Edward Jones does not offer a standalone high yield savings account
Edward Jones, the brokerage and investment firm with over 15,000 financial advisors in the United States and Canada, does not market a dedicated high yield savings product. If you bank with Edward Jones, your cash holdings sit in a money market account or a sweep account tied to your brokerage, not in a savings account designed to compete with online banks on rate.
This matters because the rate you earn on cash at Edward Jones will almost certainly be lower than what you would earn at an online bank or credit union. Edward Jones is structured as an investment firm first—their advisors earn commissions on trades and managed accounts—so cash management is not their primary business. The rates they offer on cash reflect that positioning.
If you already have an Edward Jones account and want to know what rate you are currently earning, your advisor can tell you. If you are considering opening an account there and want to hold cash, you should compare their money market rate to what online banks are offering before you decide.
Key Takeaways
- Edward Jones offers money market accounts and sweep accounts for cash, not high yield savings accounts, and their rates are typically lower than online banks.
- The rate on Edward Jones cash holdings depends on the account type and changes with market conditions, so you should ask your advisor for the current rate before opening an account.
- If earning the highest possible rate on savings is your priority, online banks and credit unions usually offer better terms than a brokerage cash account.
- You can hold cash at Edward Jones if you are also using them for investments, but it should not be your reason to open an account there.
What Edward Jones offers instead of high yield savings
Edward Jones customers can hold cash in a money market account or a sweep account. A sweep account automatically moves uninvested cash into a money market fund or money market account when you deposit it, so the money is not sitting idle earning nothing. The rate varies depending on which sweep option your account is set up to use.
Money market accounts at Edward Jones are FDIC-insured up to the standard limit of $250,000 per depositor, per institution. If you have more than that in cash, the excess would not be covered by FDIC insurance at Edward Jones itself, though some brokerage accounts use multiple banks to extend coverage.
The rate you earn depends on the specific product and the current interest rate environment. Edward Jones does not publish these rates on their website the way online banks do. You have to contact a local advisor or call their customer service line to find out what rate is currently available. This lack of transparency is one reason people often move their savings elsewhere.
How Edward Jones rates compare to online banks
Online banks and credit unions typically offer rates that are 4 to 5 times higher than what Edward Jones money market accounts pay, though this gap changes as the Federal Reserve adjusts interest rates. When the Fed raises rates, online banks usually pass those increases to customers faster than traditional brokerages do.
The reason for the gap is structural. Online banks have lower overhead—no physical branches, no advisor payroll—so they can afford to pay depositors more. Edward Jones has thousands of advisors to pay and office locations to maintain. That cost gets passed to customers through lower rates on cash and higher fees on investments.
If you keep $50,000 in a money market account at Edward Jones earning 0.5% APY versus the same amount at an online bank earning 4.5% APY, you would earn roughly $2,000 more per year at the online bank. That difference compounds if you leave the money untouched for years.
When it makes sense to hold cash at Edward Jones
Holding cash at Edward Jones makes sense only if you are already using them for investment accounts and want to keep everything in one place. The convenience of a single login and one statement might be worth a slightly lower rate if you are actively trading or working with an advisor on a portfolio.
Some people also use Edward Jones cash accounts as a temporary holding place while they wait to invest a lump sum. If you have just received an inheritance or a bonus and plan to invest it within a few weeks, keeping it in an Edward Jones money market account while you decide what to buy is reasonable. The rate does not matter much over a short timeframe.
If your primary goal is to earn the highest rate possible on savings you plan to keep untouched for months or years, Edward Jones is not the right place. A dedicated online savings account or money market account at a bank or credit union will serve you better.
How to find the current rate on Edward Jones cash accounts
Edward Jones does not list current money market rates on their website. To find out what you would earn, you need to contact a local advisor directly or call Edward Jones customer service. Have your account type ready—whether it is a brokerage account, an IRA, or a retirement plan—because the rate can vary slightly by account type.
Ask specifically for the APY (annual percentage yield) on their money market sweep option, not just the interest rate. APY includes the effect of compounding and gives you the true annual return. Also ask whether there are any fees attached to the account or minimum balance requirements.
Once you have the rate, compare it to what you can earn at an online bank. Websites like Bankrate and DepositAccounts list current rates across hundreds of banks and credit unions, updated daily. This takes five minutes and can show you whether Edward Jones is competitive or significantly behind.
Alternatives if you want high yield savings with an investment account
Some brokerages do offer competitive rates on cash. Fidelity, for example, offers a cash management account that earns rates closer to what online banks pay, and you can hold it alongside your investment accounts. Charles Schwab also offers competitive money market rates. If you want to stay with a full-service brokerage but earn a better rate on cash, these are worth comparing to Edward Jones.
Another option is to split your accounts: keep your investments at Edward Jones if you like working with an advisor there, but open a high yield savings account at an online bank for your emergency fund or other cash savings. This is what most people do. You can transfer money between accounts in a few business days, so the inconvenience is minimal.
Credit unions sometimes offer rates that rival online banks, and some have no minimum balance requirements. If you are a member of a credit union, check what they offer before opening an account elsewhere.
Frequently Asked Questions
Can I move money from Edward Jones to a high yield savings account easily?
Yes. You can request a transfer from Edward Jones to another bank using ACH (automated clearing house), which usually takes three to five business days. You can also withdraw cash and deposit it directly, though that is slower. There are no penalties for moving money out of a money market account at Edward Jones.
Is my money safe in an Edward Jones money market account?
Yes, up to $250,000 per account type, because Edward Jones money market accounts are FDIC-insured. If you have more than $250,000 in cash, ask whether Edward Jones uses multiple banks to extend coverage beyond that limit. Most brokerages do, but you should confirm.
What happens to my Edward Jones cash rate if interest rates go down?
Your rate will fall, usually within a few weeks of the Federal Reserve cutting rates. Online banks also lower their rates when the Fed cuts, but they often do so more slowly, so the gap between Edward Jones and online banks can actually narrow during rate-cutting cycles.
Do I have to use Edward Jones for investments to hold cash there?
No, but there is little reason to. If you only want to hold cash, an online bank or credit union will pay you more. Edward Jones is designed for people who are also buying investments, not for people who want a savings account.
Can I set up automatic transfers to an Edward Jones money market account?
Yes, you can set up recurring transfers from your paycheck or another bank account. Ask your Edward Jones advisor how to set this up, or do it through their online platform if you have access to it.