Wealthfront Cash Account Review {2024)

Here's my honest opinion of the Wealthfront Cash Account. Click ‘more' to see my recommended money tools.
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⭐ EveryDollar: www.ramseysolutions.com/ramse...
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The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired.

[@Dontloseyourlight100]

Appreciate the post and info., very helpful.

[@BrittanyFlammer]

I'm so glad it was helpful!

[@mgullatte]

I was under impression you could use the automated savings function for automatic transfers? Anyway good video! Side note I work for Ally but use Wealthfront haha

[@BrittanyFlammer]

Haha! That's hilarious. I use both and like both, but different pros and cons. You can setup auto transfers into Wealthfront, but they go. into the main cash account. You have to manually transfer them into your separate categories. Does that make sense?

[@jffrycldrn]

@@BrittanyFlammer I use Wealthfront, You can also make automatic transfers from cash account into categories. I do something like if I have X amount of money in my cash account it will automatically transfer the rest into my categories.

[@rachaelineztv]

Thank you for this. Can you setup auto payments to this account?

[@BrittanyFlammer]

Yes. You can setup direct deposit into the account. Or automatic transfers into/out of the account. You can also pay bills with it.

[@SillyBearrr]

I rarely use a debit card and use my credit card for almost everything, does getting the Wealthfront Cash Account make sense with that in mind? As in, I'd rarely use the debit card but would regularly make credit card payments from the account? It seems like it's a nice hybrid between a checking/savings account!

[@BrittanyFlammer]

Yeah - I think it would work just fine for that. It is definitely a good hybrid between checking/savings.

[@hcook1023]

It has a lot of free ATMs so I use the debit card to pull out money

[@SteveSabbai]

At the end of the year, when tax returns are due, does Wealthfront automatically send you a form with how much money you earned to use on your tax return?

[@BrittanyFlammer]

Yes - you'll get a 1099-INT. You can download it online or they'll send it to you.

[@daisjapenny9952]

Hi I just turned 20 and want to be able to have generational wealth. I know nothing about apy or percents because I haven’t been taught. I assume Wealthfront is a good place to start for my savings? How much do you recommend I put in at first?

[@BrittanyFlammer]

Wealthfront is a great account for saving money. The younger you start the more interest will work on your side! If you're wanting to save money, the best place to start is with an emergency fund. Make sure you've got 3-6 months of money set aside for an emergency. An online savings account (like Wealthfront) is a great place to hold this money. After you've got an emergency fund, the next step would be investing your money. Most experts recommend investing 15% of your gross income.

[@spooze361]

Using your referral link 🎉

[@BrittanyFlammer]

You should get 5.5% interest for 3 months.

[@SteveSabbai]

​@@BrittanyFlammer is there a limit to how many people can use your referral link because I want to use it too.

[@twilliams9259]

For the joint account, can both parties create their own log in or is it 1 shared username and password?

[@BrittanyFlammer]

As of right now, you have to share 1 username and password.

[@bengovero6923]

I believe that you are able to auto transfer in accounts but only with individual. I don’t think it will let you do it with a joint account at least from what I have read.

[@BrittanyFlammer]

I've got the joint account and I can auto transfer money into the wealthfront account, but not into the categories you setup. It would be nice if we could have it go directly into the categories. It's not a big issue for me, but I know a lot of people who that's a deal breaker for.

[@123Mack08]

Automate savings via "Transfer > Find excess cash."

[@BrittanyFlammer]

@@123Mack08 Thanks for sharing. This is a new feature since I first opened my account. It's helpful, but i still prefer being able to set up an automatic set amount into different categories regularly. Maybe they'll come out with that soon?

[@xXAboo805Xx]

One question.. if I create these categories, am I receiving the 5% on the total amount in saving or will each category earn its 5%?

[@BrittanyFlammer]

Good question. You will receive the 5% on the total amount. It accumulates all month, then on the 1st day of the next month it is deposited into your cash account. You can then move it into a category if you want.

[@supreme5580]

Total. Also there's an active team responding to all the inquiries on Reddit

[@afalcon1514]

For the referral bonus does it go up 0.5% for every referral? So with 2 referrals, I could potentially get 6% for 3 months?

[@BrittanyFlammer]

It won’t add up like that, but it will extend your bonus for 6 months.

[@supreme5580]

The manual transfer is a bummer. That's the one downside that is really annoying. Other than that been using Wealthfront for 15 months and haven't looked back.

[@BrittanyFlammer]

Yes. I 100% agree!!

[@supreme5580]

@@BrittanyFlammer I was in touch with their team asking them to update it, and was told they're aware and working on it, i will follow up with them. Thank you for your review

[@BrittanyFlammer]

@@supreme5580 Yes. If you find out when that feature might be available I'd love to hear! Thanks!

[@spooze361]

Please explain the manual transfer?

[@BrittanyFlammer]

@@spooze361 Sure. As an example...say you have a wealthfront account and want to create a category for vacation and a category for house maintenance. Say you want to put $50 each month to house maintenance and $100 each month to vacation. You could set up an automatic transfer for $150 to go into your wealthfront account. But in order to put the $50 to house and $100 to vacation you would have to log into your wealthfront account and transfer the money. It's easy and only takes about 30 seconds to do...but you can't automate it. With banks like SoFi or Ally you can set up auto transfers so the $50 and $100 would automatically go into those categories each month without you having to do anything. I hope that helps.

[@TheRandumDude]

if i have a joint account with my wife can we both have automated deposits from two separate accounts into the one wealthfront account?

[@BrittanyFlammer]

Yes you can!

[@CyDGamers]

If you had to choose one between CIT Bank and Wealthfront, what would it be? (I would put 7k dollars in the account)

[@BrittanyFlammer]

Wealthfront.

[@CyDGamers]

@@BrittanyFlammer And between WF and SoFi?

[@BrittanyFlammer]

@@CyDGamers That's trickier. It depends on what features are most important. Wealthfront has a slightly higher interest rate and you might be able to access your money faster. SoFi has more features with checking/credit card/etc.

[@honzasolar]

I just moved from WF to CIT for HYSA. Go and study what happened to Yotta. WF uses also middle man and although they also claim it is safe it is always safe until it is not. Not that you would lose money but they can be locked/blocked for extended period of time until you get them back in case something happens like with Yotta. That's why I moved just few days ago to true bank with direct account under my name. I still trust WF for brokerage account as their system works differently for that and is same as fidelity or Schwab.

[@hcook1023]

Robinhood now links to Wealthfront so that was my biggest complaint solved

[@BrittanyFlammer]

Yay!

[@lydiashepard4827]

Can this be used for IRA’s?

[@BrittanyFlammer]

Yes- for traditional, Roth, Sep, and rollover ira’s.

[@isabelaribeiro7279]

What's the difference between the cash account and savings account? Which one is better to save more money?

[@BrittanyFlammer]

They just offer a cash account. It is basically a savings account with some checking account features. If you signup for the account as an individual you can deposit checks, get a debit card, etc...It doesn't have as many features as a typical checking account, but some of the basics. I didn't realize this when I set ours up, so I set up a joint and it is essentially a savings account.

[@thatboygerv]

If you had to pick one: Ally or Wealthfront

[@BrittanyFlammer]

Good question. The short answer - it depends. Here's when I would choose each: Wealthfront - if you have a large amount of money (to make the higher interest rate worthwhile) or if you need access to your cash very fast (aka the same day). Ally - if you want to use it for sinking funds and have automatic transfers directly into your buckets. You can set up your auto transfers and forget about it.

[@thatboygerv]

@@BrittanyFlammer Yup had a large amount of money and only really needed savings. Went with Wealthfront, thank you.

[@staffsergeant3722]

Thank you for this informative video, it helped alot with me understanding my new Wealthfront account. I do have one question if you don’t mind, so the more money that I have in my wealthfront account the more it will acquire correct? For example I started off with just depositing $2 in the account due to just playing it safe, but if I would have deposited $200 I would have acquired a higher interest?

[@lilspree5511]

Your still get the 5% interest if 2 dollars or 200

[@staffsergeant3722]

@@lilspree5511thanks

[@BrittanyFlammer]

Try Wealthfront: bit.ly/41Mr8XG

[@mlbonfox8199]

U didn’t bring up the margin option

[@BrittanyFlammer]

You're right - I was just reviewing the cash account, not focusing on the margins. Have you used it?

[@mlbonfox8199]

@@BrittanyFlammer Naw I use fidelity and Shwabb to borrow money off my assets 4eva

[@BrittanyFlammer]

@@mlbonfox8199 If that's working for you, then great. I personally don't ever borrow off of money invested, so I haven't tried any of them.

[@mlbonfox8199]

@@BrittanyFlammer Tax free… while all your bills paid

[@An0maly6_9]

@@mlbonfox8199 Tax free? How come?

[@theresafernando9882]

The affiliate link doesn’t work for the extra 0.5 percent for us, only for u. I only clicked on this video for that. Boo

[@BrittanyFlammer]

Hmmm... it should work for you. As a referrer I also earn the .5% bonus. It's for 3 months for both of us. As a referrer I can only earn up to 6 months of extra bonus (ie...if 2 people signed up). After that it's still supposed to work for anyone that uses my link, but I don't get an extra bonus beyond the 6 months. I don't get any personal information about who signs up, but I do get notified when someone uses my link to signup and they get the bonus. I received an email today with someone getting the bonus. I've checked out the link and it seems to be working when I try it in incognito. I have no idea why else it wouldn't be working for you, unless you're already a customer with wealthfront?

[@luv2teachk]

You can extend the bonus past your initial 6 months. Let's say I've had 2 referrals and have the 6 months and 2 months later I get another referral instead of only having 4 months left it will go back to 6 months. Essentially giving you 8 months. I hope that made sense.

[@WNKeithaSN]

Not really. ​@@luv2teachk

[@DNguyen-im6tg]

Hi Brittany, may i please request a referral to Wealthfront for the extra 0.5% internet rate? Thank you kindly, Dawn

[@BrittanyFlammer]

Sure. The link in the description box will give you an extra .50% for 3 months. Here it is: bit.ly/41Mr8XG

[@BrittanyFlammer]

Sure. The link in the description box will give you an extra .50% for 3 months. Here it is: bit.ly/41Mr8XG

[@roycehernandez8472]

Anyone had wealthfront for a long time? Any problems transferring or withdrawing money from your wealthfront account to your bank? Like any issues tryna get your money?? Lmk please and ty

[@BrittanyFlammer]

I haven't had any problems at all. One of my other banks is same day eligible, so I can have the money transferred into my other account the same day. It's insanely fast. Another of my banks isn't eligible, so it takes a couple of business days (just the standard for most banks).

[@xyzpl]

Been with them since 2018. Never had any issues. Love the. Same day transfers to my regular bank. 👍