Press question mark to learn the rest of the keyboard shortcuts. The Wealthfront Cash Account Now Has A 2.29% APY Our cash account has gotten over $1 billion in deposits in less than a month, earning clients over $2.5 million in interest. The APY for the Wealthfront Cash Account represents the weighted average of the APY on the aggregate deposit balances of all clients at the program banks. Wealthfront plans to drop multiple promotions, and Drop 1 launched August 3. Now, note that you may incur fees from using Wealthfront's ETFs. We're really sorry for the confusion and dampening what was supposed to be a fun announcement! Archived. Other banks have followed suit, which is expected. However, it looks like this current language is proving to be confusing so we're going to remove it and use a separate contract again if we reach out to winners. Reddit users have voiced their opinions about the Wealthfront Cash account. All the other high-interest Savings banks seem to have retained their interest rates. Wealthfront Software LLC (“Wealthfront”) offers a free software-based financial advice engine that delivers automated financial planning tools to help users achieve better outcomes. We would never use anything without first getting your consent and would reach out for permission to talk to you first. I opted in with my Cash Account, nothing external needed. What Are the Fees for a Wealthfront Traditional or Roth IRA? For both types of accounts, Wealthfront charges a flat 0.25% fee. Read more about it here.. We’re living in extraordinary times. 0.26% APY Rate with Wealthfront (FDIC Insured) *Best Hub Bank Account- Very Important Account If You Chase Bank Rate* American Express® High Yield Savings Account - You earn 0.60% interest rate along with no minimum deposits or monthly fees. If not, then just put it in the regular taxable account. Posted by. Wealthfront has no control over that. I guess if you're sitting on a pile of cash for a down payment on a house that might make sense. This is one of the reasons why Wealthfront is considered to be one of the best robo-advisors around. Basically, should I keep holding out in hope that Wealthfront will raise it back to a competitive rate? The language should be updated in about an hour or so. 157. There are no minimum … Drop 2 lasts from August 17 to September 1 at 7:00 a.m. PT, and you can enter by signing up through the app and receiving a direct deposit in your individual Wealthfront Cash Account. I know the rate fluctuates based on multiple factors, but when I signed up for the Cash Account, the APY was 2.24%. The APY for the Wealthfront Cash Account represents the weighted average of the APY on the aggregate deposit balances of all clients at the program banks. My main question was this. https://www.bankrate.com/banking/federal-reserve/fomc-meeting-recap-september-2020/. I've have significant money there for a while and it's been great - great founder, team, product and vision and its pays way better than anything else out there APR-wise. Upgrade your banking. Switch away and come back later. They like that it integrates with their investment account but say the recent APY drops have made it lose its shine. Yea I would wait. Their .35% is way better than my current brick and mortar banks rate. Just FYI. This language removes an additional contracting step. Direct link to offer 1. I don't have anything in the cash management account anymore. All investing involves risk, including the possible loss of money you invest, and … Wealthfront just replied to this concern on Facebook, stating: Hi there, this is so that we can share fun winner stories from the Drops program, similar to what we shared for our Spring Sweeps. What if I live in California? I've been doing this too since May 2020. In response, robo-advisors Betterment and Wealthfront lowered the rates on their cash management accounts in the last week in line with the Fed's rate cut. Robo-advisors Wealthfront and Betterment both recently announced eye-popping interest rates on cash accounts of 2.57% and 2.69%, respectively, 25 to 27 times the national average APY … 1 year ago. Enjoy 0.35% APY, get paid up to two days early when you direct deposit, pay bills and friends, and easily access cash with a debit card. I have a cash account and wealthfront investment account but don't know if I want to jump through more hoops. FDIC.gov national industry average savings rate as of . I'd like to explore some of the other features, like 'Goals' (in the market for a house), but I don't feel I'll get full use out of them without linking all of my other external accounts to create an accurate representation of my actual total net worth. 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