Wealthfront client Anthony says that winning $25K in Wealthfront’s $100K Cash Giveaway is “life changing.” He plans to save the money to send his 6-year-old, Isaac, to college one day. Legit but higher risk so higher reward so do your own homework. I guess if you're sitting on a pile of cash for a down payment on a house that might make sense. 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. The Wealthfront Cash Account Now Has a 2.07% APY Following Fed Funds Rate Decrease Today, the annual percentage yield (APY) on the Wealthfront Cash Account is decreasing from 2.32% to 2.07%. All investing involves risk, including the possible loss of money you invest, and … Amex High Yield Savings account has been my favorite Hub account for the past 5 years. This language removes an additional contracting step. I have so much going on in my life that I don't feel like dealing with different accounts and chasing rates. Wealthfront doesn't try to beat the market but instead tries to produce an "optimum" portfolio for people of your age and risk tolerance. So far been great! Reddit users have voiced their opinions about the Wealthfront Cash account. Same. We'll always reach out to the winner to get their permission before sharing their story. Actually rates are continuing to drop and get closer to wealthfront. I've been doing this too since May 2020. The Fed has not raised interest rates, so bank account rates will probably stay low. Hey there -- I work at Wealthfront and wanted to give an update here. Just last month, it boosted its annual percentage yield (APY) on the account to 2.51 percent. Anything above and beyond your savings should be invested. All the other high-interest Savings banks seem to have retained their interest rates. Press question mark to learn the rest of the keyboard shortcuts. Put extra cash to work easily when you’re ready to invest. FDIC.gov national industry average savings rate as of . I’ve been using Ally for savings and they’ve stayed consistently competitive. I dont want to bounce around, and the cash I have is just my emergency (6-month salary) fund. The rate is currently .35%, which is totally understandable of course based on current times. Note: As of , the Wealthfront Cash Account has a APY. The Wealthfront Cash Account Now Has A 2.29% APY Our cash account has gotten over $1 billion in deposits in less than a month, earning clients over $2.5 million in interest. My advice is to just keep money locally in a bank where you can access it for an emergency if needed. Note: As of April 27, 2020, the Wealthfront Cash Account has a 0.35% APY. I don't have anything in the cash management account anymore. While the rate at Wealthfront might be still significant at 0.35 vs some major local banks at .002, it's not gonna make much difference unless you have hundreds of thousands, and if you do, you should be investing in a brokerage account and ensure you have maxed out IRA contributions and the such. Can you explain more about what you mean with a brokerage account that is maxed out IRA contributions? Honestly I don't think it's worth the time. My main question was this. https://www.bankrate.com/banking/federal-reserve/fomc-meeting-recap-september-2020/. Press question mark to learn the rest of the keyboard shortcuts. We use technology to optimize your finances and take the work out of banking, investing, borrowing and planning. I've have significant money there for a while and it's been great - great founder, team, product and vision and its pays way better than anything else out there APR-wise. There are no minimum … Read more about it . Read more about it here.. We’re living in extraordinary times. Eh? Direct link to offer 1. The first drop involved a bill pay; the next one apparently requires a direct deposit. We're really sorry for the confusion and dampening what was supposed to be a fun announcement! I have a cash account and wealthfront investment account but don't know if I want to jump through more hoops. What are the benefits of such. 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. I've used Wealthfront for almost 5 years now (RIRA, Cash Account, and investment account) and have been happy with the results thus far. Wealthfront just replied to this concern on Facebook, stating: Hi there, this is so that we can share fun winner stories from the Drops program, similar to what we shared for our Spring Sweeps. This necessitated a decrease in the APY on the Wealthfront Cash Account from 2.57% to 2.32%, still a top-of-market rate that’s 23 times higher than what your bank likely pays you, according to Bankrate.com. Wealthfront just dropped its interest rate from 1.82 to 1.78 due to decrease in effective fed funds rate. What Are the Fees for a Wealthfront Traditional or Roth IRA? Their .35% is way better than my current brick and mortar banks rate. interesting, I guess Im just impatient and was pretty spoiled for a while! With Drop 1, Wealthfront is reimbursing up to $100,000 total to customers who pay bills through their Wealthfront … Is WealthFront pulling a bait and switch on customers? My buddy uses Wealthfront as just a checking account and he likes it a lot. Wealthfront Software LLC (“Wealthfront”) offers a free software-based financial advice engine that delivers automated financial planning tools to help users achieve better outcomes. Drop 2 lasts from August 17 to September 1 at 7:00 a.m. PT, and you can enter by signing up through the app and receiving a direct deposit in your individual Wealthfront Cash Account. If you always want to have money ready to go, you can keep it in Wealthfront’s high-yield cash account. Cash Account is offered by Wealthfront Brokerage. Am I ineligible? Probably for the socials where they gonna put you on blast like "Susan won a $100 Drop with Wealthfront!". r/betterment: Quickly and easily transfer money between your checking account and Betterment by linking them electronically. More posts from the wealthfront community, Use this invite code when signing up to get an extra $5k managed for free: https://www.wealthfront.com/c/affiliates/invited/AFFD-FSRI-819D-KVH4, Press J to jump to the feed. We'll always reach out to the winner to get their permission before sharing their story. 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