The cash deposit account is an FDIC-insured banking product designed to hold funds you plan to invest with Vanguard. Vanguard offers a cash deposit account for investors who have a brokerage account with the company. However, SoFi has a larger network of fee-free ATMs, which could be important if you withdraw cash regularly. Wealthfront also offers a higher limit for FDIC insurance coverage.
In terms of how much interest you could earn, the Wealthfront Cash account interest rate outshines SoFi. SoFi Bank offers a combined checking and savings account with many of the same features as the Wealthfront Cash account, including no account fees, the ability to get paid early with direct deposit and a competitive APY on balances. Also, the Wealthfront Cash Account doesn’t come with check-writing privileges, so an interest-bearing checking account or money market account may be a better fit if that’s a need. If you’re looking for other high-yield accounts, check out the best online banks. And the interest rate on this account is relatively competitive. Its cash management account is especially ideal if you already have a Wealthfront investment account. Wealthfront’s cash management account offers an alternative to traditional banking, allowing you to keep your savings, everyday spending and investment accounts in one place. Read our in-depth Wealthfront review for details on investment and retirement accounts through the robo-advisor. Instead, you can invest in Bitcoin and Ethereum through unit investment trusts (UITs), which operate like exchange-traded funds (ETFs). Wealthfront doesn’t currently offer individual cryptocurrency investing at this time. Accounts carry a 0.25% annual advisory fee and expense ratios on funds. An investment account is made up of a globally diverse portfolio of low-cost index funds. The account is primarily hands-off, similar to most robo-advisors. You’ll need a minimum of $500 to open a Wealthfront investment account¹. Investment accounts: Individual, joint and trust accounts.Wealthfront provides the following account types: Robo-advisors like Wealthfront offer beginners an entry into investing in a more passive, hands-off way. Wealthfront is known for its online investment and retirement solutions. Opening a Wealthfront Cash Account doesn’t require having another Wealthfront account. Wealthfront’s debit card also comes with a 2.75% foreign transaction fee on purchases made outside of the U.S. You can make cash deposits at participating retail locations, but these transactions can cost up to $5.95 each.
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Out-of-network ATM use comes with a $2.50 fee per transaction plus any fees charged by the ATM owner, and there are no ATM reimbursements offered by this account. You could end up paying for some usage fees attached to Wealthfront’s debit card. You have to contact Wealthfront and let them know the check amount and where to send it. Lastly, Wealthfront will send a one-time or recurring check on your behalf at no cost, but there’s no way to do this directly through your online account or mobile app.
You can also pay with your Wealthfront debit card. Your account comes with a routing and account number you can use directly on vendor sites to make payments. There are some ways to make bill payments with your account, though. Wealthfront Cash Accounts don’t come with a checkbook either. However, joint and trust accounts don’t have access to checking features, like debit cards, direct deposits and bill payments. Wealthfront cash management accounts are available in three variations-individual, joint and trust.
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Customers can move money in and out of their accounts at any time with free unlimited transfers. The Wealthfront Cash account isn’t bound by transaction limits found with traditional savings accounts. Wealthfront also lets you access direct deposits up to two days early. You can link your cash account to popular payment apps-like Apple Pay, Venmo and Paypal-to make purchases and send money to people. Like the large majority of cash management providers, Wealthfront uses partner banks to provide FDIC insurance on deposits, up to $5 million for individual Cash Accounts. Customers also enjoy no monthly fees, no overdraft fees and access to more than 19,000 no-fee ATMs nationwide.Ī complimentary debit card is provided through one of Wealthfront’s partner banks, Green Dot. The account earns 4.55% APY and only requires a $1 deposit to open, making it one of the best cash management accounts out there. The Wealthfront Cash Account offers an alternative to traditional checking and savings accounts.
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