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Wealthfront Review

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Michael Graw
Michael Graw
May. 03, 20214 min read

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

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.

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 byMichael 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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