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Wealthfront Review
Earn over 5X the national average in interest
Reviews 4
WealthFront
WealthFront
Great
Reviews 4
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Michael Graw
Nov. 15, 2022
1 min read
Michael Graw
WealthFront summary
Wealthfront is an online investment and banking platform founded in 2008. Wealthfront’s Cash account offers 0.35% APY interest with a $1 minimum deposit. There is no monthly account fee and no minimum account balance, and you get access to 19,000 ATMs across the US and unlimited transfers. Wealthfront Cash comes with a debit card and supports mobile payments through a variety of popular apps like Google Pay, Apple Pay, Venmo, and PayPal.
Pros
  • Earn 0.35% APY interest
  • No monthly account fee
  • Supports Apple Pay and Google Pay
Cons
  • No reimbursement for out-of-network ATMs
  • Doesn’t support cash deposits

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Advantages Over Traditional Banks

The Wealthfront Cash account offers 0.35% APY interest, which is more than 10 times the national average according to the FDIC. The account is completely fee-free and you don’t have to worry about maintaining a minimum balance to qualify for interest. Wealthfront also provides $1 million in FDIC insurance, while most traditional banks only provide $250,000.

Another plus to the Cash account is that you can access your paycheck 2 days early if you use direct deposit. Wealthfront will simply front you the money at no charge, even before the deposit is fully processed. 

You can make unlimited transfers between your accounts at Wealthfront or to other bank accounts. Your account includes a debit card that can be used fee-free at 19,000 ATMs across the US. Wealthfront doesn’t charge overdraft fees if you spend too much money on your debit card.

Cutting-Edge Banking Services

You can control your Wealthfront Cash account through an online platform or the Wealthfront mobile app. The app supports mobile check deposits and bill pay, so you can send physical checks directly from your online account. In addition, you can integrate your Cash account with PayPal, Venmo, Cash App, Google Pay, or Apple Pay for seamless electronic payments.

Traditional Banking Services 

Wealthfront Cash includes a debit card that you can use at any of 19,000 ATMs across the US. Note that you will not be reimbursed for fees at ATMs outside of Wealthfront’s network. The debit card doesn’t offer rewards for spending, and Wealthfront does not have a credit card available. Wealthfront offers unlimited free transfers and FDIC insurance up to $1 million.

Interest Rates and Fees

The Wealthfront Cash account offers interest of 0.35% APY, which is more than 10 times the national average according to the FDIC. You must deposit $1 to open an account, but there is no minimum balance required to earn interest. The Cash account doesn’t have monthly or overdraft fees. 

Interest rate0.35% APY
Monthly fee$0
Overdraft fee$0
Minimum deposit$1

Customer Service

Wealthfront offers customer support by phone or email from 7 AM to 5 PM (PT) Monday to Friday. The company typically answers emails within 24 hours during the business week.

Mobile App

The Wealthfront mobile app gives you complete control over your checking account. You can use the mobile app to initiate transfers, pay bills, or search your recent debit card transactions. You can also link your account to payment apps like PayPal, Venmo, Cash App, Google Pay, and Apple Pay. The mobile app also includes an ATM finder that you can use to find fee-free ATMs in your area.

Security

Wealthfront actively monitors your account and can temporarily freeze your account and send you an SMS alert if suspicious activity is detected. You can also lock and unlock your debit card at any time using the Wealthfront mobile app. Your online account is protected with two-factor authentication and verification is required every time you log in from a new device.

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Summary

The Wealthfront Cash account is a fee-free checking account that offers 0.35% APY interest. You can access your account online or through the Wealthfront app and integrate with apps like Venmo, PayPal, Cash App, Google Pay, and Apple Pay for seamless transactions. You only need $1 to open a Wealthfront Cash account and there is no minimum account balance required to earn interest or avoid monthly fees.

Methodology

This review was created using information from Wealthfront’s website.

Michael Graw
Written by
Michael Graw
Michael Graw is a Bellingham, Washington-based writer focusing on finance, tech, and science. His work has been featured in print magazines and high-impact websites. He writes for BestMoney and enjoys helping readers make sense of the options on the market.‎
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See what some costumers are saying about WealthFront
WealthFront
Great
Reviews 4
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top dogg
a year ago
Former Wealthfront Client
I was a client of Wealthfront for over five years. The service provided by Wealthfront was excellent, and I made money investing with Wealthfront. Nevertheless, I transferred my account to another brokerage account when I learned that Wealthfront partnered with Green Dot Bank (a one-star rating on Trustpilot). Seriously, Green Dot Bank? I knew it was time to transfer my account because they weren't a robo-advisor who placed their customer's interests above their own. That said, I recently read that UBS, a bank with assets under management of $3.3 trillion, will acquire Wealthfront. When this event occurs, then I would consider investing with Wealthfront.
J
john
2 years ago
Decent, New partnership is not good...
Decent for complete hands off investing, but don't expect much of a return. New partnership with Green Dot Bank is not good. The bank also goes by multiple names, like University National Bank (?). I agree with the review below that the Portfolios are not aggressive (even with the max tolerance) and fees definitely feel excessive for a hands off approach. Heading somewhere that has my best interest in mind.
i
investo0222
3 years ago
Not bas
Not bad. The set top takes a long time
P
pe
3 years ago
Even the most aggressive portfolio…
Even the most aggressive portfolio allocation offered isn't aggressive enough for my preferences, given I'm early in my career and a long way off from retirement. I'd recommend Vanguard ETFs over this option. Fees also feel excessive.