The Wealthfront Cash Account is a variation of the conventional checking and savings accounts that are often used. The minimum opening deposit for the account is simply one dollar, yet it offers an APY of 4.05%. Clients get access to more than 19,000 fee-free ATMs around the country and enjoy no monthly fees or overdraft penalties.
Green Dot, one of the partner banks of Wealthfront, will supply you with a free debit card to use with your account. Wealthfront, much like the vast majority of other companies that provide cash management services, works with partner banks to offer FDIC protection on deposits of up to $2 million.
You may connect your cash account to popular payment applications like Apple Pay, Venmo, and Paypal to make purchases and transfer money to other people. You may receive your direct deposits two days earlier than normal with Wealthfront.
The transaction limitations associated with conventional savings accounts do not apply to the Wealthfront Cash account. Customers can move money freely into and out of their accounts with free and unlimited transfers.
Individual, joint, and trust versions of Wealthfront cash management accounts are all available. Unfortunately, checking functions such as debit cards, direct deposits, and bill payments are unavailable with joint and trust accounts. Similarly, Wealthfront Cash Accounts do not have a checkbook as standard equipment. But there are a few other methods that you might use your account to pay your bills.
You may also pay using the debit card associated with your Wealthfront account. Lastly, Wealthfront will write a check on your behalf once or every month at no additional cost. But, there is no way to directly accomplish this via your online account or mobile app. You must get in touch with Wealthfront and inform them of the check's amount and the address to which it should be sent. They are responsible for the remaining tasks.
You may be responsible for paying any applicable use fees associated with Wealthfront's debit card. When you use an ATM that is not part of your network, you will be charged a cost of $2.50 per transaction, in addition to any fees that the ATM owner may impose. Using an ATM not part of Wealthfront's network will not result in reimbursement.
Participating retail establishments allow you to make cash deposits into your cash account; however, each transaction may cost you up to $5.95. A foreign transaction charge of 2.75 percent applies to any transactions made with a Wealthfront debit card in countries other than the United States.
How Wealthfront Works
Wealthfront is an investment and banking platform that is solely available online. A high-yield checking account, known as the Wealthfront Cash Account, is one of the banking products that can be obtained via this company.
Banks are permitted to provide FDIC insurance for a maximum of $250,000 per account and a maximum of $500,000 for joint accounts under current regulations. Wealthfront, on the other hand, is an investing and banking platform supported by banks. Because of this, it can guarantee up to $2 million, or $4 million, for a combined account.
The mobile app for Wealthfront has been rated 4.9 out of 5 stars in the Apple store and 4.6 out of 5 stars in the Google Play store. The website for Wealthfront is simple and straightforward to use. You may reach Wealthfront's customer support team by calling between 10:00 a.m. to 8:00 p.m. Eastern Time (ET) Monday through Friday or by email.
Pros
- Free of charge every month
- Insurance from the FDIC of up to $2 million
- No overdraft charge
- Highly regarded mobile application
Cons
- Without a checkbook
- There are no actual branches
- Compared to other accounts of a similar kind, the ATM network is quite restricted
- Reduced APY
Is Wealthfront Reliable, And What Is Its Rating With The Better Business Bureau?
The Better Business Bureau assigns ratings of reliability to various businesses. The Better Business Bureau evaluates a company based on whether or not it is open and honest about how it does business, whether or not it has truthful advertising, and whether or not it efficiently responds to customer complaints.
The BBB has given Wealthfront an F rating because the organization has been the subject of seven consumer complaints, two of which have not been handled. Even if a firm has a high rating with the Better Business Bureau (BBB), it does not guarantee that your interactions with them will go well. If you want to determine whether or not Wealthfront is a good fit for you, you may ask other people who already use the service or read reviews posted online.
