This article contains links to products or services from one or more of our advertisers or partners. We may receive a commission when you click or make a purchase using our site. Learn more about how we make money.

Wealthfront Cash Account review

Last updated:  

This Wealthfront savings account earns 0.35% 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.

0.35%

APY

$0

Fee

$1

Minimum deposit to open

Details

APY0.35%
Fee$0
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.

How do I apply for a Wealthfront savings 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.
  • 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.

Is 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.

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.

Wealthfront Cash account reviews and complaints

Wealthfront doesn’t have many reviews online. Of the five 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.

Compare Wealthfront with other savings account

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

$
$
months
Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned
American Express® High Yield Savings
0.60%
$0
$0
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
Axos Bank High Yield Savings
0.61%
$0
$250
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
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
$0 per month or $15 per month for Aspiration Plus ($12.50 per month if you pay annually)
$10
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.
CIT Bank Money Market
0.50%
$0
$100
A savings account with a higher-than-average rate and minimal fees.
Ponce Bank High Yield Savings
0.50%
$0
$1
Ponce Bank Savings account, offered through SaveBetter, has a $1 opening deposit and earns 0.50% APY.
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.
loading

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

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.

Ask an expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our finder.com Terms of Use and Privacy and Cookies Policy.
Go to site