Wealthfront Cash Account review April 2019 | finder.com

Wealthfront Cash Account review

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Wealthfront Cash Account
  • No fees
  • Unlimited, free transfers
  • Fast and easy setup
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A low-fee savings account with a 2.29% APY.

Issued by the same robo-advisor that’s helping millennials invest for the future, the Wealthfront Cash Account helps you grow your uninvested savings. It pays one of the highest APYs available on savings accounts right now and its low fees allow you to hang on to more of your money.

APY2.29%
Fee$0
Minimum deposit to open$1
Minimum balance to earn interest$1
Interest compoundingDaily

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:

  • Earn interest. This account pays 2.29% APY — higher than most other savings accounts available right now.
  • No fees. The Wealthfront Cash Account doesn’t have any service charges, 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 internal transfers. At the moment, you won’t be able to make transfers between Wealthfront Cash and Wealthfront Investment accounts.
  • Limited access. While you can easily make transfers to and from other bank accounts, you won’t be able to visit an ATM or branch to access your money.
  • Lack of other products. Wealthfront offers a savings account, investment accounts, free financial planning and a portfolio line of credit, but if you’re looking for a checking account, home loan or other financial products, you’ll need to look elsewhere.

Compare with other savings accounts

Name Product Fee Minimum deposit to open Minimum balance to earn interest Interest rate (APY)
$0
$100
$25,000
or set up a direct deposit of $100+ each month
2.45%
A super-high interest rate if you're in the habit of saving at least $100 per month or have $25K in the bank.
$0
$0
$1
2.10%
Enjoy no monthly fees and a competitive APY with this online-only savings account.
$15 per month
(can be waived)
$25
$0
2.40%
Earn one of the highest annual percentage yields (APYs) if you live in one of 42 eligible states, and access your money by ATM, check or bill pay.
$0
$1
$1
2.29%
A first step in helping you build a free financial plan for the life you want and automate your investments at a low cost.
$0
$0
$0
2.40%
My Savings Direct offers flexibility, freedom and security in personal banking.
$5 per month
(can be waived)
$0
$0
0.01%
Get a $150 bonus when you open a new Chase Savings account, deposit a total of $10,000 or more in new money within 10 business days and maintain a $10,000 balance for 90 days.

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.

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

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:

Deposits:

  • Online transfer
  • Wire transfer
Withdrawals:

  • Online transfer
  • Wire transfer

How can I get in touch with 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.

Bottom line

The Wealthfront Cash Account is a high-interest savings account that encourages you to save your uninvested cash. It offers a higher APY than most other savings accounts available and allows you to make as many withdrawals as you’d like.

However, it doesn’t offer branch or ATM access. If that’s an issue, compare your other options to find a product that’s right for you.

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