SPAXX default sweep at 3.26% (vs. ~0.45% at Schwab Bank Sweep, ~0.01–0.15% at E*TRADE) plus a free CMA with worldwide ATM-fee reimbursement and $5M FDIC sweep.
Best brokers for
Cash management
Cash-management brokers turn idle balances into yield. The differentiator is the default sweep — automatic, no minimum, generous percentage — plus banking features like ATM reimbursement and FDIC sweep coverage.
Schwab Bank Investor Checking with worldwide ATM-fee rebates and no FX fee. (Yields are lower than Fidelity's default sweep — manually buy SWVXX for competitive money-market yield.)
E*TRADE Premium Savings ~3.6% APY available, plus checking with debit-card features.
3.30% APY High-Yield Cash Account with no subscription required and $5M FDIC sweep across partner-bank network. Beats Robinhood Gold for free-tier users (Gold requires $5/mo subscription) and beats Fidelity's default FDIC sweep (~2.72%).
Tight integration with Bank of America checking, no-fee ATMs (Platinum+), and Preferred Rewards perks across banking, mortgage, and credit cards. Brokerage sweep yield itself is poor — pair with Preferred Deposit (2.89% APY at $100K+) for idle cash.
Rankings reflect our editorial assessment. Visit each broker’s full review for the underlying methodology and freshness date.