Wealthfront 3.30% APY Cash Account – Available Nationwide

Update 11/2/22: Rate will be 3.3% from 11/4/22.

Update 7/29/22: Now 2.00%

Update 10/24/20: Now .35%.

Update 1/13/20: Now 1.78%

Update: now 1.82%.

Update 9/20/19: Rate reduced to 2.07% due to fed rate cuts.

[Update 8/1/19: Rate reduced to 2.32% due to fed rate cuts.]

[Update 6/26/19: Rate increase from 2.51% to 2.57%. Wow, they are leading the pack.]

Offer at a glance

  • Interest Rate: 2.57% APY
  • Minimum Balance: $1
  • Maximum Balance: $1M
  • Availability: Nationwide
  • Hard/soft pull: Soft pull
  • ChexSystems: Unknown
  • Credit card funding: None
  • Monthly fees: None
  • Insured: Funds held in FDIC accounts

Contents

The Offer

Direct link to offer

  • Wealthfront offers a high yield Cash Account with an interest rate of 2.57% APY.

 

The Fine Print

  • FDIC insured up to $1 million.
  • It only takes $1 to open and there are no additional deposit requirements.
  • Interest earned will be reported on a form 1099-INT.

Avoiding Fees

This account has no monthly fees and no other fees.

Our Verdict

It’s not technically a bank account, rather a brokerage account which holds the funds in an FDIC accounts (hence the ability to have up to $1M, more than FDIC limit of $250k), that does add a bit of risk. Looks like currently it’s more of a savings account than a checking account since they don’t offer a debit card, bill pay, check writing, etc, though they are considering adding those things. You can see their FAQ here. An advantage this has over savings accounts is that there is no limit to the number withdrawals per month.

Readers note in the comments that Wealthfront transfers, both in and out, must be initiated from the Wealthfront account to/from the external account. It can’t be done from an external account pushing/pulling to/from the Wealthfront account. Another thing mentioned is that they make it difficult to pull money out of the account, unless you transfer it back from the funding account where it came from initially.

We’ll add Wealthfront to our list of Best High Yield Savings Accounts. This account tops the best rates shown on that list by a little. If anyone has used this bank, please share your experiences in the comments below.

Thanks to reader Vlad, Kevin, and jcn

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Lok Hang Wong
Lok Hang Wong

“On November 4, we’re raising the APY on your Cash Account to 3.30%the highest rate we’ve ever offered. Not that anyone’s counting.”

Chew on that, Chuck

dmachop
dmachop

Chuck They do offer debit cards now: https://support.wealthfront.com/hc/en-us/articles/360041289732
Fees:
Fee Amount
In-network ATM Free (in-network locations here: https://www.wealthfront.com/find-atm)
Out-of-network ATM $2.50 + ATM owner fee (varies)
Bank teller $2.50 + teller fee (varies)
International transaction fee 2.75%
Cash deposits at select retailers Up to $5.95

J
J

It’s 2 percent now

Matt
Matt

Great day to get my account. And now has debit card upon request

DaimyoAZ
DaimyoAZ

Rate increased to 1.4%

“We’re increasing the APY on your Wealthfront Cash Account (again!) to 1.40% APY”

Another Goofy Gazelle
Another Goofy Gazelle

A new raise to 1.40% and the description of the account here is a little outdated. For instance it’s now more of a checking account with a debit card:
wealthfront.com/cash

JasonJ
JasonJ

Wealthfront increase rate to 0.35%, 1st one I saw after Fed rate hike.

Kai
Kai

Got this email an hour ago from Wealthfront:

“Today, the APY on your Cash Account is decreasing from 0.35% to 0.10% because the favorable bank relationship we secured last year has expired.”

Mike
Mike

APY is cut down to 0.10% now starting as of today.

Davis
Davis

Wealthfront now offers a $10 referral for both parties https://www.wealthfront.com/invite

Diesel
Diesel

Tried to link a new checking account to the WF savings account. Now requires me to provide my log-in credentials to link accounts. Apparently, WF is not willing to link via micro-deposits as in the past. For 0.035% APR, providing my log-in credentials to my ‘real’ account is not worth the risk. WF told me they made an active decision to move in this direction and understood if I felt I needed to do business elsewhere.

Adios Wealthfront. Been nice but not anymore.