Ready to Boost Your Savings? Here's How to Open a Vanguard Cash Plus Account!
Are you tired of seeing your hard-earned money languish in a low-interest savings account? Do you want your cash to work harder for you, earning a competitive yield while staying easily accessible? If you answered yes, then you're in the right place! Opening a Vanguard Cash Plus Account could be a fantastic step toward smarter cash management. This isn't just a regular savings account; it's a powerful tool designed to give you a great return on your liquid cash, all while being seamlessly integrated with the Vanguard ecosystem.
Let's dive into the step-by-step guide to get you started.
Step 1: Check Your Eligibility and Gather Your Information
Before you begin the application, let's make sure you have everything you need. This will make the process smooth and quick.
Who can open a Vanguard Cash Plus Account? To open an account, you need to be a U.S. citizen with a U.S. mailing address. This account is designed for personal investors, and you can open an individual or a joint account.
What information do you need? Gather the following personal and financial details to make your application a breeze:
Your Social Security number.
Your bank account and routing numbers from the external bank you'll use to fund the account.
Your employer's name and address.
If you're opening a joint account, you'll need the same information for the other joint owner.
Is there a minimum to open the account? No, there is no minimum initial deposit or balance requirement to open a Vanguard Cash Plus Account. This makes it incredibly accessible for anyone looking to start earning a better rate on their cash.
Step 2: Start the Online Application Process
Now that you have your information ready, it's time to head over to the Vanguard website and begin the application.
Navigate to the Vanguard Website: Go to the official Vanguard website and look for the "Open an account" or "Accounts & Plans" section. You should see an option for the "Vanguard Cash Plus Account."
Select Your Account Type: You will be prompted to choose the type of account you want to open. Select "Vanguard Cash Plus." If you are a new Vanguard client, you'll create a user ID and password. If you are an existing client, you can log in, and Vanguard will pre-fill some of your information.
Fill Out Your Personal Information: Follow the on-screen prompts to enter your personal details, including your name, date of birth, Social Security number, and address. Make sure all the information is accurate to avoid any delays in the application process.
Step 3: Link Your External Bank Account
This is a crucial step for funding your new account and for future transfers.
Provide Your Bank Details: You will be asked to provide the routing and account numbers for the external bank account you want to link. This is the bank account from which you will transfer funds into your new Vanguard Cash Plus Account.
Verify Your Bank Account: Vanguard will likely use a verification process, such as sending small "micro-deposits" to your linked bank account. You will need to check your bank statement for these small deposits (usually a few cents) and then enter the amounts back on the Vanguard website to confirm that you own the account. This is a standard security measure.
Step 4: Fund Your Account and Explore Features
Once your account is open and linked, you can start using it!
Make Your First Deposit: You can initiate an electronic bank transfer (ACH) from your linked external bank account to your Vanguard Cash Plus Account. This can typically be done right from the Vanguard website. Keep in mind that new accounts may have a holding period for deposits for a certain amount of time to reduce the risk of fraud.
Understand the Key Features: The Vanguard Cash Plus Account is more than just a place to hold cash. Here's what makes it stand out:
Competitive APY: As of June 2025, the annual percentage yield (APY) is highly competitive, often exceeding what traditional savings accounts offer. (Note: APY is variable and subject to change).
FDIC Insurance: The cash in your account is eligible for FDIC insurance up to $1.25 million for individual accounts and $2.5 million for joint accounts, thanks to Vanguard's bank sweep program that distributes your cash across multiple program banks.
No Fees: There are no account service fees if you sign up for e-delivery of documents.
Bill Pay and Direct Deposit: You can use your Vanguard Cash Plus Account's routing and account numbers to set up direct deposit from your employer or pay bills online. This is a major advantage over many other high-yield savings accounts.
Access to Money Market Funds: You have the option to diversify your cash holdings by investing in money market funds within the account, which may offer even higher yields.
Set Up Direct Deposit and Bill Pay: To fully leverage the account, get the routing and account numbers from your Vanguard Cash Plus account and provide them to your employer for direct deposit or to companies for bill payments. This can help you streamline your finances and have your cash earn interest as soon as it's deposited.
Step 5: Manage and Monitor Your Account
Congratulations, you've successfully opened and funded your Vanguard Cash Plus Account! Now, you can easily manage it online or through the Vanguard mobile app.
Monitor Your Balance and APY: Regularly check your account balance and the current APY to see your money grow. Vanguard is committed to offering a competitive rate, but it's always a good idea to stay informed.
Transfer Funds: You can easily transfer money between your Vanguard accounts or back to your linked external bank account. The process is straightforward and typically has no transfer fees.
Explore Additional Investment Options: Once you're comfortable with the Cash Plus account, you can explore other Vanguard investment products, such as mutual funds and ETFs, to build a more comprehensive financial portfolio.
Related FAQ
How to find the routing number for my Vanguard Cash Plus account?
You can find your routing and account numbers for your Vanguard Cash Plus Account by logging into your Vanguard account online or through the mobile app. Look for your account details or "Account Settings."
How to set up direct deposit to my Vanguard Cash Plus account?
Simply provide the routing and account numbers of your Vanguard Cash Plus Account to your employer's payroll department, just as you would with a traditional checking or savings account.
How to transfer money from my Vanguard Cash Plus account to my bank?
You can initiate an electronic bank transfer (ACH) from your Vanguard account to your linked external bank account through the Vanguard website or app.
How to check the current APY for the Vanguard Cash Plus account?
The current APY is displayed on the Vanguard website's Cash Plus Account page and is updated regularly. You can also see it when you log into your account.
How to avoid the annual account service fee?
The $25 annual fee is waived when you sign up for e-delivery of certain documents. You can typically do this during the account opening process or in your account settings.
How to use my Vanguard Cash Plus account for bill payments?
Use the routing and account numbers provided for your account to set up automatic payments with billers who accept ACH payments.
How to link a new external bank account to my Vanguard profile?
Log in to your Vanguard account, go to "Profile & Account Settings," and then select "Banking" to add a new external bank account.
How to get my money if I need it urgently?
While you can initiate an electronic transfer at any time, it may take a few business days for the funds to reach your external bank account. The account does not have a debit card or ATM access.
How to close my Vanguard Cash Plus account?
You can contact Vanguard's Client Services team to initiate the account closure process. Be aware that the account must have a $0 balance to be closed.
How to contact Vanguard customer service for help with my account?
You can call Vanguard's Personal Investors Client Services team at 877-662-7447 from 8 a.m. to 8 p.m., Eastern time, Monday through Friday.