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Wealthfront Cash Account review

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A free savings and checking account combo featuring early direct deposits and 0.35% APY.’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 savings and checking 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.






Minimum deposit to open


Minimum deposit to open$1
Minimum balance to earn interest$1
Interest compoundingDaily
More Info

Expert review

Peter Carleton

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 high-interest savings account and checking account rolled into one. We recommend it to anyone who already invests with Wealthfront and wants to keep their accounts under one roof. You’ll find a slew of attractive features with this account, including early direct deposits, free access to 19,000+ ATMs, up to $1 million in FDIC insurance and a competitive 0.35% APY.

But as with most online accounts, Wealthfront doesn’t offer branch support. If you’re not comfortable managing your funds 100% online, you may want to consider other options.

What are the benefits of the Wealthfront Cash Account?

Designed to help Wealthfront customers save their uninvested cash, this account 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.
  • Earn interest. This account pays 0.35% APY — a rate that’s 5x higher than the current national average.
  • 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:

  • No cash deposits. As with most online bank accounts, you can’t deposit cash into your Wealthfront Cash Account. Instead, you’ll need to deposit it into an external account, then transfer the funds.
  • 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.

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.

Compare with other savings accounts

Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned More info
Citibank® Account Package

0.13% on $500,000+
0.08% on $25,000 to $99,999.99
0.04% on $0 to $24,999.99
$25 per month
(can be waived)
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Earn a $400 bonus after opening new eligible checking and savings accounts and completing required activities.
American Express® Personal Savings High Yield Savings
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Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
CIT Bank Money Market
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A savings account with a higher-than-average rate and minimal fees.
Chase Savings
$5 per month
(can be waived)
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A simple savings account with low, waivable monthly fees and a $150 signup bonus when you meet deposit and balance requirements.
Aspiration Spend & Save Account

1.00% on $0 to $10,000 but you’ll need to be enrolled in Aspiration Plus and make at least $1,000 in debit card purchases a month
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A spend and save combo account with no monthly service fees, free access to every ATM in the world, unlimited cash back rewards and deposits insured by the FDIC. The Aspiration Spend & Save Account is a cash management account offering of Aspiration Financial, LLC, an SEC-registered broker-dealer. Aspiration is not a chartered bank.
CIT Bank Savings Builder High Yield Savings Account

0.55% on $25,000+ or set up a direct deposit of $100+ each month
0.31% on $0 to $24,999
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No account opening or maintenance fees. Daily compounding interest. Earn one of the nation's top rates

Compare up to 4 providers

How do I apply?

Wealthfront doesn’t have any physical branches, but you can easily open this account online:

  1. Visit the Wealthfront website and click Save.
  2. Click Get Started.
  3. Click Open a Wealthfront account, then Get started, then Continue.
  4. Select High-interest cash savings, then click Continue.
  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.


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

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:


  • Direct deposit
  • Check deposit via the mobile app
  • P2P transfers, such as Cash App, Venmo and Paypal
  • Online transfer
  • Wire transfer


  • ATM
  • P2P transfers, such as Cash App, Venmo and Paypal
  • Wire transfer
  • Online transfer

How can I get in touch with 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

What other investing options does Wealthfront offer?

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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