How To Earn More On Your Savings With Wealthfront

How To Earn More On Your Savings With Wealthfront
In this video, we talk about how you can make the most out of your cash with the Wealthfront Cash Account. Our Cash Account comes with the following features:
1) Earn more: Cash earns more here. Build your emergency fund and save for future expenses in a high-yield account where your money only goes up.
2) Unlimited fee-free transfers: With unlimited, fee-free transfers to external accounts and between Wealthfront accounts, you are free to move your money whenever and wherever you choose.
3) Zero account fees: No overdraft fees, no transfer fees, no minimum balance fees.
4) FDIC: Up to $1M FDIC insurance through partner banks
5) Automation tools to route savings: Discover the deep satisfaction of directing your cash flow with nothing left to waste. Take advantage of helpful automation tools to route deposits to your short-term and medium-term goals, then invest the rest for your future.
6) Checking features: debit card, direct deposit, free ATM network, pay bills, send/deposit checks
✍️ HELPFUL LINKS ✍️
✦Learn more about Wealthfront here 👉 bit.ly/3JfiUy5
🕒 TIMESTAMPS 🕒
00:00 -- Intro
00:37 -- How Wealthfront helps you earn more
02:50 -- DEMO: How the cash account works
03:51 -- DEMO: Cash categories
04:45 -- DEMO: Instant transfers
06:14 -- DEMO: Checking features
📝 DISCLOSURE 📝
This communication is for informational purposes only and should not be construed as investment advice. Opinions expressed by Tony are his own and do not necessarily reflect the views of Wealthfront. Limits, fees, and exclusions apply. Checking features for the Cash Account are subject to identity verification by Green Dot Bank. Debit Card is optional and must be requested. Wealthfront Visa Debit Card issued, by Green Dot Bank, Member FDIC, pursuant to a license from VISA USA, Inc. Cash account is offered by Wealthfront Brokerage LLC ("Wealthfront Brokerage"), a Member of FINRA/SIPC. Wealthfront Brokerage is not a bank. We convey funds to partner banks who accept and maintain deposits, provide the interest rate, and provide FDIC insurance. Rate is subject to change. Investing involves risk, including possible monetary loss, and past performance doesn't guarantee future performance. Investment management and advisory services, which are not FDIC insured, are provided by Wealthfront Advisers LLC, an SEC-registered investment adviser.

[@wealthfrontvideos]

Have any questions about our Cash Account? Drop them here 👇 Learn more about Wealthfront here 👉 bit.ly/3JfiUy5

[@ArunSinghPlus]

what is your FDIC Cert# or for your partners. And any thing more you can offer that will help confidence in Wealthfront? Thanks.

[@vaderstg]

Have you done a video about putting money into the money market (TIMXX) vice the standard cash account? Pros/Cons etc?

[@StalledAbyss839]

This is legit. Their cash account is much better than their investing products. Biggest cons are the $50k ACH withdrawal maximum. This can be avoided by initiating the transfer through their platform. 5 business day deposit lockup. And lastly, their routing/account numbers fail ADP's prenote check for direct deposit.

[@wealthfrontvideos]

Send our team an email about the failed routing number via ADP.

[@BSDOWNZ]

Should make an ability with the scheduled deposits into cash account, able to automatically spread the amount across each category. I.E: I deposit 250 per week. I put 150 immediately into investments. Then put 50 a week into Christmas Presents category. And 50 a week into Beer Money category.

[@wealthfrontvideos]

Thanks, that’s great feedback!

[@mflores1423]

I agree would like to send x amount to and x amount to another monthly

[@NBP722]

Just signed up for a cash account today!

[@wealthfrontvideos]

🙌

[@supreme5580]

Just a feature suggestion: for future updates, the categories within the cash account are kind of clunky, literally every app offering buckets in one account allows you to assign cash directly to those buckets, whereas Wealthfront only allows for the transfers to go from your checking into the cash account, and only then can you transfer those funds to say, your emergency fund bucket, manually. I think that's super lame and kina defeats the whole purpose. I was expecting Wealthfront to fix that given the entire tone of the app and the mindset behind it screams we're trying to give you the best financial experience possible.

[@wealthfrontvideos]

Thanks for the feedback!

[@supreme5580]

@@wealthfrontvideos Not a problem! Hope it'll be worked on by your team

[@coffee_lover5394]

I have Bank Of American right now and I probably never heard them say anything about emergency fund probably making and I do want to give this a try ngl I’m just curious how much do you need to invest?

[@wealthfrontvideos]

$500 minimum to get started investing and just $1 to open a cash savings account 👍

[@coffee_lover5394]

@@wealthfrontvideos Okay thanks

[@gabrielrodriguez9550]

I loved that i could open an account from PR 🇵🇷 3.8% at this time is just amazing. Making money on the first month. The UI is amazing.

[@wealthfrontvideos]

🙌

[@bohemiacallada]

I've been asking that everywhere. I'm from Puerto Rico. Thanks for your comment

[@gabrielrodriguez9550]

Si es mejor que cualquier banco aqui y puedes link tus cuentas de tu banco de PR tambien! Saludos y felicidades

[@bohemiacallada]

@@gabrielrodriguez9550 gracias 🙂. Acabo de iniciar el proceso. Felicidades y bendiciones

[@jonathangutierrez5070]

Soy de PR tmbn..Como les va con la cuenta? Quiero abrir una cuenta pero no ten mucha info

[@MarvelQuickshot]

Can I just use the cash account as a savings account? (i.e not getting a debit card, or adding checking account features)

[@wealthfrontvideos]

You can certainly use the cash account just for savings but we don’t support opening an individual cash account and not activating the checking features. Sorry about that!

[@MarvelQuickshot]

Thank you for the response, I opened an account today!

[@metcalflin2575]

Do we have to pay for taxes?

[@ryancurtis5965]

This seems too good to be true. Any comparisons from customers who have used Ally and Wealthfront?

[@wealthfrontvideos]

😆

[@Chefvoy]

Just look them up online but 4% is literally nothing and business want users so by giving this to us , it’ll bring more customers to them. When I heard bout them I got them asap because current caps 4% on 6k

[@Cloud777-7]

Wealthfront FTW!!!!

[@psychosis5150]

Any requirements to get the full 2% APY like direct deposits? Thanks

[@wealthfrontvideos]

Nope!

[@ssj4gts1]

The money put into cash account, is that automatically invested? or its just an account that generates compound interest?

[@wealthfrontvideos]

We don't incest funds in your cash account. It accrues interest that compounds.

[@richardvivas2181]

Do you receive a single 1099 tax form or multiple ones since Wealthfront is is not a bank and has the funds with 3rd party banks?

[@wealthfrontvideos]

Single

[@andresmattos7541]

So If I put 100,00 USD into my cash account and want to remove 100,000 USD plus interests earned is this possible? any penalty fees or limit on how much I can take out? Thank you

[@wealthfrontvideos]

Yep! No fees or penalties. The ACH limit is 50k per day but you can request a wire transfer to get all 100k in one day.

[@hc-xr6uh]

I have a cash account but it doesn't have the routing number or the option to order a debit card.

[@wealthfrontvideos]

Here’s how to add checking features: support.wealthfront.com/hc/en-us/articles/360043850632-Get-checking-features

[@alexchung5658]

If I refer multiple people to WF and let’s say 10 people sign up, does my .5% stack up? Meaning I’ll get an extra. 5% interest on my current rate of 3.8? So a total of 8.8% APY for 3 months?

[@wealthfrontvideos]

Unfortunately, no but that would be an intriguing offer LOL

[@ccgwsbiz]

I don't see where I can setup the categories. Do I have to open another wealthfront account to setup categories

[@wealthfrontvideos]

support.wealthfront.com/hc/en-us/articles/360059000652-Categories

[@testt4548]

how to open account without needing to enter my linking bank account user id password. the website provides only login method but not the traditional method

[@sepehrramshini6411]

Is there any fees to transfer money out of wealthfront to other banks? Is there a limit on how Michael you can transfer out?

[@wealthfrontvideos]

No fees to transfer out and no limits.

[@rafaelvalenzuela655]

Do you have to pay taxes on your wealthfront apy savings account while its making money for you?

[@wealthfrontvideos]

Typically, most interest is taxed at the same federal tax rate as your earned income.

[@andresmattos7541]

Now that Wealthfront has increased interest rates to 2% means that if I put 100,000 USD I get 2,000 USD a month in interest? Thank you.

[@NBP722]

2000 per year. So you'd get $166 per month.

[@wealthfrontvideos]

The APY is an annual, not monthly rate. APY also takes into account compounding but it would be about $2,000 for the year. www.bankrate.com/glossary/a/apy-annual-percentage-yield/

[@Kcebab12345]

Does it compound daily? And how often are you paid back the interest?

[@wealthfrontvideos]

Accrues daily. Compounds monthly.

[@Kcebab12345]

@@wealthfrontvideos thanks for the response! does this mean you’re paid on your interest each month? As in that money is added back into your account each month?

[@wealthfrontvideos]

@@Kcebab12345 yes

[@devinrosa4706]

So if I have $ 20,000 I’ll get $700 A month? In compound interest monthly

[@lanceruffin4298]

​@devinrosa4706 No! Lol if your interest is $700 then divide that $700 by 12 and that's what you get a month in interest.

[@Carlos.PerlaRE]

Could one also create a joint account?

[@wealthfrontvideos]

We don’t support joint cash accounts with the checking features but we do support joint cash accounts with the high-rate feature 🙌

[@rembertomendoza3902]

Is it a checking account that makes 4.05% (cash account)? Or I have do put it in the saving account to make the 4.05%?

[@wealthfrontvideos]

It's one account that offers 4.05%. You don't need to move funds between checking or savings.

[@emarcus9703]

Bro is rubbing against that plant so much that the leafs are starting to dry away 😟Great video though, very helpful! Question - at 3:56 the 3 categories section is showing over $80K, but when he clicks into it the three categories only add up to $47K, where is the rest of that $33K?

[@wealthfrontvideos]

Haha the rest of the 47k is in the main cash account and not in one of the categories. When you use categories, you can still keep funds in the main account if you’d like as well. Thanks for watching!

[@shanep2760]

If the Fed continues to increase rates, do you expect to increase your 2% rate also?

[@wealthfrontvideos]

We do yes 🙌

[@shanep2760]

@@wealthfrontvideos awesome, thank you! Just opened an account this week and already made $3 in interest. Way better than my normal bank.

[@Wanderlust1972]

@@shanep2760 what was your normal banks interest rate?>

[@Spookboyz]

so is it like a 401k?

[@wealthfrontvideos]

No it’s like a bank account but we’re not a bank so we can’t call it that.

[@unashamedly1776]

Any minimum balance? And are there any fees?

[@wealthfrontvideos]

None and none

[@unashamedly1776]

@@wealthfrontvideos Thanks!

[@zvideos2460]

Can you add a beneficiaries? What if you died is that account can someone have access yo that money?

[@fluffzone6100]

Yes you can. It's a cool feature.

[@ahuychips6333]

What happen if you guys failed ? How would my money return to me ?

[@Pray1989]

What is the APY on the Savings Account?

[@wealthfrontvideos]

2.00% APY

[@slayerlion3340]

What’s the catch?

[@wealthfrontvideos]

Still trying to find it…

[@whoisjules.design]

@wealthfrontvideos Can't wait until join-accounts have the debit card feature

[@saulgoodman2018]

And next month it will be .05%? That's what all these banks do. They keep lowering it.

[@wealthfrontvideos]

🧐

[@LeafGreen89]

Rates should start to increase

[@nofacebadman7207]

%3.3 as of today

[@LeafGreen89]

Told ya

[@Native722]

Im not sure if i trust this company

[@wealthfrontvideos]

hmmmmm

[@kamokev5254]

This guy talks about $10,000 as if it's just a few bucks. Lol

[@brollmusclegame]

To be honest it really is