You can earn more interest on your uninvested funds by keeping them in a high-yield savings account instead of a cash management account at a brokerage or robo-advisor.

The highest base rate on a cash management account is 4.80% APY, but most offer much lower rates.

The best high-yield savings accounts are currently paying up to 5.33% APY.

You can also earn a high interest rate on a money market account.

If you'll be holding cash in excess of $250,000, most cash accounts at brokerages and robo-advisors offer greater deposit insurance.

Electronic transfers to and from a bank account can usually be executed by your brokerage or robo-advisor firm in a single day.

If you don't have plans to invest the cash anytime soon, the case is even stronger to keep it in a high-yield bank account earning a much higher interest rate.

Banks must be available in at least 40 states.