With the Cash Account from Wealthfront, you may earn interest on all of your money and receive your paycheck up to two days early. Take a look at what this account can do for you.
It is general knowledge among financial gurus that you should save three to six months’ worth of living costs in cash on hand just in case. A high-yield savings account may be a good option if you’re working toward that objective. Traditional savings accounts, however, even at the finest institutions, do not provide regular money transfers or easy access to your funds.
Isn’t it perplexing that the money in your checking account doesn’t accrue any interest? Because most checking accounts don’t pay interest, a large portion of your money isn’t doing anything for you. You may earn more on all of your money and get paid up to two days earlier if you open a Cash Account with Wealthfront. In addition to the checking services you need, this account offers an APY (annual percentage yield) that is considerably above the national average and the opportunity to set up automated bill payments.
Cash accounts and how they function are explained in this section.
What we like about the Wealthfront Cash Account
Consider creating a Wealthfront Cash Account if you’d want the following advantages not offered by other checking or savings accounts:
- Opening an account earns you 0.10 percent annual percentage yield (APY), which is much better than most other savings accounts (as of Dec. 1, 2021). Nationally, that’s a lot greater than most people would expect.
- Direct deposit and early pay. a win-win situation! Make your paychecks more timely by enabling direct deposit. Additionally, interest will be accrued on your funds right now.
- With this account, you’ll be able to deposit checks right from your smartphone. If someone pays you with a paper check, you no longer have to go to a bank to do so.
- Make purchases and withdraw cash with ease. The Cash Account debit card makes it easier for you to do so. Using your debit card, you may withdraw cash from 19,000 fee-free ATMs around the country.
- You may now mail checks directly from your Wealthfront account. Instead of writing and mailing your own cheques, Wealthfront will do it for you.
- Your Cash Account Routing Number may also be used to set up automated bill payments for credit card bills, utility bills, and more.
- With Wealthfront’s Self-Driving Money system, you can quickly create savings categories based on your specific goals, as well as saving rules for your account to automatically follow. This allows you to tell your account how much money you wish to save, how often, and for what purpose.
- Venmo, PayPal, and other options. Using your Cash Account, you may easily transfer money to your friends and family using Venmo, PayPal, or any other payment method you use.
- There is a low minimum deposit. Opening an account with some firms may require having hundreds or even thousands of dollars on hand. It is possible to open a Wealthfront Cash Account with only $1.
- We don’t charge any fees. Neither administration, maintenance, nor advising costs are included in the subscription.
- There is no limit to the number of transfers you can make. There is no limit to the number of times you can deposit or withdraw money, and there is no fee for doing so.
- The Federal Deposit Insurance Corporation (FDIC) protects your money up to $1 million. All of your money is insured by the Federal Deposit Insurance Corporation (FDIC). FDIC insurance coverage is typically limited to $250,000, while Wealthfront accounts have four times the regular limit.
What the Wealthfront Cash Account could improve
With that said, there are several limitations that you should be aware of before obtaining a Wealthfront Cash Account:
- There is no need for a paper checkbook. Traditional checking accounts can’t be replaced by a Wealthfront Cash Account in cases where you need to make a paper check right away. This account does not support the use of a typical checkbook.
- It’s possible that the amount of money you can move across Wealthfront accounts is restricted. Internal transfers across Wealthfront accounts might be a restricting factor for some consumers. Others may not be bothered by it. Cash Accounts can be transferred to tax-deferred investment accounts, and IRA contributions can be made from Cash Accounts (Traditional, Roth, SEP). Transfers to and from a 529 College Savings Plan and between Cash Accounts are two examples of transfers you can’t make.
How to Setup a Wealthfront Cash Account.
An 18-year-old or older U.S. resident with a valid Social Security number and an established permanent U.S. home address is required to open a Wealthfront account. A functional US phone number capable of receiving text messages is also required. Getting started with a Wealthfront Cash Account is easy if you match the above requirements:
- Start saving by clicking on “Start saving” on Wealthfront’s homepage.
- As your primary purpose for creating an account, pick “High-interest cash savings.”
- You will then be prompted to enter your name and e-mail address as well as a password on the website.
- Fund your new Wealthfront Cash Account by selecting a bank or brokerage account.
- This includes well-known financial institutions such as Bank of America and Capital One as well as smaller lenders such as Wells Fargo. To fund your new account, input your bank account information manually if it isn’t already included.
- Your Wealthfront Cash Account will be debited for the amount of money you enter here.
- You’ll get an email confirming your registration. To finalize the transfer, simply click on the link in the email and Wealthfront will do it within one business day.
How can I withdraw money from my Wealthfront Cash Account?
There are various methods to withdraw money from your Wealthfront Cash Account. Log in and click “Transfer Funds” at the top left of your screen to make an online transfer. You will be asked to input the amount you wish to withdraw as well as the address to which you wish to send it. Withdrawals are usually completed within one to three business days.
Fee-free ATMs may be found at 19,000 locations around the country using the Cash Account debit card. This method allows you to withdraw up to $1,000 every day. The merchant may also allow you to earn up to $2,500 in cash back at the point-of-sale terminals.
Wealthfront Cash Account customer service
Wealthfront does not have any branches, therefore if you need help creating an account or managing your account, you can only get assistance online or by phone. Wealthfront has a secure online form where you may ask inquiries. You can discover the phone number for customer support by entering your account.
While the greatest checking account for you will depend on your financial position, taking advantage of the possibility to earn a high rate of interest on your account might make a lot of sense. You can earn more interest on your savings in a Wealthfront Cash Account than you would in a regular savings account, and you’ll still be able to use your funds whenever you choose.