mortar banks will also be a better fit if you're interested in opening various or joint bank accounts.

    Webull Cash Management Alternatives

    Featured Checking Account Offers

    • Discover Cashback Debit Account:Earn cash back rewards with no fees. Start earning 1% cash back earned on up to $3,000 a month in purchases today.
    • Chime® Checking Account: Get paid up to 2 days early with direct deposits. Rounds debit card purchases up to the nearest dollar and moves spare change into your Chime Savings Account.
    • SoFi Checking and Savings (Member FDIC): Earn up to a $300 bonus with qualifying direct deposits for eligible customers through 12/31/24. Earn up to 4.60% APY on savings balances (including Vaults) with direct deposit.

    Webull Cash Management Account Review vs. Betterment Cash Reserve Account Review

    Betterment is an online investment platform where you can bank and invest.

    You may prefer Betterment over Webull if you want to explore several different account options. Betterment has the Betterment Cash Reserve Account and Betterment Checking Account. Betterment also has joint accounts, while Webull doesn't.

    The Webull Cash Management Account may appeal to you if you already invest with Webull and are eligible for the promotional rate offer. You'll be able to keep your money all in one place instead of at different investment platforms.

    Betterment Cash Reserve Review

    Webull Cash Management Account Review vs. Wealthfront Cash Account Review

    Wealthfront is another investment platform. The Webull Cash Management Account and Wealthfront Cash Account both pay higher interest rates than the average savings account.

    The Wealthfront Cash Account allows you to get cash at select ATMs. At Webull, you can only withdraw money through a bank or brokerage transfer.

    Another thing to keep in mind is that Wealthfront also has joint accounts, but Webull doesn't.

    You might find the Wealthfront Cash Account worthwhile if you already invest with them and are looking for a place to keep uninvested cash.

    Wealthfront Cash Account Review

    Why You Should Trust Us: How We Reviewed the Webull Cash Management Account

    At Business Insider, we use our bank account methodology to rate all of our banking products. While the Webull Cash Management Account isn't technically a bank account, we used our checking account methodology since cash management accounts are similar to high-yield checking accounts.

    When determining our rating, we considered specific account features like minimum opening deposits and fees. We also considered criteria relating to the overall customer experience, such as the ethics of the company and customer service availability.

    Webull Cash Management Account FAQs

    How does the interest rate on Webull's Cash Management Account compare to traditional savings accounts? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

    When comparing Webull's Cash Management account to traditional savings accounts, it notably pays a high interest rate. The rate is in line with the best high-yield savings accounts.

    Are there any fees associated with the Webull Cash Management Account? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

    The Webull Cash Management Account has no monthly service fee. There are no fees for ACH transfers, although you'll be charged a $5 reversal fee for ACH transactions that don't go through because of insufficient funds. You'll also have to pay fees for outgoing and incoming wire transfers.

    Is my money safe in a Webull Cash Management Account? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

    Webull isn't a bank, but its banking services are provided by FDIC-insured banks. As of November 2023, Webstar Bank, Keystone Bank, First State Bank, Legacy Bank & Trust, and Preffered Bank are participating in the bank sweep feature. A total maximum of $1 million can be insured through partner banks.

    What makes Webull's Cash Management Account stand out from competitors? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

    The Webull Cash Management Account can stand out from competitors because it offers a competitive interest rate. However, other online investment platforms have cash management accounts that offer more FDIC insurance through their partner banks or more perks like early direct deposit and savings buckets. The Webull Cash Management also doesn't have a debit card.

    How can you withdraw money from a Webull Cash Management Account? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

    You can make withdrawals through an ACH transfer, wire transfer, or brokerage transfer via the Automated Customer Account Transfer Service (ACATS).

    spanSophia Acevedo is a banking editor at Business Insider. She has spent three years as a personal finance journalist and is an expert across numerous banking topics./spanspanExperience/spanspanSophia leads Personal Finance Insider's banking coverage, including reviews, guides, reference articles, and news. She edits and updates articles about banks, checking and savings accounts, CD rates, and budgeting and saving. She is highly knowledgeable about long-term trends in rates and offers at banks across the U.S./spanspanBefore joining Business Insider, Sophia worked as a journalist at her college newspaper and was a freelance writer. She has spent seven years writing and editing as a journalist./spanspanSophia was nominated for an Axel Springer Award for Change in 2023 for her coverage of a href="https://www.businessinsider.com/personal-finance/what-is-able-savings-account"ABLE accounts/a, tax-free savings accounts for people with disabilities. She was also a winner of a a href="https://cnpa.com/cja/2018campus/"2018 California Journalism Awards Campus Contest/a for her photography./spanspanShe loves helping people find the best solutions for their unique needs and hopes that more people will find the tools to solve their financial problems. She’s inspired by stories of everyday people adapting to their financial circumstances and overcoming their fears around money./spanspanExpertise/spanspanSophia's expertise includes:/spanullispanBank accounts/span/lilispanSavings and CD rate trends/span/lilispanBudgeting/span/lilispanSaving/span/lilispanHow banks operate/span/li/ulspanEducation/spanspanSophia graduated from California State University Fullerton with a degree in journalism and a minor in political science./spanspanShe is an avid reader across a variety of genres, and she started running in 2021. She ran in the 2024 Los Angeles Marathon./span Sophia Acevedo Banking Editor Sophia Acevedo is a banking editor at Business Insider. She has spent three years as a personal finance journalist and is an expert across numerous banking topics.ExperienceSophia leads Personal Finance Insider's banking coverage, including reviews, guides, reference articles, and news. She edits and updates articles about banks, checking and savings accounts, CD rates, and budgeting and saving. She is highly knowledgeable about long-term trends in rates and offers at banks across the U.S.Before joining Business Insider, Sophia worked as a journalist at her college newspaper and was a freelance writer. She has spent seven years writing and editing as a journalist.Sophia was nominated for an Axel Springer Award for Change in 2023 for her coverage of ABLE accounts, tax-free savings accounts for people with disabilities. She was also a winner of a 2018 California Journalism Awards Campus Contest for her photography.She loves helping people find the best solutions for their unique needs and hopes that more people will find the tools to solve their financial problems. She’s inspired by stories of everyday people adapting to their financial circumstances and overcoming their fears around money.ExpertiseSophia's expertise includes:
    • Bank accounts
    • Savings and CD rate trends
    • Budgeting
    • Saving
    • How banks operate
    EducationSophia graduated from California State University Fullerton with a degree in journalism and a minor in political science.She is an avid reader across a variety of genres, and she started running in 2021. She ran in the 2024 Los Angeles Marathon. Read more Read less spanEvelyn He is a Compliance and Operations Associate on the Personal Finance team to ensure content accuracy and editorial independence so readers get up-to-date and objective financial advice./spanspanThe compliance team's mission is to provide readers with fact-checked and current stories so they can make informed financial decisions. The team also works to minimize risk for partners by ensuring language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team./span Evelyn He Compliance and Operations Associate Evelyn He is a Compliance and Operations Associate on the Personal Finance team to ensure content accuracy and editorial independence so readers get up-to-date and objective financial advice.The compliance team's mission is to provide readers with fact-checked and current stories so they can make informed financial decisions. The team also works to minimize risk for partners by ensuring language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team. Read more Read less

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