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Wealthfront Overview
Wealthfront is an online-only investing and banking platform. It also offers one alternative banking option, the Wealthfront Cash Account, which we consider to be one of the best high-yield checking accounts out there.
Wealthfront's website is easy to navigate, and its mobile app has received 4.8 out of 5 stars in both the Apple and Google Play stores.
Wealthfront does not offer 24/7 customer service. To contact customer support, you can either send Wealthfront an email or call Monday through Friday, 10 a.m. to 8 p.m. ET.
The Wealthfront Cash Account is a great high-yield checking account. But if you're looking to open a separate savings account, take a look at the best high-yield savings accounts.
What Is the Wealthfront Cash Account?
The Wealthfront Cash Account is a no-fee cash management account that works like a high-yield checking account and is offered by the automated investment platform Wealthfront. It offers a high interest rate of 5.00% annual percentage yield while still letting you withdraw money as frequently as you want without fees. Wealthfront isn't a bank, so it provides banking services by partnering with several FDIC-insured banks.
Wealthfront Cash Account
Wealthfront, FDIC Insured Account
Insider’s Rating
4.25/5
Perks
Get a $30 bonus when you open a Wealthfront Cash Account and fund your new account with an initial deposit of $500 or more.
Fees
no monthly service fee
Annual Percentage Yield (APY)
5.00%
Minimum Opening Deposit
$1
Bonus
$30 bonus when you open and fund your new account, plus earn 5.00% APY
Pros
- Use as both a savings and checking account
- $1 opening deposit
- No monthly service fees
- FDIC insured up to $5 million for individual Cash Accounts ($10M for joint accounts) through partner banks
- Get paid 2 days early
- Access to a debit card
- Mobile check deposit
- Automatically move extra money into investments with Autopilot
- Save for separate goals in one account
Cons
- No physical branch locations
- To deposit cash, pay a fee at a Green Dot location
- $2.50 out-of-network ATM fee
Insider’s Take
The Wealthfront Cash Account is a solid high-yield checking account. But if you're looking to open a separate savings account, take a look at our best high-yield savings accounts guide.
Product Details
- FDIC insured up to $8 million for individual Cash Accounts ($16M for joint accounts) through partner banks
- 19,000 free ATMs
- Autopilot feature lets you set maximum account balance, and automatically transfers money into investments if you exceed maximum balance by more than $100
- Interest compounded daily, paid monthly
Wealthfront Cash Account Key Features
Competitive APY
Most checking accounts don't offer an APY at all, and many that do come with interest only offer a fraction of a percent. The average bank account interest rate for checking accounts is 0.08% APY, according to the FDIC. This makes the Wealthfront Cash Accounts' 5.00% APY stand out, as it offers a high rate even compared to high-yield savings accounts online.
No Account Fees or Minimum Balance Requirements
Wealthfront does not charge monthly maintenance fees on the Wealthfront Cash Account, and only requires an opening minimum deposit of $1.
It also doesn't charge overdraft fees, and the only transfer fee it charges for the Wealthfront Cash Account is a $10 fee for outgoing wire transfers. All other fees associated with the Wealthfront Cash Account are related to debit card usage.
Wealthfront offers free in-network ATM usage through the Allpoint network, which gives you access to over 55,000 ATMs nationwide. If you have to use an out-of-network ATM, you'll be charged a $2.50 fee from Wealthfront, alongside whatever fees the ATM itself charges you. You'll also be charged international transaction fees if you use the debit card abroad, which will amount to 2.75% of your transaction.
Finally, if you use your debit card to deposit cash at a store cash register, you'll pay a fee of up to $6.
FDIC Insurance Up to $8 Million
The Wealthfront Cash Account is a good option if you're looking for a place to store FDIC-insured savings with high interest. Legally, banks can provide FDIC insurance for up to $250,000 per account, or $500,000 for a joint account. But Wealthfront is an investment/banking platform backed by banks, so it spreads your money across multiple banks — meaning it can insure up to $8 million, or $16 million for a joint account.
Wealthfront Cash Account: Pros and Cons
Pros
- FDIC-insured account
- Earn 5.00% Annual Percentage Yield (APY)
- Receive your paycheck up to two days early
- Same-day transfers to external bank accounts
- Can also invest with Wealthfront
- Bonus of $30 bonus when you open and fund your new account, plus earn 5.00% APY for new customers who open an individual Wealthfront Cash Account
Cons
- Doesn't have separate checking and savings accounts
- May need to pay a fee to deposit cash
Benefits of the Wealthfront Cash Account
Easy Access to Funds With Account Transfers
The Wealthfront Cash Account lets you make ACH transfers and real-time payment withdrawals for free. It also lets you transfer money to your Wealthfront investment accounts for free. The only type of transfer that Wealthfront charges for is outgoing wire transfers, which it charges $10 for.
Ability to Use With Wealthfront's Investment Products
Having a Wealthfront Cash Account makes it easier to use Wealthfront's other investing products, such as its Automated Investing Account. If you're someone who's already using Wealthfront for its online brokerage features, a Wealthfront Cash Account will make it easier for you to invest while letting you earn a great interest rate.
Is Wealthfront Trustworthy?
The Better Business Bureau grades companies on trustworthiness. The BBB assesses whether a business is transparent in how it handles business, has honest advertising, and responds effectively to customer complaints.
The BBB gives Wealthfront an F rating due to the number of customer complaints and because Wealthfront has yet to respond to several of those complaints.
Wealthfront doesn't have any recent public controversies.
Opening a Wealthfront Cash Account
Opening a Wealthfront Cash Account involves similar steps to opening a checking account at an online bank. Just go to Wealthfront's website and answer the questions it provides you. You'll need to provide some personal information, such as your social security number or a government ID. The whole process should only take a few minutes, as long as you have your information ready.
Wealthfront User Experience and Accessibility
Wealthfront's accessibility is similar to that of online banks. Being online means that accessing your funds through your computer or mobile phone is easy to do anywhere, whether you're at home or traveling. If you're just looking for a great savings rate, Wealthfront's savings accessibility and features are available anywhere in the United States.
However, since Wealthfront isn't a bank, it doesn't have any in-person branches. This means you can't bank in person, and it makes certain things, like depositing cash, harder.
Is the Wealthfront Cash Account Right for You?
The Wealthfront Cash Account pays a high interest rate. You'll earn 5.00% APY on your entire account balance. You can also earn an additional 0.50% APY for three months when you refer a friend.
Checking features include a debit card with free access to over 55,000 ATMs, online bill pay, direct deposits with the ability to get paid two days early, and the option to link your account to PayPal, Cash App, and Venmo. You also have access to Wealthfront investment accounts, so you can keep your savings, checking, and investments with one company.
Receiving your paycheck two days early means you can access your money faster and start earning interest sooner. If you move money from your Cash Account to your Investment Account, you can invest in the stock market in just a couple minutes — as a result, early direct deposit can help you invest two days early.
You can also transfer money to an external bank account, and funds will arrive the same day if you initiate the withdrawal by 9 p.m. ET. With many banks, transfers to other banks can take up to a few business days.
You only need $1 to open an account. There's no required opening deposit or minimum account balance, and Wealthfront doesn't charge monthly fees.
New customers who open an individual account are also eligible for a bonus of $30 bonus when you open and fund your new account, plus earn 5.00% APY. You can earn a $30 bonus when you open and fund your new account with an initial deposit of $500 or more.
Wealthfront Cash Account Alternatives
Wealthfront vs. Ally
Ally has separate checking and high-yield savings accounts, as well as a money market account and three types of CDs. If you're comparing online savings account options, Ally has far more than Wealthfront. If you want to open multiple bank accounts, Ally will be the better fit.
Ally also doesn't charge out-of-network ATM fees, and it refunds up to $10 per month if out-of-network ATM issuers charge you for using machines. Meanwhile, Wealthfront charges you $2.50 each time you use an ATM that's out of network, and the ATM issuer may charge you an additional fee.
But you may prefer Wealthfront if your ultimate goal is to earn a high rate because it pays a better savings rate than Ally.
Ally Bank Review
Wealthfront vs. Marcus
Marcus by Goldman Sachsoffers a high-yield savings account and three types of CDs. It's a great choice if you want to open CDs — but it doesn't have a checking account. If you want to use checking features, Wealthfront is the better choice.
Wealthfront also pays a higher savings rate than Marcus by Goldman Sachs does.
Marcus Bank Review
Why You Should Trust Us: How We Reviewed the Wealthfront Cash Account
At Business Insider, we use our bank account methodology to rate all of our banking products. For checking accounts, we consider seven categories equally in our rating: minimum opening deposits, monthly service fees, overdraft fees, and protection, ATM networks and fees, customer support, mobile app ratings, and company ethics. We give each of these categories a score from 0 to 5, and we average these scores together to get our rating for the account.
Wealthfront Cash Account FAQs
How does the interest rate on the Wealthfront Cash Account compare to traditional banks?
The Wealthfront Cash Account's 5.00% APY is much higher than what's usually offered on checking accounts at traditional banks.
Are there fees associated with the Wealthfront Cash Account?
The Wealthfront Cash Account doesn't charge monthly maintenance fees, and it only requires a minimum opening deposit of $1. It also doesn't charge for ACH transfers and RTP withdrawals, although it does charge for outgoing wire transfers, international debit card usage, and usage of out-of-network ATMs.
How does FDIC insurance work with the Wealthfront Cash Account?
Wealthfront isn't a bank, so it partners with several FDIC-insured banks in order to offer the Wealthfront Cash Account. While FDIC insurance generally caps out at $250,000 per person, Wealthfront keeps your money in many different banks at once, letting you be insured for up to $8 million per person.
Can I access my money easily from the Wealthfront Cash Account?
Yes, Wealthfront lets you transfer money from your cash account for free, as long as you aren't making a wire transfer. Outgoing wire transfers cost $10.
Is it easy to open a Wealthfront Cash Account?
Yes, you can open a Wealthfront Cash Account easily online in a few minutes. You'll need to give Wealthfront some personal information to do so.
Personal Finance Reviews Editor
Laura Grace Tarpley (she/her) is an expert in mortgage rates, refinance rates, lenders, bank accounts, and borrowing and savings tips for Personal Finance Insider. She worked on Business Insider's "The Road to Home" series, which won a Silver award from the National Associate of Real Estate Editors.She has written about personal finance for over seven years. Before joining the Business Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU.
Compliance and Operations Associate
Evelyn He is a Compliance and Operations Associate on the Personal Finance team to ensure content accuracy and editorial independence so readers get up-to-date and objective financial advice.The compliance team's mission is to provide readers with fact-checked and current stories so they can make informed financial decisions. The team also works to minimize risk for partners by ensuring language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.
Banking reporter
Kit Pulliam (they/them) is a banking expert who specializes in certificates of deposit, savings accounts, and checking accounts. They’ve been reporting, editing, and fact-checking personal finance stories for more than four years.ExperienceIn college, Kit worked as an undergraduate research assistant in a psychology lab. While there, they found that they were passionate about writing and helping others write about topics that matter.Before Business Insider, Kit was an editorial specialist for Tax Analysts, diving into the tax code to help readers get the best information about a confusing but necessary subject.They find banking similar to taxes in that way: There are some things everyone needs to know because just about everyone needs to work with a bank — and you don’t want to end up with an account that doesn’t serve your needs.As interest rates change, they enjoy the fast pace of reviewing rates for products like CDs and high-yield savings, which can change daily and have a direct impact on readers’ money.Their work has been featured in Business Insider and MSN. They were part of the My Financial Lifeseries with Business Insider.ExpertiseTheir expertise includes:
- Certificates of deposit
- Savings accounts
- Checking accounts
- CD rates
- Bank reviews
EducationKit is an alumnus of Vanderbilt University, where they studied English and psychology and received the Jum C. Nunnally Honors Research Award for their senior thesis.Outside personal finance, Kit enjoys reading, film, video games, and cross stitching. They are based in the DC area.
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