googletag.pubads().enableSingleRequest(); Deposit balances are not allocated equally among the participating program banks. The Wealthfront Cash Account offers high-interest checking with no account fees. We understand, and we empathize. The deposits at Program Banks are not covered by SIPC. It’s not unusual for APY on savings accounts to drop in the wake of interest rate cuts, like the Federal Reserve’s cut to interest rates at the end of October. The APY for the Wealthfront Cash Account represents the weighted average of the APY … Robo adviser investment firm Wealthfront recently boosted the APY on its FDIC-insured cash accounts to 2.57%, which was the highest interest rate available on the market as of the end of … We appreciate your continued trust in us and promise to remain transparent with you about these changes. Banking: The Wealthfront Cash Account is a fee-free high-yield bank account you can use for spending and savings. Anyone with a Wealthfront Cash Account can enter the competition, even if you're a brand new customer. The Annual Percentage Yield (APY) for the Cash Account may change at any time, before or after the Cash Account is opened. Wealthfront was the first of my online savings to announce a quarter percent drop. The cash balance in the Cash Account is swept to one or more banks (the “Program Banks”) where it earns a variable rate of interest and is eligible for FDIC insurance. It also means that the rates on Wealthfront accounts will drop if overall interest rates drop in the future, but that is highly unlikely to happen for quite a while based on expectations set by the … I actually closed my account immediately, the reason being that Wealthfront raised their APY from 2.52 to 2.57% the same day that Ally lowered it. . When it comes to earning potential, Wealthfront’s Cash Account previously offered 2.57% APY, but on August 2 the robo-adviser announced the rate would drop … While we cannot control the fed funds rate (or news headlines or financial markets), we are committed to being transparent in our communications and continuing to build the best products we can. He says interest on these accounts are expected to drop by about 0.11%. Just FYI. What you decide to do with your money is up to you. We’ve got your back. The Cash Account Annual Percentage Yield (APY) is as of June 1, 2020. You The Wealthfront Team believes everyone deserves access to sophisticated financial advice. This summer, we enabled checking features so you can direct deposit your paycheck (and get paid up to two days early), pay bills and friends, make purchases with a debit card, and access your cash via…, 6 Reasons to Automate Your Savings Strategy with Autopilot, We released Autopilot earlier this fall because we want to make managing your finances easier. We can’t predict what the Fed will decide in the future. Enjoy 0.35% APY, get paid up to two days early when you direct deposit, pay bills and friends, and easily access cash with a … Wealthfront plans to drop multiple promotions, and Drop 1 launched August 3. This means the APY on our Cash Account is changing from 1.27% to 0.26%. In response, robo-advisors Betterment and Wealthfront lowered the rates on their cash management accounts in the last week in line with the Fed's rate cut. The APY for the Wealthfront Cash Account represents the weighted average of the APY on the aggregate deposit balances of all clients at the program banks. Wealthfront's fee-free cash account earns an APY near 2%, requires just $1 to open, and is FDIC-insured up to $1 million. Note: As of April 27, 2020, the Wealthfront Cash Account has a 0.35% APY. Wealthfront Brokerage raised the APY of its cash management account, the FDIC-insured Cash Account, by 6 bps to 2.57% for all balances of $1 and above. Wealthfront Cash is a cash management account that pays an APY of 0.35%. We expect the federal funds rate to go back up eventually, but we don’t know exactly when that will be. Today, the annual percentage yield (APY) on the Wealthfront Cash Account is decreasing from 2.32% to 2.07%. They did their high-APY as a marketing gimmick to attract new customers. Betterment is offering 1.37% APY … Customers are responsible for monitoring their total assets at each of the Program Banks to determine the extent of available FDIC insurance coverage in accordance with FDIC rules. Now Wealthfront is introducing its "Drops" campaign: The company periodically drops new promotions for customers who have a Wealthfront Cash Account. Robo-advisors Wealthfront and Betterment both recently announced eye-popping interest rates on cash accounts of 2.57% and 2.69%, respectively, 25 to 27 times the national average APY … Wealthfront is designed to earn you more. The APY for the Wealthfront Cash Account represents the weighted average of the APY … The APY for the Wealthfront Cash Account represents the weighted average of the APY on the aggregate deposit balances of all clients at the program banks. While some things are out of our control, we are here for you and we remain committed to rewarding our clients as much as we can. Cash Account is offered by Wealthfront Brokerage LLC (“Wealthfront Brokerage”), a member of FINRA/SIPC. No purchase necessary. The partner banks where we broker our deposits pay us a rate based on a fixed premium to the effective federal funds rate (EFFR). We operate independently from our advertising sales team. Two popular banks offering high-interest savings accounts — Goldman Sachs’s Marcus and Ally Bank — cut their interest rates by 0.1% to 2.15% and 2.1% respectively within 48 hours of Wealthfront's cash APY going up again. Odds of winning depend on # of eligible entries received. The cut (which was the second surprise rate cut this month) occurred ahead of the FOMC’s scheduled meeting later this week and was accompanied by news of a $700 billion quantitative easing program. Here’s what a lower APY on your Wealthfront Cash Account means for your money: a 1.01% rate decrease means that every $1,000 in your account will now earn $10.10 less in annual interest. 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