Personal Capital Launches Savings Account

Personal Capital is looking to compete with banks offering high yield accounts; the new offering called Personal Capital Cash offers 2.3% interest rate for non-Personal Capital customers and 2.35% for their advisory clients; the account is FDIC insured up to $1.25 million and has no account minimum or withdrawal limits; along with the account, Personal Capital released Savings Planner which offers customers help in building an emergency fund and managing their expenses; the real power with this new offering is Personal Capital’s current client base that they can leverage; they currently have 2 million users that have $41 billion in cash or money market accounts; the trick will be converting them into signing up for the new offering. Source