Edward Jones does not offer a standalone high yield savings account
Edward Jones, the investment firm with branches in most U.S. towns, focuses on brokerage and advisory services rather than deposit products. If you walk into an Edward Jones office looking to open a savings account, they will not have one to sell you. Their business is managing investments—stocks, bonds, mutual funds, annuities—not holding your cash in a savings vehicle.
This matters because high yield savings accounts are deposit products, not investments. They sit at banks and credit unions, not at investment firms. Edward Jones does not operate a bank charter and does not take deposits the way a bank does. If you have cash you want to park in a high yield account, you need to look elsewhere.
Key Takeaways
- Edward Jones is an investment firm, not a bank, so it does not offer savings accounts of any kind.
- If you have an Edward Jones investment account, your uninvested cash typically sits in a money market fund or sweep account, which may pay interest but is not a high yield savings account.
- High yield savings accounts are offered by banks and credit unions, not investment brokerages.
- You can open a high yield savings account at a separate institution while keeping your investments at Edward Jones.
What Edward Jones does offer for cash holdings
When you have money sitting in an Edward Jones account that is not invested, the firm does something with it. That money typically goes into a sweep account or money market fund. The exact destination depends on your account type and Edward Jones's current sweep arrangements.
A sweep account automatically moves uninvested cash into a money market fund or, in some cases, into a bank deposit product through a partner bank. The interest rate on these sweeps varies and is set by Edward Jones, not by you. You do not choose the rate or the destination—the firm decides where your cash goes.
Money market funds are not the same as high yield savings accounts. They are mutual funds that invest in short-term debt instruments. They carry slightly different risks and tax treatment than a bank savings account, and their yields fluctuate with market conditions. The rate you earn is not may provide and may be lower than what you could get in a high yield savings account at a bank.
Where to find a high yield savings account if you bank elsewhere
High yield savings accounts live at banks and credit unions. Online banks like Marcus, Ally, American Express Personal Savings, and Wealthfront Cash Account typically offer rates higher than traditional brick-and-mortar banks. Credit unions also compete in this space, though rates vary by institution.
You do not have to choose between Edward Jones and a high yield savings account. Many people keep investments at Edward Jones and maintain a separate high yield savings account at a bank for their emergency fund or short-term cash. The two can coexist. Your Edward Jones advisor will not manage the bank account, but that is fine—a savings account does not need active management.
If you want to move money between Edward Jones and a bank account, you can do so through electronic transfer (ACH) or wire. ACH typically takes one to three business days and costs nothing. Wire transfers are faster but may carry a fee at one or both institutions.
Why Edward Jones does not compete in the savings account market
Edward Jones makes money from investment management fees, commissions on trades, and advisory fees. Savings accounts are low-margin products—banks make money on the spread between what they pay depositors and what they charge borrowers. That business model does not fit Edward Jones's structure.
To offer savings accounts, Edward Jones would need to become a bank or partner with one formally. Some investment firms do this—Fidelity, for example, offers cash management accounts and sweep options that include bank deposits. But Edward Jones has not pursued that path. Their focus remains on investment advisory and brokerage services.
What to do if you want both investments and high yield savings
Open a high yield savings account at a bank or credit union and keep your investments at Edward Jones. This is a common and practical setup. Your emergency fund or short-term cash sits in the savings account earning a competitive rate. Your longer-term money stays invested through Edward Jones.
When you need to move money between the two, use ACH transfer. It is free, takes a few business days, and requires only your account numbers and routing information. You can set up recurring transfers if you want to move money on a schedule—for example, moving a portion of your paycheck to savings each month.
If you already have money at Edward Jones and want to move some of it to a high yield savings account, you can withdraw it from Edward Jones and deposit it at the bank. There may be tax implications if the money is in a taxable account and has gains, so check with your Edward Jones advisor or a tax professional before moving large amounts.
Understanding Edward Jones sweep accounts and their rates
If you keep cash at Edward Jones, ask your advisor what sweep arrangement your account uses and what rate you are currently earning. The rate changes over time and may not be competitive with high yield savings accounts. Edward Jones publishes sweep rates, but they are not always easy to find on their website—your advisor can tell you the current rate in seconds.
Some Edward Jones accounts offer a choice of sweep destinations. If yours does, you can ask whether one option pays more than another. But even the best Edward Jones sweep rate may lag behind what you could earn in a high yield savings account at a bank, especially in a rising rate environment.
Frequently Asked Questions
Can I move money from Edward Jones to a high yield savings account?
Yes. You can withdraw money from your Edward Jones account and deposit it into a high yield savings account at any bank or credit union. Use ACH transfer for free movement that takes one to three business days, or wire transfer for faster movement (usually one business day) if the bank charges a fee.
Will Edward Jones charge me a fee to withdraw cash?
Edward Jones does not typically charge a fee to withdraw cash from your account. However, check your account agreement or ask your advisor to confirm. Some advisory relationships may have terms around withdrawals, so it is worth asking before you move money.
Is the money in my Edward Jones sweep account insured?
If your sweep goes into a bank deposit product through a partner bank, it may be covered by FDIC insurance up to $250,000 per depositor per bank. If it goes into a money market fund, it is not FDIC-insured—it is a mutual fund investment. Ask your advisor which sweep your account uses so you know what protection applies.
What interest rate does Edward Jones pay on uninvested cash?
Edward Jones sweep rates vary and change over time. Your advisor can tell you the current rate on your account. These rates are typically lower than what high yield savings accounts offer at banks, especially when banks are competing aggressively for deposits.
Can I have both an Edward Jones account and a high yield savings account?
Yes, absolutely. Many people do. You can keep investments at Edward Jones and maintain a separate high yield savings account at a bank for emergency funds or short-term cash. The two accounts serve different purposes and can work together as part of your overall financial picture.