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 $2,000,000 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 4.25% APY for all accounts. Empower Investment Service, Wealth Management, and Private Client clients will earn 4.25% 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, 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 Cashemail@example.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 $2,000,000.