Categories are a way to organize and sort money for your short-term goals in your Cash account. Plus, these funds are always available to invest when you’re ready.
How many categories can I have?
You can create as many categories as you’d like and you can always adjust them whenever you want.
Is a category its own Wealthfront account?
No, all categories live in your Cash account. They don’t have their own checking features, like routing and account numbers.
You earn interest on the total balance in your Cash account, including cash in your categories. Interest is paid into your Cash account on the first business day of every month. You’ll see pending interest grow throughout the month until it’s paid.
Transferring funds to categories
Transfers between categories and your Cash account are instant and unlimited, and there are a few ways you can do it:
- If you’re on a computer, sign in to Wealthfront.com and select Transfer funds at the top of the home screen. Then select Cash and Categories to transfer funds to your categories.
- If you’re using the app, tap the Transfer funds icon at the bottom left of your screen, and then select Cash and Categories to transfer funds to your categories.
- In the app or on a computer, go to your Cash account page and select Transfer. Then select Cash and Categories to transfer funds to your categories.
Creating and deleting categories
To create a category, go to your Cash account page and select Create a category. Once created, you’ll see it on your home dashboard and in a categories section on your Cash account page.
To delete a category:
- Open the category you want to delete.
- On the category page, select Settings in the top-right corner.
- Select Delete category and follow the prompts.
Keep in mind that when you delete a category you’ll lose all of your transfer history in that category and any remaining funds will automatically transfer back to your total balance.
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.
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The Cash Account Annual Percentage Yield (APY) is as of September 23, 2022. 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. FDIC insurance coverage is limited to $250,000 per qualified customer account per banking institution. Wealthfront 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.
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