How to edit or cancel transfers with automated savings

How do transfers work?

When you first turn on automated savings, you set a maximum balance for your external checking account or Cash Account.

We'll monitor your account continuously. When we detect that you’re over your maximum by at least $100, we'll schedule a transfer of your excess cash to your Wealthfront account of choice. You can cancel the transfer 24 hours before it initiates. 

 

What if my balance changes before my transfer is initiated?

We'll check the balance of your source account one more time before initiating your transfer.

• If your balance is the same, we'll transfer the same amount.
• If your balance has increased, we won't increase your transfer amount and will transfer the same amount. We follow this rule so you don’t transfer more than you’re comfortable with.
• If your balance has decreased, we'll only transfer the remaining excess cash (the minimum transfer is $100).
• If we can’t connect to your source account, we'll pause your transfer. 

Please note: If you’re using automated savings with an external account, there could be up to a 24-hour delay between when your external account balance changes and when we detect this change. To avoid a potential overdraft, check the balance of your external account before the transfer initiates

Can I use automated savings if I have a recurring transfer set up?

Yes, we'll detect recurring transfers from your source account to any Wealthfront account. We won’t schedule a transfer if we see that a recurring transfer will decrease your available balance below the maximum you set.

Keep in mind, we're not able to detect recurring transfers from your external checking account to other external accounts. To avoid an overdraft, we recommend setting your maximum balance to an amount that’s higher than all your monthly spending and withdrawals. Learn more about avoiding overdrafts

 

How is automated savings different from recurring transfers?

With a recurring transfer, you always transfer the same amount at a regular cadence.

With automated savings, you can transfer the excess cash you don’t need for bills, purchases, pocket change, and other savings destinations, etc., across multiple accounts automatically. 

 

	Recurring transfer	Automated savings
What you control	You control the transfer amount and frequency	You control the amount of cash in your checking account or Wealthfront Cash Account
Pros	More certainty about the transfer amount and timing	More certainty about the amount in your checking account it Wealthfront Cash Account Ability to save into multiple accounts and categories automatically  More external protections against overdrafts No cash drag (you’re maximizing your earnings)
Cons	You have to monitor your transfers to avoid overdrafts More cash drag (you’re not maximizing your earnings)	You have to monitor your maximum balance to make sure you have enough cash for spending

Learn how to cancel or edit an automated savings transfer.