Wealthfront is building a financial system that favors people, not institutions. Over the last eight years, we’ve built best-in-class, innovative products that benefit our clients. Our low-cost, tax-minimized, automated investing service changed the investment management landscape forever, and now, we’re reinventing banking.
Banks aren’t built to benefit you – they’re built to benefit banks. When we built the Wealthfront Cash Account, we used technology to build what you actually want from a financial institution. We started with a competitive APY that puts more money in your pocket, and prioritized features that would benefit you. Now, the Cash Account is getting even better with checking features that allow you to direct deposit your paycheck, pay bills and friends, make purchases with a debit card, and access your cash via a network of fee-free ATMs.
Typical banks make you manage multiple accounts: a savings account for earning interest and a checking account for everyday spending. They charge you unnecessary and exorbitant fees, and often put restrictions and requirements on how you can use your accounts. On top of that, they don’t pay you the interest you deserve on all of your cash. But with the Cash Account, you can earn more money on all your money (5x the interest compared to traditional financial institutions per FDIC.gov) and conveniently access the everyday checking features you need in one place. It’s not a checking or savings account: it’s an account that combines the best elements of both.
What’s new with the Cash Account?
The Cash Account already comes with a 0.35% APY, no account fees, unlimited free transfers, and up to $1 million in FDIC insurance through our partner banks. Now it’s getting even better with account and routing numbers and the Wealthfront Visa debit card.
Here is everything you can now do with the Wealthfront Cash Account:
–Get your paycheck up to two days early. Use your routing and account numbers to direct deposit your paycheck with your Cash Account so you start earning interest as soon as the deposit hits your account. It’ll be available up to two days early.
–Pay bills and friends with your Cash Account. You can now use your account and routing numbers to pay bills like your credit card, rent, or mortgage – whatever you want. You can also make purchases directly with Apple Pay and Google Pay, and pay friends with Venmo, Cash App, and PayPal.
–Get cash from 19,000 fee-free ATMs nationwide. Sometimes you need cash. After you receive your debit card, you can use our network of 19,000 fee-free ATMs (which you can locate using our in-app ATM finder). If you want to pay for purchases directly out of your account, just swipe your debit card when paying wherever Visa is accepted.
–Seamlessly transfer funds. You can easily transfer funds from your Cash Account to your Wealthfront Investment Account and vice versa, making it effortless to manage your cash and investments in one place. Before the July 15 tax deadline, you’ll be able to easily move money from your Cash Account to your Wealthfront IRA.
–Deposit checks from your phone – coming soon! We’re hard at work building mobile check deposit and we’ll roll it out late this summer. This means you’ll be able to deposit checks right from the Wealthfront app.
We’re partnering with Green Dot Bank, member FDIC, to deliver these new checking features for your Individual Cash Account. The Cash Account is now a hub for all your money, and now you can use it as a primary account for all your banking needs.
If you’re not already a Wealthfront client, you can open a Cash Account here. If you’re already a Wealthfront client, it’s easy to access these new features whether you have a Cash Account or an Investment Account. Just log in to Wealthfront and you’ll be prompted to add the features to an existing Cash Account or to open one with checking features.
Our vision of Self-Driving Money™
Our ultimate vision is to optimize your money across spending, savings, and investments, putting it all to work so you can effortlessly achieve your financial goals. Not only can you direct deposit your paycheck with Wealthfront, but with the click of a button, you’ll be able to have us automate the rest. Our software will top off your emergency fund, pay all your bills, and even invest the rest to help meet your goals. We call this vision Self-Driving Money™, and the Cash Account is its cornerstone. Later this year, we’ll be rolling out the first of our Self-Driving Money™ features.
Our pledge to you remains the same
Our offerings have improved radically over the last eight years, which is a testament to the power of both our software-based approach and our deep commitment to our clients. We’ll keep building innovative products that earn you more money on all your money and make it easy to manage your financial life. We’re thrilled to deliver these new features to you, and we can’t wait to show you what’s next.