Published on May 28th, 2019 | by Chuck71
Wealthfront 2.51% APY Cash Account – Available Nationwide
Offer at a glance
- Interest Rate: 2.51% APY
- Minimum Balance: $1
- Maximum Balance: $1M
- Availability: Nationwide
- Hard/soft pull: Unknown
- ChexSystems: Unknown
- Credit card funding: None
- Monthly fees: None
- Insured: Funds held in FDIC accounts
- Wealthfront offers a high yield Cash Account with an interest rate of 2.51% 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.
This account has no monthly fees and no other fees.
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). 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.
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 tiny margin of .01%. If anyone has used this bank, please share your experiences in the comments below.
Thanks to reader Vlad, Kevin, and jcn