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Wealthfront Cash Account review

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This Wealthfront savings account earns 0.1% APY.

finder.com’s rating: 4.6 / 5.0

★★★★★

Issued by the same robo-advisor that’s helping millennials invest for the future, the Wealthfront Cash Account is a hybrid checking and savings account. It has no account fees, a free network of 19,000+ ATMs, early direct deposits and a slew of other attractive benefits that allow you to hang on to more of your money. But its APY is no longer competitive compared to other accounts.

0.10%

APY

$0

Fee

$1

Minimum deposit to open

Details

Annual percentage yield (APY)0.10%
Fee$0
Minimum deposit to open$1
Minimum balance to earn interest$1
Interest compoundingDaily
More info

More Info

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Review by


Peter Carleton is a writer that covers banking and investing, breaking down what you need to know about where you put your money. When Peter's not thinking about cutting-edge banking apps and robo-advisors, he runs a creative agency and spends his spare time cooking or reading.

Expert review

The Wealthfront Cash Account is a savings account and checking account rolled into one. It’s best for anyone who already invests with Wealthfront and wants to keep their accounts under one roof. But you don’t need a Wealthfront investment account to open the Cash Account.

You’ll find a slew of attractive features with this account, including early direct deposits, free access to 19,000+ ATMs and up to $1 million in FDIC insurance.

But Wealthfront’s APY isn’t that impressive, and as with most online accounts, it doesn’t offer branch support. If you’re hoping to earn a healthy amount of interest, you may want to consider other options.

How do I apply for a Wealthfront Cash Account?

Wealthfront doesn’t have any physical branches, but you can easily open this account online:
  1. Go to the provider’s site and follow the steps to apply.
  2. Click Banking.
  3. Click Get Started.
  4. Click Open a Wealthfront account.
  5. Enter your personal information, then click Continue.
  6. Enter your mobile number, then verify the code that you receive.
  7. Fill in the rest of your personal information and proceed to the next step.
  8. Enter your bank account information to fund your account, then submit your application.

Eligibility

To open this account, you’ll need to meet a few eligibility requirements:

  • US-based phone number that can receive texts
  • Permanent US address
  • Currently reside in the US
  • Valid Social Security number
  • Initial deposit of at least $1

Required information

During your application, you’ll be asked for the following information:

  • Name, email and phone number
  • Date of birth
  • US address
  • Government-issued ID
  • Social Security number

What are the benefits of the Wealthfront Cash Account?

This Wealthfront savings and checking account hybrid is designed to help Wealthfront customers save their uninvested cash and comes with a handful of useful benefits, including a debit card, free access to a network of 19,000+ ATMs and:

  • Early direct deposits. Get your paycheck up to two days earlier when you set up direct deposit.
  • No fees. The Wealthfront Cash Account doesn’t have any service charges, overdraft fees, stop payment fees, balance requirements, advisory fees or other hidden costs.
  • Low minimum deposit. Start saving with as little as $1.
  • Security. Your money is protected by up to $1 million in FDIC-insurance, four times the amount covered by traditional banks.
  • Easy transfers. Make unlimited free transfers in and out of this account.
  • Free financial tools. Explore Wealthfront’s Learning Center and financial tools to better plan for the future.

What should I look out for?

The Wealthfront Cash Account stands out for a number of reasons, but every product has its drawbacks. Here’s what to look out for:

  • Lack of other products. Wealthfront offers a savings and checking account combo, investment accounts, free financial planning and a portfolio line of credit, but if you’re looking for a home loan or other financial products, you’ll need to look elsewhere.
  • APY isn’t competitive. Back in June 2019, Wealthfront offered an astounding interest rate of 2.57% APY. Unfortunately, that rate has fallen precipitously over the years. Now, its APY is only 0.1%, which can’t compare to high-interest accounts.

If you’re looking to keep all of your finances in one place, or you just want easier access to your funds, you can compare your other options to find a product that’s right for you.

Is the Wealthfront Cash account safe?

Your Wealthfront Cash Account is FDIC insured up to $1 million — four times the limit of most accounts. If anything were to happen to Wealthfront, you’d be fully reimbursed up to this limit. The company also uses bank-grade encryption to protect your sensitive information, so it’s just as safe as any other financial account you’d have.

Wealthfront Cash Account reviews and complaints

Wealthfront doesn’t have many reviews online. Of the six we found on Trustpilot and the Better Business Bureau, all were in reference to Wealthfront’s investment portfolios, not its cash account.

Reddit users have voiced their opinions about the Wealthfront Cash Account. They like that it integrates with their investment account but say the recent APY drops have made it lose its shine.

Wealthfront‘s ATM network and fees

Your Wealthfront Cash account gives you free access to more than 19,000 Green Dot ATMs across the US. Withdraws from out-of-network ATMs cost $2.50 plus any fee charged by the ATM owner.

Compare Wealthfront Cash Account with other cash management accounts

Sort this interactive table by interest rates, fees and more to see how Wealthfront stacks up against the competition.

Name Product APY Minimum deposit to open ATMs Out-of-network ATM fee
Aspiration Spend & Save Account
Finder Rating: 3.8 / 5: ★★★★★
Aspiration Spend & Save Account
Up to 1.00%
$10
55,000 free in-network ATMs
$0
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.
SoFi Money
Finder Rating: 4.6 / 5: ★★★★★
SoFi Money
0.25%
$0
$0
SoFi Money® is a cash management account that charges no account fees to save, spend, and earn cash back rewards when you spend on brands you love.
Robinhood Cash Management
Finder Rating: 4.3 / 5: ★★★★★
Robinhood Cash Management
0.30%
$0
15,000 international ATMs for free + 75,000 ATMs in the US
$0
This brokerage account feature offers interest and no monthly fees but Robinhood support is only available by email.
Betterment Checking
Finder Rating: 3.8 / 5: ★★★★★
Betterment Checking
N/A
$10
No access to ATMs
The Betterment Checking account has no fees or minimums and unlimited ATM reimbursements.
Morgan Stanley CashPlus
Finder Rating: 3.5 / 5: ★★★★★
Morgan Stanley CashPlus
N/A
more than 2 million ATMs worldwide
Morgan Stanley’s CashPlus accounts offer several benefits for the investment firm’s existing clients.
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Compare up to 4 providers

How do I deposit or withdraw money?

While Wealthfront doesn’t have any physical branches, you can still access your money when you need it. Plus, since it’s not a bank, it’s not subject to the six monthly withdrawals limit like most savings accounts are:

Deposits:
  • Direct deposit
  • Check deposit via the mobile app
  • P2P transfers, such as Cash App, Venmo and Paypal
  • Online transfer
  • Wire transfer
  • Cash deposits via Green Dot at participating retailers (a fee of up to $5.95 may apply)
Withdrawals:
  • ATM
  • P2P transfers, such as Cash App, Venmo and Paypal
  • Wire transfer
  • Online transfer

How can I get in touch with Wealthfront’s customer service?

There are two ways to reach customer service:

  • By email: Navigate to the Wealthfront website and click on the Contact Us page
  • By phone: Call 844-995-8437 to reach Wealthfront‘s team of licensed professionals Monday through Friday from 8 a.m. to 5 p.m. PT

Are there any other Wealthfront savings accounts?

Aside from the Cash Account, Wealthfront offers an automated investment portfolio called Wealthfront PassivePlus. It’s designed for millennials and helps to create an automated investment plan around your financial situation and future goals.

Frequently asked questions

Savings account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.

Read the full methodology of how we rate savings accounts.

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