Webull Cash Management Account Review 2024 (2024)

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What is the Webull Cash Management Account?

While Webull is an online investment platform, you can earn interest on uninvested cash through the Webull Cash Management Account. 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 is accessible to any Webull users who have cash accounts (excluding IRA accounts) on the investment platform.

Webull isn't a bank, but it's partnered with banks that provide FDIC insurance. Webull spreads cash deposits across multiple banks so up to $1 million can be insured.

Webull Cash Management Account: Pros and Cons

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Webull Cash Management Account Key Features

Competitive Annual Percentage Yield (APY)

The Webull Cash Management Account pays 5.00% APY, which is more than the average savings account. It's even more competitive than some high-yield savings accounts.

Interest in the account grows daily — it's calculated by multiplying your daily uninvested cash balance by the current APY and then dividing it by 365.

If your account isn't earning interest, it might be because Webull changed its cash management program when it implemented its bank sweep program. You'll need to re-enroll in the cash management program to earn interest.

Low Opening Requirements

The Webull Cash Management Account is a fee-free management account — It has a $0 minimum opening deposit and no monthly service fee. Webull might be worthwhile if you don't have a lot of money to deposit upfront.

Webull Cash Management Fees and Costs

The Webull Cash Management Account doesn't have monthly fees or minimum balance requirements.

There are fees for wire transfers, though. Deposits via wire transfer cost $8 per deposit, and withdrawals via wire transfer costs $25 per withdrawal. You also could be charged a $5 reversal fee for ACH transfers that are returned because of insufficient funds.

How to Open a Webull Cash Management Account

To get the Webull Cash Management Account, open a brokerage account with Webull and select the Cash Account option. You must be at least 18 years old and include your Social Security number. You'll also need to provide your address and general information about yourself, like your birthday and phone number.

Once enrolled in the Cash Management Program, you can deposit money into your account and earn interest on uninvested cash.

Webull Cash Management Customer Experience and Support

The Webull app is rated 4.3 out of 5 stars in the Google Play Store with over 183,000 reviews. It's received 4.7 out of 5 stars in the Apple Store with over 298,600 reviews.

To contact customer support, you can call from 9 a.m. to 5 p.m. ET. You can also send a message to support through the app anytime.

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 145 complaints, it hasn't responded to 90 complaints filed, and it has 10 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 FAQs

Webull Cash Management Account Review

You might like the Webull Cash Management Account if you currently invest with Webull and would like to earn a competitive interest rate on cash that isn't being invested. The account also doesn't require a minimum opening deposit and has no monthly service fee.

You may prefer other options if you want more of a traditional banking experience. Online or brick-and-mortar banks will also be a better fit if you're interested in opening various or joint bank accounts.

How Webull Cash Management Compares

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 and Betterment Checking Account. Betterment also has joint accounts, while Webull doesn't.

The Webull Cash Management Account 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.

Betterment Cash Reserve Review

Webull Cash Management Account Review vs. Wealthfront Cash Account Review

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

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

Wealthfront Cash Account Review

Why You Should Trust Us: How We Reviewed the Webull Cash Management Account

At Business Insider, we use our bank account methodology to rate all of our banking products. While the Webull Cash Management Account isn't technically a bank account, we used our checking account methodology since cash management accounts are similar to high-yield checking accounts.

When determining our rating, we considered specific account features like minimum opening deposits and fees. We also considered criteria relating to the overall customer experience, such as the ethics of the company and customer service availability.