Empower Personal Cash

Easy. Flexible. Secure.

Simplify your family finances with a joint account.
Set up direct deposit for your paychecks.
Link to your checking for monthly bills.
Unlimited number of monthly transfers.
Withdraw up to $100K² per day.
No minimum balance.

FAQ

What is Empower Personal Cash™?

Empower Personal Cash is a program that offers you the ability to earn a higher interest rate on your cash than you might earn in a traditional Checking or Savings account. At the same time, the Empower Personal Cash Program offers up to an aggregate of $5,000,000 in FDIC insurance coverage, which is greater than the standard $250,000 any single bank can offer.

What interest rate will I earn?

You’ll earn 4.45% APY for all accounts. Empower Investment Service, Wealth Management, and Private Client clients will earn 4.45% APY for all accounts. The Empower Personal Cash Program interest rates are subject to change.

Is there a daily minimum balance?

No. There is no minimum daily balance requirement.

Who can open a Empower Personal Cash account?

In order to open an account, you must be a US citizen or a resident alien, residing in the US, age 18 or older and not be subject to IRS backup withholdings.

Do you have debit cards or bill pay available through the Empower Personal Cash program?

Long story short, we’re working on it. We’ve focused on building a high-yield cash management product first but hope to make other offerings available soon. If there’s something missing that you’re looking for, feel free to drop us a line at cash@personalwealth.empower.com.

Are there deposit, withdrawal or transfer limitations?

There are no limits on the number of deposits or withdrawals you can make under the program. The maximum deposit limit per transaction is $250,000. The daily withdrawal limit is $25,000 unless (i) your account was opened prior to December 1, 2019, (ii) you are a Empower advisory client, or (iii) your account was opened and funded more than 60 days before the withdrawal, in which case the daily withdrawal limit is $100,000. For security reasons, there may be other limits on the amount, number, frequency, or destination of deposits or withdrawals you can make under the program.

Is my account FDIC insured?

Funds placed in the Empower Personal Cash Program are FDIC insured by program banks up to an aggregate of $5,000,000.

How do I get interest paid out and when?

Interest accrues daily and is paid monthly on the first business day of the month. Interest will be paid by Program Banks into the Program Accounts and will be reflected in your Customer Account. Interest begins accruing once your funds are transferred into the Program Banks, generally within 2-3 business days after a deposit is initiated.

Does Empower make money off my high-yield account?

Empower receives a fee from each Program Bank in connection with the Program that is based on the aggregate daily closing balance of deposits held in Program Accounts by such Program Bank.

How do I access my money?

You will be able to deposit and withdraw money through your Empower dashboard, both through our web site and mobile app. We currently allow ACH transfers. For account security, any deposit or withdrawal transaction must be initiated on the Empower dashboard.

How can I deposit and withdraw money from my account?

You can deposit and withdraw money from Empower Personal Cash by linking an external bank account to your account offered through Empower Personal Cash and funding from that linked external account. Once you’ve done that, go to your Empower Personal Cash page on your dashboard and click the “Manage Account” drop down menu. From there you can click on “Transfer Funds” and initiate the transaction of your choice.

Can I use direct deposit to transfer money into my account?

Yes! We do offer direct deposit. In most cases, your HR department should be able to provide you with a direct deposit form. Simply input your Empower Personal Cash program account number and routing number (both can be found on your monthly statement) and return that form to your HR department to start making direct deposits.

Empower Personal Cash™ Program is offered through Empower Personal Wealth, LLC (“Empower”). Empower is not a bank. Bank deposit products provided by UMB Bank n.a., Member FDIC (“UMB”). To participate in the program, you must open an account at UMB, through which your funds will be placed in accounts at participating program banks (which may include UMB). The advertised interest rates are paid by participating program banks, including by UMB in its capacity as a participating program bank. Your funds will be FDIC insured up to applicable limits while in transit through UMB. UMB receives a fee from each program bank (except UMB) in connection with the program that is based on the aggregate daily closing balance of deposits held in program accounts by such program bank. The fee may vary from program bank to program bank and will generally increase as the aggregate amount of funds held in program accounts with the program bank increases.

The Empower Personal Cash™ Annual Percentage Yield (APY) as of 5/10/23 is 4.45% APY (4.362% interest rate). The calculation for APY is rounded to the nearest basis point. Both the interest rate and APY are variable and subject to change at UMB’s discretion at any time without notice.

The information provided in your account application is being provided by you to UMB. UMB may share this information with UMB’s affiliates and with EMPOWER, each of which may use this information in accordance with its respective privacy policy. Upon acceptance of the application, an account will be opened with UMB.

1 FDIC insurance up to $250,000 (including principal & interest) per depositor per program bank. The cash balance you place through the program is swept to one or more program banks where it earns a variable rate of interest and is eligible for FDIC insurance. If the number of program banks changes, the aggregate amount of available FDIC insurance could be higher or lower. If you have deposits at a program bank, you should consider electing not to use that bank by following the opt out instructions we provide. If you do so, the aggregate amount of FDIC insurance available to you will be lower. If you do not do so, your existing deposits and deposits through Empower Personal Cash™ at that program bank will be combined for the purposes of FDIC coverage, which could result in some of your funds at that program bank being uninsured.

For more information on FDIC insurance coverage, please visit www.FDIC.gov. Customers are responsible for monitoring their total assets at each of the program banks to determine the extent of available FDIC insurance coverage in accordance with FDIC rules. Funds you place in the Empower Personal Cash™ Program are not covered by SIPC insurance.

2 There are no limits on the number of deposits or withdrawals you can make under the program. The maximum deposit limit per transaction is $250,000. The daily withdrawal limit is $25,000 unless in certain cases, you maintain a Personal Strategy account with Empower Advisory Group, LLC, or your account was opened and funded more than 60 days before the withdrawal, in which case the daily withdrawal limit is $100,000. For security reasons, there may be other limits on the amount, number, frequency, or destination of deposits or withdrawals you can make to or from the program. Transaction limits are subject to change at our discretion at any time.

One secure place for your money

Easy. Flexible. Secure.

FAQ