Personal Capital has launched Personal Capital Cash, a new FDIC account offering 2.3% APY and no monthly fees or minimums. Readers of this site might be familiar with Personal Capital as they previously offered a $100 Amazon gift card for signing up for an investment account.
This Personal Capital account isn’t as simple as it looks as Personal Capital doesn’t actually hold the funds, basically the funds are swept to partner banks where they earn a variable rate of interest and are eligible for FDIC insurance. Personally I find these sort of products/agreements confusing and would instead suggest just sticking to a high yield savings account. The advantage to this personal capital product is that you can have unlimited transactions (e.g withdrawals/deposits) whereas a traditional savings product is limited to six per month.