Exhibit (j)

                         CONSENT OF INDEPENDENT AUDITORS


We  consent  to  the  reference  to  our  firm  under  the  captions  "Financial
Highlights" and "Independent  Auditors and Reports to  Shareholders"  and to the
incorporation by reference of our report dated June 2, 2000, in the Registration
Statement  of Cash  Account  Trust on Form N-1A  filed with the  Securities  and
Exchange Commission in this Post-Effective  Amendment No. 20 to the Registration
Statement  under the  Securities  Act of 1933  (File No.  33-32476)  and in this
Amendment No. 21 to the Registration  Statement under the Investment Company Act
of 1940 (File No. 811-5970).




                                            ERNST & YOUNG LLP
Chicago, Illinois
July 31, 2000



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