I use this as a savings account for our down payment, which we hope to use in the next 1-2 years. It's easily accessible, linked to our wealthfront investment account (which I periodically transfer cash to), and consistently raises interest rates. I've recommended this to family members and they're happy. If you'd like to use my referral (we both get a 4.3% interest rate if you do) it's here: https://www.wealthfront.com/c/affiliates/invited/AFFB-FXX2-WRAE-93Y0
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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Rates for Wealthfront are currently being reviewed.
Wealthfront is an Internet only bank and does not have branch locations. Its headquarters is located at 900 Middlefield Rd - Redwood City, CA 94063