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
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".
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Wealthfront is an Internet only bank and does not have branch locations. Its headquarters is located at 261 Hamilton Avenue - Palo Alto, CA 94301