Wealthfront Overview
Wealthfront is an online-only investing and banking platform. It also offers one alternative banking option, the Wealthfront Cash Account, which we consider to be one of the best high-yield checking accounts out there.
Wealthfront's website is easy to navigate, and its mobile app has received 4.8 out of 5 stars in both the Apple and Google Play stores.
Wealthfront does not offer 24/7 customer service. To contact customer support, you can either send Wealthfront an email or call Monday through Friday, 10 a.m. to 8 p.m. ET.
The Wealthfront Cash Account is a great high-yield checking account. But if you're looking to open a separate savings account, take a look at the best high-yield savings accounts.
What Is the Wealthfront Cash Account?
The Wealthfront Cash Account is a no-fee cash management account that works like a high-yield checking account and is offered by the automated investment platform Wealthfront. It offers a high interest rate of 4.50% annual percentage yield while still letting you withdraw money as frequently as you want without fees. Wealthfront isn't a bank, so it provides banking services by partnering with several FDIC-insured banks.
no monthly service fee
4.50%
$1
$30 bonus when you open and fund your new account, plus earn 5.00% APY
- Use as both a savings and checking account
- $1 opening deposit
- No monthly service fees
- FDIC insured up to $8 million for individual Cash Accounts ($16M for joint accounts) through partner banks
- Get paid 2 days early
- Access to a debit card
- Mobile check deposit
- Automatically move extra money into investments with Autopilot
- Save for separate goals in one account
- No physical branch locations
- To deposit cash, pay a fee at a Green Dot location
- $2.50 out-of-network ATM fee
The Wealthfront Cash Account is a solid high-yield checking account. But if you're looking to open a separate savings account, take a look at our best high-yield savings accounts guide.
- FDIC insured up to $8 million for individual Cash Accounts ($16M for joint accounts) through partner banks
- 19,000 free ATMs
- Autopilot feature lets you set maximum account balance, and automatically transfers money into investments if you exceed maximum balance by more than $100
- Interest compounded daily, paid monthly
Wealthfront Cash Account Key Features
Competitive APY
Most checking accounts don't offer an APY at all, and many that do come with interest only offer a fraction of a percent. The average bank account interest rate for checking accounts is 0.07% APY, according to the FDIC. This makes the Wealthfront Cash Accounts' 4.50% APY stand out, as it offers a high rate even compared to high-yield savings accounts online.
No Account Fees or Minimum Balance Requirements
Wealthfront does not charge monthly maintenance fees on the Wealthfront Cash Account, and only requires an opening minimum deposit of $1.
It also doesn't charge overdraft fees, and the only transfer fee it charges for the Wealthfront Cash Account is a $10 fee for outgoing wire transfers. All other fees associated with the Wealthfront Cash Account are related to debit card usage.
Wealthfront offers free in-network ATM usage through the Allpoint network, which gives you access to over 55,000 ATMs nationwide. If you have to use an out-of-network ATM, you'll be charged a $2.50 fee from Wealthfront, alongside whatever fees the ATM itself charges you. You'll also be charged international transaction fees if you use the debit card abroad, which will amount to 2.75% of your transaction.
Finally, if you use your debit card to deposit cash at a store cash register, you'll pay a fee of up to $6.
FDIC Insurance Up to $8 Million
The Wealthfront Cash Account is a good option if you're looking for a place to store FDIC-insured savings with high interest. Legally, banks can provide FDIC insurance for up to $250,000 per account, or $500,000 for a joint account. But Wealthfront is an investment/banking platform backed by banks, so it spreads your money across multiple banks — meaning it can insure up to $8 million, or $16 million for a joint account.
Wealthfront Cash Account: Pros and Cons
Pros
- FDIC-insured account
- Earn 4.50% Annual Percentage Yield (APY)
- Receive your paycheck up to two days early
- Same-day transfers to external bank accounts
- Can also invest with Wealthfront
- Bonus of $30 bonus when you open and fund your new account, plus earn 5.00% APY for new customers who open an individual Wealthfront Cash Account
Cons
- Doesn't have separate checking and savings accounts
- May need to pay a fee to deposit cash
Benefits of the Wealthfront Cash Account
Easy Access to Funds With Account Transfers
The Wealthfront Cash Account lets you make ACH transfers and real-time payment withdrawals for free. It also lets you transfer money to your Wealthfront investment accounts for free. The only type of transfer that Wealthfront charges for is outgoing wire transfers, which it charges $10 for.
Ability to Use With Wealthfront's Investment Products
Having a Wealthfront Cash Account makes it easier to use Wealthfront's other investing products, such as its Automated Investing Account. If you're someone who's already using Wealthfront for its online brokerage features, a Wealthfront Cash Account will make it easier for you to invest while letting you earn a great interest rate.
Is Wealthfront Trustworthy?
The Better Business Bureau grades companies on trustworthiness. The BBB assesses whether a business is transparent in how it handles business, has honest advertising, and responds effectively to customer complaints.
The BBB gives Wealthfront an F rating due to the number of customer complaints and because Wealthfront has yet to respond to several of those complaints.
Wealthfront doesn't have any recent public controversies.
Opening a Wealthfront Cash Account
Opening a Wealthfront Cash Account involves similar steps to opening a checking account at an online bank. Just go to Wealthfront's website and answer the questions it provides you. You'll need to provide some personal information, such as your social security number or a government ID. The whole process should only take a few minutes, as long as you have your information ready.
Wealthfront User Experience and Accessibility
Wealthfront's accessibility is similar to that of online banks. Being online means that accessing your funds through your computer or mobile phone is easy to do anywhere, whether you're at home or traveling. If you're just looking for a great savings rate, Wealthfront's savings accessibility and features are available anywhere in the United States.
However, since Wealthfront isn't a bank, it doesn't have any in-person branches. This means you can't bank in person, and it makes certain things, like depositing cash, harder.
Is the Wealthfront Cash Account Right for You?
The Wealthfront Cash Account pays a high interest rate. You'll earn 4.50% APY on your entire account balance. You can also earn an additional 0.50% APY for three months when you refer a friend.
Checking features include a debit card with free access to over 55,000 ATMs, online bill pay, direct deposits with the ability to get paid two days early, and the option to link your account to PayPal, Cash App, and Venmo. You also have access to Wealthfront investment accounts, so you can keep your savings, checking, and investments with one company.
Receiving your paycheck two days early means you can access your money faster and start earning interest sooner. If you move money from your Cash Account to your Investment Account, you can invest in the stock market in just a couple minutes — as a result, early direct deposit can help you invest two days early.
You can also transfer money to an external bank account, and funds will arrive the same day if you initiate the withdrawal by 9 p.m. ET. With many banks, transfers to other banks can take up to a few business days.
You only need $1 to open an account. There's no required opening deposit or minimum account balance, and Wealthfront doesn't charge monthly fees.
New customers who open an individual account are also eligible for a bonus of $30 bonus when you open and fund your new account, plus earn 5.00% APY . You can earn a $30 bonus when you open and fund your new account with an initial deposit of $500 or more.
Wealthfront Cash Account Alternatives
Wealthfront vs. Ally
Ally has separate checking and high-yield savings accounts, as well as a money market account and three types of CDs. If you're comparing online savings account options, Ally has far more than Wealthfront. If you want to open multiple bank accounts, Ally will be the better fit.
Ally also doesn't charge out-of-network ATM fees, and it refunds up to $10 per month if out-of-network ATM issuers charge you for using machines. Meanwhile, Wealthfront charges you $2.50 each time you use an ATM that's out of network, and the ATM issuer may charge you an additional fee.
But you may prefer Wealthfront if your ultimate goal is to earn a high rate because it pays a better savings rate than Ally.
Wealthfront vs. Marcus
Marcus by Goldman Sachsoffers a high-yield savings account and three types of CDs. It's a great choice if you want to open CDs — but it doesn't have a checking account. If you want to use checking features, Wealthfront is the better choice.
Wealthfront also pays a higher savings rate than Marcus by Goldman Sachs does.
Why You Should Trust Us: How We Reviewed the Wealthfront Cash Account
At Business Insider, we use our bank account methodology to rate all of our banking products. For checking accounts, we consider the following criteria: minimum opening deposits, monthly service fees, overdraft fees, and protection, ATM networks and fees, customer support, mobile app ratings, miscellaneous features, and company ethics and security.
We assign each category a rating between 0 and 5, and star ratings can be anywhere from one to five stars. We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
Wealthfront Cash Account FAQs
How does the interest rate on the Wealthfront Cash Account compare to traditional banks?
The Wealthfront Cash Account's 4.50% APY is much higher than what's usually offered on checking accounts at traditional banks.
Are there fees associated with the Wealthfront Cash Account?
The Wealthfront Cash Account doesn't charge monthly maintenance fees, and it only requires a minimum opening deposit of $1. It also doesn't charge for ACH transfers and RTP withdrawals, although it does charge for outgoing wire transfers, international debit card usage, and usage of out-of-network ATMs.
How does FDIC insurance work with the Wealthfront Cash Account?
Wealthfront isn't a bank, so it partners with several FDIC-insured banks in order to offer the Wealthfront Cash Account. While FDIC insurance generally caps out at $250,000 per person, Wealthfront keeps your money in many different banks at once, letting you be insured for up to $8 million per person.
Can I access my money easily from the Wealthfront Cash Account?
Yes, Wealthfront lets you transfer money from your cash account for free, as long as you aren't making a wire transfer. Outgoing wire transfers cost $10.
Is it easy to open a Wealthfront Cash Account?
Yes, you can open a Wealthfront Cash Account easily online in a few minutes. You'll need to give Wealthfront some personal information to do so.
*Annual Percentage Yield (APY). Dividends earned for first 12 months from membership open date and assume no withdrawal activity during that period. Earnings example based on a $15,000 daily average balance. Assumes Level 2 qualifications are met with earning 8.00% APY for first 3 months after account opening and 4.00% APY for remaining 9 months after account opening.
**New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1. SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
***Cash back earned on up to $3,000 a month in purchases. Outgoing wire transfers are subject to a service charge. You may be charged a fee by a non-Discover ATM if it is not part of the 60,000+ ATMs in the no-fee network.
****Earn $400 for opening a new Truist One Checking account online using code AFL2425TR1400 and receive at least one qualifying direct deposit of $500 or more and complete at least 15 qualifying debit card purchases within 90 days of account opening (offer expires April 30, 2025).
****Axos One: The Annual Percentage Yield (APY) is accurate as of 04/01/2025. The base and promotional interest rate and corresponding APY for Axos ONE Checking is variable and is set at our discretion. The base and promotional interest rate and corresponding APY for Axos ONE Savings is variable and is set at our discretion. Axos ONE Savings is a tiered variable rate account. Axos ONE Checking is a non-tiered variable rate account. Interest rates may change as often as daily without prior notice. Fees may reduce earnings. Promotional terms and conditions are subject to change or removal without notice. Incentive may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After the accounts are opened, the amount of incentive earned will depend on meeting the additional requirements outlined below. The Axos ONE Checking account will earn a base rate of 0.00% APY. The Axos ONE Savings account will earn a base rate of 1.00% APY. Axos ONE accounts are eligible to receive a promotional APY for each statement cycle where the promotional criteria are met during the Qualification Period. To receive the promotional APY on both Axos ONE Checking and Axos ONE Savings, the Axos ONE Checking account must meet both of the requirements in either Option 1 or Option 2 below during the Qualification Period: Option 1 1. Your Axos ONE Checking account has received qualifying direct deposits of at least $1,500 in total. 2. The average daily balance of your Axos ONE Checking account is at least $1,500. Option 2 1. Your Axos ONE Checking account has received qualifying deposits of at least $5,000 in total. 2. The average daily balance of your Axos ONE Checking account is at least $5,000. If both of the requirements in either Option 1 or Option 2 above are met during the Qualification Period: The Axos ONE Checking account will earn a promotional rate of 0.51% APY for the statement cycle in which the requirements are met. The Axos ONE Savings account will earn a promotional rate of up to 4.66% APY for the statement cycle in which the requirements are met. The Qualification Period is from the 1st of the month through the 25th of the month. The Qualification Period for new accounts will begin on the day the account is approved. Any qualifying direct deposits received after the 25th of the month will count toward the next Qualification Period. A direct deposit is an electronic deposit of your paycheck or government benefits, such as Social Security, Disability, etc. Other deposits (i.e., online banking transfers, ATM and mobile check deposits, etc.) or person-to-person payments are not considered a direct deposit. Qualifying deposits only include deposits from the following eligible sources: (i) ACH transfers from external accounts, (ii) inbound wire transfers from external accounts, (iii) check deposits. Qualifying deposits do not include: (i) transfers internal to the bank (i.e., transfers between an account holder's Checking and/or Savings account), (ii) interest payments, (iii) promotional bonuses, (iv) credits, reversals, and refunds. Both accounts must be in an open and active status on the date the interest is paid to receive the promotional APY for that statement cycle. Account transactions may take one or more business days from the transaction date to post to the account.
