What's the Vanguard Cash Plus Account?
The Vanguard Cash Plus Account is a savings account alternative. It allows you to keep your short-term cash and your long-term investments at Vanguard. All in one place.
For illustrative purposes only
Convenient cash management
You can view and manage the Vanguard Cash Plus Account alongside your other Vanguard accounts online and on our app. You'll get routing and account numbers to link and move your money however you need.1
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Next-day bank transfers.
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Direct deposit.
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Paying bills.
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Mobile check deposit.
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Unlimited transactions.
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Compatibility with apps like PayPal and Venmo.
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Next-day bank transfers.
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Direct deposit.
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Paying bills.
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Mobile check deposit.
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Unlimited transactions.
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Compatibility with apps like PayPal and Venmo.
Vanguard Cash Plus Account benefits
No or low cost
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$0 to open an account.
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$0 minimum balance.
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$0 account service fees when you sign up for e-delivery.
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$0 to transfer money between Vanguard accounts, EBT (electronic bank transfers), and ACH (automated clearing house) transactions.
There may be low fees for certain transactions such as outgoing wire transfers.4
How does it compare to a traditional bank savings account?
In 2 years, you could've earned nearly $1,000 more with our bank sweep program, than with a traditional bank savings account.
Source: Vanguard and FDIC National Rates and Rate Caps. This example is for illustrative purposes only and does not represent the return on any particular investment. It assumes a $10,000 investment, no additional transactions are made and factors in compounding. It is based on an estimate of total interest earned during the period May 24, 2022 through December 30, 2024 using the Vanguard Cash Plus bank sweep program’s actual daily APY (annual percentage yield will vary and may change at any time). For savings accounts, the applicable monthly APY according to FDIC National Rates and Rate caps was used as the daily APY for each month presented (During this time the average APY rate for Savings was 0.46%, and the Cash Plus Account was 4.15%.) There may be other material differences between these products that must be considered prior to investing, including the level of risk associated with each product type. Past performance is no guarantee of future results.
One account. Two ways to divvy up your cash.
No matter how you slice it, you can access your money anytime and earn more interest than you would with a regular savings account.
When I saw the Vanguard Cash Plus Account option, I was astounded by the amount of interest that it pays given its flexibility. Wow!”
The experience of this Vanguard client may not be representative of the experience of other Vanguard clients and is not a guarantee of future investment performance or success. The Cash Plus sweep program annual percentage yield will vary and may change at any time.
How to open a Vanguard Cash Plus Account
If you're a client, we'll prefill some of your information, but you may need to provide additional details, including:
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Bank information.
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Account objectives.
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Employment status.
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Personal information for any joint account owners.
FAQs
No, the Vanguard Cash Plus Account is here to stay as an important part of our portfolio of offerings. We'll continue to expand the account's transfer capabilities and add more features.
We're offering money market funds alongside our all-cash bank sweep so you can choose from a variety of short-term investments if you want to diversify your cash holdings.
While there are no issued checks or ATM cards, we'll provide you with routing and account numbers so you can pay bills, set up direct deposit with your employer, and more. Bill payments can only be made from the available balance in the bank sweep.
The APY is based on current market conditions. It can move up or down depending on a variety of factors, including the Federal Reserve raising or lowering interest rates. We're committed to offering you value on the cash in your Cash Plus Account.
We’d like to offer competitive products that help you meet your goals. Vanguard isn't a bank, and certain products—like those offering FDIC insurance—are only available through banks. In the Vanguard tradition of passing on value to our clients, we've committed to using this new offer to provide you with a competitive APY. Please note that our money market fund options have market yields rather than offer an APY like the Cash Plus bank sweep.
No. The settlement fund in your Vanguard Brokerage Account holds money for making trades. It can be a good place for cash you're waiting to invest, since money moves out of the settlement fund to cover investment purchases.
The Vanguard Cash Plus Account is different. It's designed as an alternative to your savings account—a place where you hold money you're intentionally saving.
You can make an unlimited number of transactions.
Please note: Transfers into your Vanguard Cash Plus Account are subject to a $100,000 daily limit when initiated through Vanguard's website or app. This can be avoided by initiating a transfer out from your bank's website or app. Transfers out of your Vanguard Cash Plus Account are not subject to a maximum daily limit.
1Some third-party institutions may not accept the Cash Plus Account routing number for transactions. If you have any issues using the routing number on a third-party website, contact the provider.
2The Vanguard Cash Plus program APY (annual percentage yield) is 3.65% as of January 6, 2025. The APY will vary and may change at any time. Source for average bank savings yield of 0.41%: FDIC National Rates and Rate Caps as of January 21, 2025.
3Bank Sweep program balances are held at one or more Program Banks and are not cash balances held by Vanguard Brokerage Services® (VBS®), earn a variable rate of interest, and are not securities covered by SIPC. Bank Sweep deposits are covered by FDIC insurance up to $250,000 per insurable category of ownership at each Program Bank, when aggregated with all other deposits held by you at such bank and in the same insurable category. VBS will aggregate and allocate Bank Sweep deposits to Program Banks across Vanguard Cash Plus and Vanguard Cash Deposit with identically registered accounts to offer maximum FDIC coverage up to $1.25 million for individual and trust accounts and $2.5 million for joint accounts when at least 5 Program Banks are utilized. VBS will allocate Bank Sweep deposits for trust accounts at the account level and not at the beneficiary level. FDIC coverage may be decreased based on Program Bank limits and whether you've opted out of any Program Banks and is subject to applicable FDIC coverage limits. You are solely responsible for monitoring the aggregate amount that you have on deposit at each Program Bank in connection with FDIC limits, including through other accounts at VBS. See the Vanguard Bank Sweep Products Terms of Use (PDF) and list of participating Program Banks (PDF) for more information. For more information about FDIC insurance coverage, please visit fdic.gov.
4A low annual account service fee of $25 is waived when you elect e-delivery of documents. You can sign up for e-delivery during and after the process of opening an account. There may be low fees for certain types of transactions. See the Vanguard Brokerage Services commission and fee schedules for details and exclusions.
For more information about Vanguard funds or ETFs, obtain a Vanguard mutual fund or Vanguard ETF prospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information about a fund are contained in the prospectus; read and consider it carefully before investing.
Although the income from a municipal money market fund is exempt from federal tax, for some investors, a portion of the fund's income may be subject to state and local taxes, as well as to the federal Alternative Minimum Tax.
The Fund is only available to retail investors (natural persons). You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including times of market stress.
The Fund is only available to retail investors (natural persons). You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.
Savings accounts may have characteristics that differentiate them from bank sweep programs offered by Vanguard Cash Plus. For example, they may offer overdraft protection, ATM access (immediate access to your money), and other convenience features. Each company's products differ, so it's important to ask questions to understand account features.
There may be other material differences between products that must be considered prior to investing.
All investing is subject to risk, including the possible loss of the money you invest. Diversification does not ensure a profit or protect against a loss.
The Vanguard Cash Plus Account is a brokerage account offered by Vanguard Brokerage Services, a division of Vanguard Marketing Corporation, member FINRA and SIPC. Under the Sweep Program, Eligible Balances swept to Program Banks are not securities: they are not covered by SIPC, but are eligible for FDIC insurance, subject to applicable limits. Money market funds held in the account are not guaranteed or insured by the FDIC, but are securities eligible for SIPC coverage. See the Vanguard Bank Sweep Products Terms of Use (PDF) and Program Bank list (PDF) for more information.