Today Personal Capital®, leading digital wealth manager, launched Personal Capital Cash, offering a new high-yield account with aggregated FDIC insurance that covers balances up to $1.25 million, and Savings Planner, a savings tool to help people plan annual retirement savings, an emergency fund, and pay down debt.

Now anyone can open an account through Personal Capital Cash with no minimum balance, straight from their mobile device, and an annual percentage yield (APY) 23 times bigger than the national average you would get with a typical savings account, with the flexibility of an unlimited number of withdrawals and aggregated insurance protection up to five times more than what most banks offer.

“We have more than 2 million registered users who combined hold more than $41 billion in cash or money market accounts,” explained Personal Capital CEO Jay Shah. “If those folks are earning the national rate on that cash, that amounts to more than $900 million in lost interest annually. We saw that and immediately knew we had to do something. So we built Personal Capital Cash to put that money back in the hands of American consumers.”

The latest Report on the Economic Well-being of U.S. Households, published by the Federal Reserve, found that 40% of Americans couldn’t cover an unexpected $400 expense with cash, illustrating the need for savings support beyond retirement or vacation planning. With the company’s holistic approach to financial planning, Personal Capital launched a new tool on its dashboard in addition to the new high-yield account: Savings Planner. Savings Planner calculates, breaks down, and tracks annual savings goals for retirement and an emergency fund by taking into account everything from monthly expenses to taxable versus tax-deferred accounts.

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“Too many financial companies are trying to tell Americans that saving is simple – that they can just make coffee at home instead of buying that latte,” continued Shah. “But we know better. Saving, whether it’s for retirement, a short-term goal, or in case of an emergency, can cause anxiety. Personal Capital is creating complete, clear solutions to help people feel confident about their money decisions.”

Today, Personal Capital Cash launched with 2.30% APY for non-clients and 2.35% APY for Personal Capital clients. Personal Capital Cash was launched by Personal Capital in partnership with Institutional Banking at UMB Bank. UMB’s Institutional Banking team provides large scale banking services and insured deposit account solutions for broker-dealers, non-bank financial institutions, and fintech companies. To open an account visit www.personalcapital.com/cash or download our iOS or Android apps.