What is the Wealthfront Cash Account?
We offer three types of Cash Accounts for managing all your cash: Individual, Joint, and Trust.
Individual Cash Account
Our Individual Cash Account combines checking and savings features in one account. You can deposit your paycheck, pay bills, use a debit card, and earn interest on your entire balance.
You can open this account in just a couple minutes. Once your account is funded, you’ll see the option to add checking features with just a few more clicks.
Here’s an overview of Individual Cash Accounts:
- 4.30% APY on your entire balance, no matter the amount.
- FDIC insurance up to $3 million through our partner banks.
- Direct deposit your paycheck up to two days before your usual payday.
- Deposit a check with our app.
- Pay bills and use payment apps with your routing and account numbers.
- 19,000 no-fee ATMs. Use your Wealthfront debit card to quickly get cash.
- No account fees. No overdraft fees, no transfer fees, no minimum balance fees.
- Active fraud monitoring. If we suspect fraud, we immediately alert you and work with you to secure your account.
- $1 minimum to open an account — and no additional deposit requirements.
Joint and Trust Cash Accounts
Checking features aren’t currently available for these account types.
These accounts offer 4.30% APY, FDIC insurance for up to $3 million ($6 million for Joint Cash Accounts) through our partner banks, unlimited free transfers, and $1 minimum to open an account.
The Joint Cash Account is owned by you and a partner, while the Trust Cash Account is owned by your trust.
Can I get a separate login for the Joint Account I share with my partner?
Not yet — but this will happen soon! For now, you can only access Joint Accounts via a single user profile.
The person you own the account with still has equal ownership of the account. They can view the account balance by logging in to their own Wealthfront profile and linking the Joint Account to their dashboard.
We’ve partnered with Green Dot Bank, Member FDIC, to bring you checking features.
Checking features for the Cash Account are subject to Green Dot Bank’s application and approval. Debit Card is optional and must be requested. Wealthfront Cash Account Visa® Debit Card is issued by Green Dot Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Visa is a registered trademark of Visa International Service Association. Wealthfront products and services are not provided by Green Dot Bank. Green Dot is a registered trademark of Green Dot Corporation. Green Dot Bank operates under the following registered trade names: GoBank, Green Dot Bank and Bonneville Bank. All of these registered trade names are used by, and refer to, a single FDIC-insured bank, Green Dot Bank. Deposits under any of these trade names are deposits with Green Dot Bank and are aggregated for deposit insurance coverage. ©2020 Green Dot Corporation. All rights reserved.
Early availability depends on timing of payor’s payment instructions and fraud prevention restrictions may apply. As such, the availability or timing of early direct deposit may vary from pay period to pay period. Interest does not begin accruing until funds arrive at the program banks, which may take up to one business day.
Other fees apply to the debit account. Fee-free ATM access applies to in-network ATMs only. For out-of-network ATMs and bank tellers a $2.50 fee will apply, plus any additional fee that the owner or bank may charge. Please see the Deposit Account Agreement for details.
Other eligibility requirements for mobile check deposit and to send a check may apply.
Apple Pay, Face ID and Touch ID are trademarks of Apple Inc. Google Pay is a trademark of Google LLC.
The Cash Account Annual Percentage Yield (APY) is as of March 24, 2023. 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. We convey funds to institutions accepting and maintaining deposits. 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”).
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. Wealthfront uses more than one program bank to ensure FDIC coverage of up to $3 million for your cash deposits. FDIC insurance coverage is limited to $250,000 per qualified customer account per banking institution. 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.
Nothing in this communication should be construed as tax advice, a solicitation or offer, or recommendation, to buy or sell any security. Any links provided to other server sites are offered as a matter of convenience and are not intended to imply that Wealthfront Advisers or its affiliates endorses, sponsors, promotes and/or is affiliated with the owners of or participants in those sites, or endorses any information contained on those sites, unless expressly stated otherwise.
Wealthfront, Wealthfront Advisers and Wealthfront Brokerage are wholly owned subsidiaries of Wealthfront Corporation.
© 2020 Wealthfront Corporation. All rights reserved.
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