Webull Cash Management Account Review: Competitive Interest Rate, $0 Minimum Balance Requirements

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Webull Cash Management Account: Pros and Cons

Webull Cash Management Account: Features

You might like the Webull Cash Management Account - Product Name Only if you currently invest with Webull and would like to earn a competitive interest rate on cash that isn't being invested. The Webull Cash Management Account - Product Name Only pays Webull Cash Management Account - APY APY, which is more than the average savings account.

The account also doesn't require a minimum opening deposit and has Webull Cash Management Account - Fees Display.

You can also earn an additional 1.70% APY for 30 days with a special promotion available until May 31, 2023. This offer is available for current Webull customers and new users. You'll get a 1.70% APY Booster Card when you sign up for Webull, open a cash account, activate cash management, and deposit any amount.

How Webull Works

Webull is an online investment platform that recently launched the Webull Cash Management Account - Product Name Only. 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 - Product Name Only is accessible to any Webull users who have cash accounts (excluding IRA accounts) on the investment platform. If you're a New York resident who signed up for crypto trading, you won't be eligible for this account.

Since the Webull Cash Management Account - Product Name Only isn't a bank account, your money is not FDIC insured. That said, Webull is a member of the Securities Investor Protection Corporation. SIPC insurance protects consumers if a brokerage fails. The SIPC covers up to $500,000 per account holder ($250,000 for cash).

The Webull app is rated 4.4 out of 5 stars in the Google Play Store and 4.7 stars in the Apple Store.

To contact customer support, call or send a message through the Webull app 24/7.

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 200 complaints, it hasn't responded to 125 complaints filed, and it has 16 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 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 - Product Name Only and Betterment Checking Account - Product Name Only. Betterment also has joint accounts, while Webull doesn't.

The Webull Cash Management Account - Product Name Only 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.

Webull Cash Management Account Review vs. Wealthfront Cash Account Review

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

The Wealthfront Cash Account - Product Name Only 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 - Product Name Only worthwhile if you already invest with them and are looking for a place to keep uninvested cash.

Webull: Frequently Asked Questions

Is the Webull Cash Management Account FDIC insured? 

No, the Webull Cash Management Account is not FDIC insured. Webull is not a bank, and the cash management account is not a bank account. However, as a brokerage firm, Webull is an SIPC member. SIPC insurance works similarly to FDIC insurance. If a brokerage shuts down, money will be returned to you. Up to $500,000 per account holder ($250,000 in cash) is protected in an account.

How can you withdraw money from a Webull Cash Management Account? 

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