To close your cash account, you should request a full withdrawal to your linked bank account via the website or mobile app. We cannot transfer funds to a third party, so you’ll need to withdraw to a bank account in your name.
After you've requested a withdrawal for your entire balance, you'll need to wait for your accrued interest to be paid out. You can see whether you are owed any interest by going to your account page and checking the “pending interest” section.
The interest will be paid on the first business day of the month following your full withdrawal. Once the interest has posted to your account, please withdraw your funds immediately. Once the withdrawal has completed, you can email us at firstname.lastname@example.org to close the account. Please reach out using the email address we have on file for you.
*Please note, we will close your account upon request but your login will remain active so you can access your account statements and tax documents next year.
The national average interest rate is based on FDIC.gov as of April 27, 2020. National rates are calculated based on a simple average of rates paid (uses annual percentage yield) by all insured depository institutions and branches for which data are available. Savings and interest checking account rates are based on the $2,500 product tier.
The Wealthfront Cash Account Annual Percentage Yield (APY) is as of April 27, 2020. The APY may change at any time, before or after the Cash Account is opened. 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. Deposit balances are not allocated equally among the participating program banks.
Cash Account is offered by Wealthfront Brokerage LLC (“Wealthfront Brokerage”) a member of FINRA/SIPC. Neither Wealthfront Brokerage nor any of its affiliates are a bank, and Cash Account is not a checking or savings account. Wealthfront Brokerage conveys Cash Account funds to depository institutions that accept and maintain such deposits. The cash balance in the Cash Account is swept to one or more banks (the “Program Banks”) where it earns a variable rate of interest and is eligible for FDIC insurance. FDIC insurance is not provided until the funds arrive at the Program Banks. While funds are at Wealthfront Brokerage, and before they are swept to the Program Banks, they are subject to SIPC’s protection limit of $250,000 for cash. FDIC insurance coverage is limited to $250,000 per qualified customer account per banking institution.
Wealthfront Brokerage uses more than one Program Bank to ensure FDIC coverage of up to $1 million for your cash deposits. For more information on FDIC insurance coverage, please visit www.FDIC.gov. Customers are responsible for monitoring their total assets at each of the Program Banks to determine the extent of available FDIC insurance coverage in accordance with FDIC rules. The deposits at Program Banks are not covered by SIPC. This is not an offer, or solicitation of any offer to buy or sell any security, investment or other product.
Wealthfront Brokerage is a wholly owned subsidiary of Wealthfront Corporation.
Investment management and advisory services are provided by Wealthfront Advisers LLC (“Wealthfront Advisers”), an SEC registered investment adviser, and financial planning tools are provided by Wealthfront Software LLC (“Wealthfront”).
Nothing in this communication should be construed as tax advice, a solicitation or offer, or recommendation, to buy or sell any security.
Wealthfront Advisers and Wealthfront Brokerage are wholly owned subsidiaries of Wealthfront Corporation.
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