How the Public High-Yield Cash Account works
Public’s High-Yield Cash Account doesn’t function like a typical high-yield savings account.
It is a brokerage-linked cash sweep account that earns a variable APY on uninvested funds. You move money into the account, and the uninvested cash is then moved to FDIC-insured partner banks (allowing for coverage up to $5 million) while also remaining available to you.
The sweep program is administered by the clearing firm, Apex Clearing. It’s also important to note that Public is not a bank but rather a FINRA-registered broker-dealer and member of SIPC.
What we like about the Public High-Yield Cash Account
Public’s High-Yield Cash Account offers up to 3.8% APY, which is well above the national average for savings accounts, which is just
0.40% right now.(1)
Low-maintenance savings
There are no direct deposit or spending requirements, and no monthly fees or minimum balance required to earn the account’s best rate. The combination of these makes it easy to open and maintain.
Since it’s tied to Public’s brokerage, funds transfer instantly for investing, which offers an edge over standalone savings accounts.
High FDIC coverage
The fully digital experience is simple and convenient. Funds in the account can be FDIC-insured for up to $5 million by sweeping to partnering financial institutions. This is 20x above the standard $250,000, which means the sweeping feature provides strong protection for larger balances.
Where it falls short
While Public’s High-Yield Cash Account has many perks, it doesn’t come without some drawbacks.
Perhaps the biggest drawback is that there is no physical branch access or ATM network, which may be inconvenient for those who want cash withdrawals. Another shortcoming to some may be that external transfers follow standard ACH timing, so funds aren’t instantly available outside the platform.
And like with most liquid deposit products, the APY is variable and can change without notice, so returns aren’t guaranteed. If you want a guaranteed interest rate for a set period, consider a certificate of deposit instead.
Must be a Public investing customer
Additionally, you must have a Public Investing account to open the account, which could be a barrier for some users.
But if you’re interested, the investing platform offers low-cost, multi-asset investing, with stocks, options, exchange-traded funds (ETFs), bonds, crypto and treasuries. For trading costs, there’s zero commission on stocks, options and ETF trades, with rebates on options trades, no options contract fees and competitive margin rates.
Compare Public High-Yield Cash Account to other savings accounts
Narrow down top savings accounts by APYs, fees and features. Select Compare on up to four accounts for a side-by-side comparison.
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Compare other products
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How we picked these
What is the Finder Score?
The Finder Score crunches over 250 savings accounts from hundreds of financial institutions. It takes into account the product’s interest rate, fees, opening deposit and features – this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of savings accounts against FDIC-reported national averages as a baseline. Accounts with rates well over the national average are scored the highest, while accounts with rates well below are scored low.
Read the full breakdown
How to open the Public High-Yield Cash Account
To open the account, sign up for a Public Investing account on
or mobile app. You’ll need to be a US resident, 18 or older, with a Social Security number and a valid US address.
Once your investing account is approved, the High-Yield Cash Account can be added. Any uninvested funds added will automatically sweep into FDIC-insured partner banks and earn interest.
Customer reviews and ratings.
| BBB accredited | Yes |
|---|---|
| BBB rating | A |
| BBB customer reviews | 2.55 out of 5 stars, based on 45 customer reviews |
| Trustpilot score | 1.8 out of 5 stars, based on 17 customer reviews |
| Apple App Store Score | 4.7 out of 5 stars, based on 78,400 customer reviews |
| Google Play Score | 4.1 out of 5 stars, based on 48,300 customer reviews |
| Customer reviews verified as of | 01 October 2025 |
Public.com was founded in 2019, so they are not as established as many other competing banks, financial institutions or brokerage firms. The age of Public translates into their number of reviews as well as the number of discussions on sites like Reddit.
On the Better Business Bureau (BBB), Public is BBB accredited with an A rating and receives mediocre customer ratings. The majority of user complaints and negative reviews pertain to the functions of the trading platform and the brokerage services offered, rather than the Cash account specifically. Users also complain about the usability of the app.
On Trustpilot, the platform earns a very low rating overall, with most complaints geared toward the brokerage and trading aspect of the platform, similar to the BBB.
It is important to note that the low ratings are consistent with other financial institutions, banks, brokerages and comparable fintech apps. Many people tend to report the negative, only heading to review platforms if something goes wrong.
Frequently asked questions
Is Public.com a bank?
No, Public.com is not a bank. It’s an investing platform that sweeps cash to partner banks for FDIC insurance. They are FINRA members with SIPC-insured accounts.
Is money in the High-Yield Cash Account FDIC-insured?
Yes. Uninvested cash is swept into Public’s partner banks, providing FDIC insurance coverage of up to $5 million in total (approximately $250,000 per partner bank).
