Empower Personal Cash (formerly Personal Capital Cash) Review: Online Cash Management Account

Empower Personal Cash Review: Online Cash Management Account

What is Empower Personal Cash?

Empower Personal Cash, previously known as Personal Capital Cash, is an online cash management account offered by Empower. It allows individuals to manage their cash, earn interest, and invest in a single platform. With Empower Personal Cash, you can easily track your savings, set financial goals, and make intelligent decisions about your money.

Features and Benefits

Empower Personal Cash offers a range of features and benefits that make it an attractive option for individuals seeking to effectively manage their cash:

1. High-Yield Savings Account: Empower Personal Cash offers a competitive interest rate on your savings, ensuring that your money grows over time.

2. FDIC Insurance: All funds deposited in Empower Personal Cash are insured up to the maximum limit by the Federal Deposit Insurance Corporation (FDIC).

3. No Monthly Fees: Unlike traditional banks, Empower Personal Cash does not charge any monthly fees, making it a cost-effective option for managing your cash.

4. Easy Accessibility: You can access your Empower Personal Cash account at any time through the user-friendly mobile app or website. This allows you to monitor your finances and make transactions on the go.

5. Financial Goal Setting: Empower Personal Cash provides tools and resources to help you set and achieve your financial goals. Whether you aim to build an emergency fund or save for a specific purchase, this feature can assist you in staying on track.

6. Seamless Integration: If you already have an existing Empower investment account or retirement plan, you can easily link your Empower Personal Cash account for a holistic view of your financial life.

How Does Empower Personal Cash Work?

Empower Personal Cash works by providing you with an online cash management account that combines the features of a high-yield savings account with easy accessibility and goal-setting tools. Here’s how it works:

1. Account Creation: To get started, simply sign up for an Empower Personal Cash account. You’ll need to provide some personal information and complete the necessary verification steps.

2. Fund Transfer: Once your account is set up, you can transfer funds from your existing bank account into your Empower Personal Cash account. You can set up recurring transfers or make one-time deposits.

3. Track and Manage: With your funds in your Empower Personal Cash account, you can easily track and manage your savings through the mobile app or website. You can view your balance, monitor interest earned, and set financial goals.

4. Withdrawals and Deposits: When you need to access your cash, you can make withdrawals from your Empower Personal Cash account. You can also add more funds through deposits or direct deposit options.

Is Empower Personal Cash Safe?

Safety is a top concern when choosing any financial product or service. Empower Personal Cash provides reassurance through the following safety measures:

1. FDIC Insurance: Empower Personal Cash is offered through Evolve Bank & Trust, Member FDIC. This means that any funds deposited in Empower Personal Cash are insured up to the maximum limit by the FDIC.

2. Secure Encryption: Empower Personal Cash employs advanced encryption techniques to ensure the security of your personal and financial information. Your data is protected both during transit and while stored on their servers.

3. Two-Factor Authentication: Empower Personal Cash offers two-factor authentication as an added layer of security. This feature requires you to provide an additional verification code, typically sent to your mobile device, when logging in.

How Do I Sign Up for Empower Personal Cash?

Signing up for Empower Personal Cash is a simple and straightforward process. Follow these steps to get started:

1. Visit the Website or Download the App: Visit the Empower website or download the mobile app from your app store.

2. Create an Account: Click on the “Sign Up” button and provide the required personal information, such as your name, email address, and password.

3. Complete Verification: Empower will guide you through the necessary verification steps, which may include confirming your identity and linking your existing bank account.

4. Transfer Funds: Once your account is set up and verified, you can transfer funds from your existing bank account into your Empower Personal Cash account.

5. Start Managing Your Cash: With funds in your Empower Personal Cash account, you can begin managing your cash more effectively.

Does Empower Personal Cash Have any Fees?

Empower Personal Cash does not charge any monthly fees or maintenance fees. However, it’s important to note that some third-party banking institutions may impose charges for certain transactions, such as ATM withdrawals or wire transfers. Be sure to review the fee schedule of your existing bank if you plan to make such transactions.

Can I Link My Existing Bank Account to Empower Personal Cash?

Yes, you can link your existing bank account to Empower Personal Cash. This enables you to transfer funds between your Empower Personal Cash account and your linked bank account. By doing so, you can easily manage your cash flow and make transactions as needed.

How do I Withdraw Money from Empower Personal Cash?

Withdrawing money from your Empower Personal Cash account is a straightforward process:

1. Initiate a Withdrawal: Access your Empower Personal Cash account through the mobile app or website. Locate the withdrawal option and select the desired amount.

2. Choose Withdrawal Method: Decide how you would like to receive your funds. Empower Personal Cash provides options such as transferring the funds to your linked bank account or mailing a physical check.

3. Confirm and Complete: Review the withdrawal details for accuracy and proceed with the withdrawal request. The funds will be transferred accordingly, depending on the chosen method.

Is My Money Accessible with Empower Personal Cash?

Yes, your money is easily accessible with Empower Personal Cash. You can access your funds at any time through the mobile app or website. You can also transfer funds to your linked bank account or use the physical check option for withdrawals.

Can I Use Empower Personal Cash for Joint Accounts?

At present, Empower Personal Cash does not support joint accounts. You can only create and manage individual accounts. However, Empower continues to enhance its product offerings, so joint account options may become available in the future.

What Support is Available for Empower Personal Cash Users?

Empower provides support for its Personal Cash users through various channels:

1. Customer Service: You can reach out to the Empower customer service team via email or phone for assistance with your Empower Personal Cash account.

2. Help Center: Empower maintains a comprehensive help center on their website, where you can find answers to frequently asked questions and access helpful articles.

3. Community Forum: Empower also maintains an active community forum where users can engage with each other, share experiences, and ask questions.

Is Empower Personal Cash Suitable for Everyone?

While Empower Personal Cash provides an excellent cash management solution for many individuals, it may not be suitable for everyone. Those who prefer a traditional bank experience, require in-person services, or have complex banking needs may find other options more suitable. It’s essential to assess your own financial goals and preferences before deciding if Empower Personal Cash is the right fit for you.

Is Empower Personal Cash a Good Option for Investing?

Although Empower Personal Cash offers various features to manage your cash, it does not provide extensive investment options. If you are primarily looking for investment opportunities, it may be more beneficial to explore Empower’s broader investment platform, Empower Invest, or consider other investment-focused platforms.

Conclusion

Empower Personal Cash, formerly known as Personal Capital Cash, provides individuals with a convenient and feature-rich online cash management account. With its high-yield savings account, easy accessibility, goal-setting tools, and comprehensive support, Empower Personal Cash offers an attractive solution for those looking to improve their cash management practices. By combining simplicity, competitive interest rates, and robust security measures, Empower Personal Cash strives to empower individuals in managing their finances more efficiently.

With no monthly fees and FDIC insurance protection, Empower Personal Cash presents a compelling choice for those seeking an online cash management account. However, it’s important to consider your personal financial needs and preferences before making a final decision.

Frequently Asked Questions:

1. Is Empower Personal Cash a bank?

No, Empower Personal Cash is not a bank. It is an online cash management account offered by Empower through a partnership with Evolve Bank & Trust, Member FDIC. Empower Personal Cash utilizes Evolve Bank & Trust’s banking infrastructure to offer customers a high-yield savings account experience.

2. Is my money safe with Empower Personal Cash?

Yes, your money is safe with Empower Personal Cash. All deposits made into Empower Personal Cash accounts are FDIC-insured up to the maximum limit, currently $250,000 per depositor. This insurance protection provides peace of mind in the event of a bank failure.

3. Can I earn interest on my savings with Empower Personal Cash?

Yes, Empower Personal Cash offers a competitive interest rate on your savings. As of [insert date], the annual percentage yield (APY) is X%, which is subject to change. By keeping your money in Empower Personal Cash, you have the opportunity to earn interest and grow your savings over time.

4. Are there any fees associated with Empower Personal Cash?

No, Empower Personal Cash does not charge any monthly fees. However, some third-party banking institutions may impose fees for certain transactions, such as ATM withdrawals or wire transfers. Be sure to review the fee schedule of your existing bank if you plan to make such transactions.

5. Can I link my existing bank account to Empower Personal Cash?

Yes, you can link your existing bank account to your Empower Personal Cash account. This allows you to transfer funds seamlessly between your linked bank account and your Empower Personal Cash account.

6. How long does it take to transfer funds into my Empower Personal Cash account?

The time it takes to transfer funds into your Empower Personal Cash account can vary. Generally, funds transferred from an external bank account can take between X and X business days to appear in your Empower Personal Cash account. Transfers initiated from within Empower, such as between Empower accounts, are typically processed instantly.

7. Can I access my Empower Personal Cash account on my mobile device?

Yes, you can access your Empower Personal Cash account through the Empower mobile app. The app is available for both iOS and Android devices and provides a user-friendly interface for managing your cash on the go.

8. Can I set up direct deposit to my Empower Personal Cash account?

Yes, you can set up direct deposit to your Empower Personal Cash account. Empower provides you with the necessary information (account number and routing number) to set up direct deposit with your employer or other payment sources.

9. Can I use Empower Personal Cash for joint accounts?

Currently, Empower Personal Cash does not support joint accounts. You can only create and manage individual accounts. If you require joint account capabilities, you may need to explore other options or contact Empower for updates on future offerings.

10. What happens if Empower goes out of business?

In the event that Empower ceases operations, your funds in Empower Personal Cash are still safe and accessible. Since Empower Personal Cash accounts are held by Evolve Bank & Trust, Member FDIC, your deposits remain FDIC-insured up to the maximum limit.

11. What is the difference between Empower Personal Cash and Empower Invest?

Empower Personal Cash is primarily focused on managing cash and offers a high-yield savings account. On the other hand, Empower Invest is a broader investment platform that allows you to invest in stocks, ETFs, and retirement accounts. If you are interested in both cash management and investment opportunities, you can use Empower Personal Cash alongside Empower Invest for a comprehensive financial experience.

12. How is Empower Personal Cash different from traditional banks?

Empower Personal Cash differs from traditional banks in several ways. Firstly, Empower Personal Cash operates entirely online, providing easy accessibility through their mobile app and website. Secondly, Empower Personal Cash does not charge any monthly fees, making it a cost-effective option for managing your cash. Additionally, Empower Personal Cash offers tools to help you set and achieve financial goals, providing a more holistic approach to cash management.

13. Can I open multiple Empower Personal Cash accounts?

No, Empower Personal Cash allows only one account per customer. Opening multiple accounts is not currently supported. If you have specific account-related requirements, you may want to explore other offerings or contact Empower for further clarification.

14. Can I access my Empower Personal Cash account internationally?

Yes, you can access your Empower Personal Cash account internationally. As long as you have an internet connection, you can log in to your account from anywhere in the world using the Empower mobile app or website. Please note that international usage may be subject to additional fees or limitations imposed by your cellular service provider or financial institutions.

15. Can I close my Empower Personal Cash account at any time?

Yes, you can close your Empower Personal Cash account at any time. To close your account, contact Empower’s customer service, and they will guide you through the process. Keep in mind that any funds in your account will need to be transferred or withdrawn before closing the account.