Currently gives 5.0% APY for their HYSA, but it gets boosted up to 5.5% APY for a quarter if you sign up with below link. It's linked with Plaid, so you can easily transfer money into/out of Wealthfront and easily track from other net worth tracking service.
I've been very happy with Wealthfront as a place to stash our down payment fund - interest rates rise regularly with the market (currently 5.1% - with the bonus - in June 2023). Website is clean and easy to use, and the couple times I've emailed the company with a question I've received a reply the same day.
To get the bonus interest rate hike you can use my link if you like (I get the same bump!): https://www.wealthfront.com/c/affiliates/invited/AFFA-7FG7-YS07-HZCQ
I opened a HYSA Cash account recently, so I can’t speak on the investment aspect, but so far so good! For reference, I also opened one with CIT Bank and although Wealthfront’s APY is slightly lower, it is much more transparent, professional, and user friendly. The app is almost fun to use and you can subdivide your savings into buckets just like Ally which is very conveniente when I’m trying to save for different goals. Transfers from my external account to Wealthfront are actually extremely quick, 24 hrs or less, although there’s been a hold on both of the transfers I made. Strangely, the slightly larger transfer has a hold of 7 days and the other 4 days. While this is really annoying, I do appreciate that the app is super transparent in telling you how many days it will be on hold. Also the fact that they do unlimited fee-free transfers is super convenient. Transfers out of the account should take 1-3 days although I don’t plan to withdraw so I haven’t tried yet.
I also tried emailing customer service (I don’t like that they don’t have a live chat feature tbh) and they were very quick and helpful in their response— so that makes me feel at ease in case I encounter any issues in the future.
All in all, I like that the app has all these extra features, and is easy to use. It’s definitely on par with the big HYSA providers (sofi, ally, etc.) with an above-average APY and good customer service.
If you wanna try it out and get an extra +0.5% for your first 3 months, that’s 5.3% as of August 2023, I’ll leave my affiliate code below :) Btw I also get the same +0.5% for 3 months so it’s a win-win if you choose to go with them.
Wealthfront Cash Account reviewers seem to be unaware of restrictions WF imposes on "new accounts" when transferring funds between external banks. This is not surprising since WF doesn’t seem very forthcoming on these restrictions.
While WF Cash prominently advertises unlimited ACH withdrawals as one of its cash account features, when actually used, Wealthfront only permits ACH-Push withdrawals to the external account which originally funded the WF account. Withdrawals to other linked external accounts are "rewritten" by WF to direct withdrawals to the external account which funded the WF Cash account.
This essentially turns the WF Cash account into a no-penalty CD account rather than a useful financial management tool.
WF was vague as to how long these "new account" restrictions would remain in-effect for but cited timeframes in terms of "months".
Sorry, we do not have health information for Wealthfront.
Rates for Wealthfront are currently being reviewed.
Wealthfront is an Internet only bank and does not have branch locations. Its headquarters is located at 261 Hamilton Avenue - Palo Alto, CA 94301