Public Launches High-Yield Cash Account: Does It Beat National Savings Average?

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A New York-based mult-asset investing platform has an attractive annual percentage yield.

What Happened: Public launched its secondary brokerage account, High-Yield Cash Account, to offer 5.1% APY (subject to change) with zero fees and no minimum balance requirements.

Funds from the account will be directly deposited into partner banks where they earn a variable interest.

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Why It Matters: The national savings average stands at 0.57% APY, as of Dec. 12, 2023, based on BankRate data. With this offer from the Public, investors will have a higher beneficial option for their cash and earn more interest.

High-yield cash accounts signify no subscription, account, or maintenance fees and have 20 times standard FDIC insurance for protecting all balances up to $5 million. The account boasts of high flexibility as users can access cash anytime with no transfer or withdrawal limits.

In early 2023, the Public launched Treasury accounts which recently initiated the offering of access to T-Bills and Bonds. The firm witnessed a significant interest in yield-bearing asset classes and account types thereby leading to the launch of a high-yield cash account. This will provide a stable, high-yielding account type for members to grow their savings.

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