I Switched To Wealthfront For My HYSA (Cash Account Initial Review)

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I recently transitioned my house savings funds to Wealthfront to get a great rate and try out a new account that has had great reviews. I'm always trying out new high yield savings accounts to know what to recommend to others who ask for my option. I also really like to get the most return on my money!
Here are a few reasons why I switched to Wealthfront:
- higher rate earned on my cash savings
- allows you to create categories for different savings goals
- great looking app that is easy to use
- amazing reviews and recommendations
- awesome tools for planning, tax optimization, and risk management
- gives you a rate boost for referring friends and family
It's not the right banking solution for everyone but I think it's a fantastic option for many people based on my initial review.
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[@user-pl5nv4rt4s]

I just applied for a welthfront saving account! I was thinking about getting it, but i was not sure it was safe but now I'm getting it!!

[@fredswartley9778]

Thanks for sharing. I'm with Ally also, but I might switch over to Wealthfront now. 5 percent is great!

[@kenordinario4832]

I used your link to open my account. Thankyou! Waiting for more Wealthfront videos😊

[@PenniesNotPerfection]

Awesome, enjoy your rate bump! What would you like to see in videos?

[@catgodfrey6451]

Thank you for sharing 😊❤😊

[@jessicaleibret8772]

Hi Mary. I'm enjoying my ally. I proud w how far I've come since Jan trying so hard

[@PenniesNotPerfection]

You’re doing great!

[@YazWhyNY]

I'm with Ally as well. Wealthfront's planning tool sounds cool, as I use Personal Capital to track networth. It'd be an all in one.

[@PenniesNotPerfection]

I like personal capital a lot for net worth tracking.

[@shawn.credit]

I recently opened a Wealthfront account solid option for sure!

[@PenniesNotPerfection]

It’s great!

[@ItsGoingDao]

I’m in the same boat! I’ve been with Ally for about 7 years and they had the highest rate for the longest, but other banks have been offering higher rates. Was looking into Wealthfront, maybe I’ll use both. Thank you!

[@PenniesNotPerfection]

You totally can use both! I think many people think they can only use one bank for everything but sometimes multiple work better.

[@ItsGoingDao]

@@PenniesNotPerfection Agreed, maybe use different banks based on their features. Since Ally has Zelle, I'll probably keep it as a true emergency fund and use WF for savings towards goals. I opened an account using your link!

[@CMs9169]

Hi. New subbie. I opened with wealthfront 5-7. Used your link. Hope you get even more credit. !!

[@PenniesNotPerfection]

Thanks! I think I’m maxed out but people still get the rate boost so that makes me happy to help other people earn more! 💕

[@premsun]

Send me a referral link please :)

[@PenniesNotPerfection]

There is one in the description box. People can’t share links in comments due to spam.

[@thecleaningteacher638]

I like the UI for Wealthfront, but several of my bank accounts will not link. I’ve found it difficult to transfer funds into the cash account.

[@PenniesNotPerfection]

I would love to know which ones!

[@sammyparadero8762]

Do they have maintenance amount to keep up? Do they have a minimum amount to invest?

[@PenniesNotPerfection]

For the cash account the minimum $1. For investment accounts the minimum is $500. No fees for the account. If you choose to do their automated investing option the annual fee is 0.25%.

[@al3xzzGG]

I'm seriously considering switching, I've just opened up a HYSA with CapitalOne in December but the increased rate sounds really nice and I've heard good stuff about Wealthfront. Also, I'm 18 and still in high school so any extra cash I can get is a big help. Does Wealthfront charge for transferring from/to external banks? I want to just park my savings there and still continue using my other main banks

[@PenniesNotPerfection]

No charge! I actually transferred from capital one. That’s what I do. I use multiple banks. I still use capital one since I’ve been with them before it was even capital one and still think what they offer is good if not the best rates.

[@PenniesNotPerfection]

Also great job getting into this stuff early. You are doing so well!

[@al3xzzGG]

@@PenniesNotPerfection Awesome! Thank you so much. I ended up transferring, just made my account at Wealthfront. And thank you again that means a lot 🙏🏼 My family did not teach me much financial literacy so this year I have really been learning a lot and starting !

[@PenniesNotPerfection]

Great work! Learning is so important. Seriously proud of you for taking the initiative!

[@leonardogranda5546]

Hello. Do I have to set up a direct deposit in order to get cash account or just link my bank account with wealthfront cash account to send my money?

[@PenniesNotPerfection]

Just link an account. You can direct deposit if you want to but it’s not necessary.

[@haileyreign971]

Interested in seeing how this trial year goes for you! I've heard a lot about Wealthfront (both good & bad). I'm not the biggest rate chaser & prefer my accounts be centrally located for the most part. 😊 Are you planning on dabbling into the investment side of it or just the savings/checking account feautures?

[@PenniesNotPerfection]

I’ve never been a rate chaser either! A big push for me is since I create content on different types of accounts so it makes sense for me to try out the top ones. For most people it’s probably not worth the switch especially if they aren’t piling money up for a specific goal. I will be doing some investing there too! I plan to check out everything. I may do some tutorial videos as well.

[@CoVaTennis]

if you successfully refer multiple ppl, do you get the +.5% boost for three months for each referral? Or is the boost only eligible for one 3 month duration?

[@PenniesNotPerfection]

I think it’s up to 6 months!

[@maricruzmenchero9679]

I'm curious to know what you've thought about Wealthfront. I'm looking to open up a HYSA and was primarily looking at the institutions that offer the bucket option -- Ally, Capitol One, and Wealthfront. Not considering SoFi as it's difficult to rely on Direct Deposit as a freelancer. Anything you miss about Ally?Would so appreciate your thoughts!

[@PenniesNotPerfection]

I love Wealthfront. I only ever used Ally for savings and same for Wealthfront, so there is 0 I miss about Ally. I like the design better on Wealthfront personally and Im able to use the bucket system for savings just as easily with a higher rate. I also wouldnt choose one that required direct deposit.

[@PenniesNotPerfection]

I also still use Capital One for some things but you have to create individual savings accounts which is slightly different than a true bucket system.

[@maricruzmenchero9679]

@@PenniesNotPerfection Thank you so much! Have you found WF's customer service to be good? I don't see a phone number on their website, and am wondering if that's something reserved for customers or if it's solely email based?

[@PenniesNotPerfection]

I’ve only used email but I personally prefer text/chat/email over phone support.

[@PenniesNotPerfection]

They do have customer support numbers inside the app so maybe it’s just visible to existing customers not on the website.

[@sammyparadero8762]

Is there a requirement amount before you can make an account at Wealthfront?

[@PenniesNotPerfection]

For the cash account no, just $1. For investment accounts the minimum is $500.

[@sammyparadero8762]

@@PenniesNotPerfectionthank you for replying! I am a new subscriber to your channel. Uhm, which do you prefer to use in wealthfront or do you recommend , the cash account or the investment account? I am wondering if you could make a video, such as pros and cons of those two.

[@sammyparadero8762]

@@PenniesNotPerfectionI also have a friend who was asking about HYSA and I sent her with your youtube link and your channel. Your informative videos really help us women to have money literacy.

[@PenniesNotPerfection]

Thanks for sharing it! If you’re just wanting a savings account then use the cash account. If you are wanting to invest then use the other (it has a $500 minimum). It really depends on the goal of the money. Is it for short term needs (cash account) or is it to grow long term through investing (investment account).

[@JeffZiegler76]

Why not Jenius Bank at 5.25%?

[@PenniesNotPerfection]

Never heard of it!

[@cheldog9356]

it looks like wealthfront offers a debit card with their cash account, have you used that at all?

[@PenniesNotPerfection]

I have not yet!

[@DP-bx5fg]

"Please refrain from getting the debit card as you will be charged approximately 2% for every use."

[@PenniesNotPerfection]

Oh, really?! I need to look into that for sure! Personally I'm a credit card user and just pay off my balances before the statement date. Well actually I pay them weekly so I never get that far but still get the rewards. I basically use them like a debit card so I never use debit cards but I will research this one!

[@boodles07]

@@DP-bx5fgyou can use it to withdraw cash obviously.

[@shawn.credit]

It works like a regular checking account having a debit card attached is clutch!

[@johny3133]

How much money you keep on your Wealthfront account?

[@PenniesNotPerfection]

You can keep as much as you want in it!