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Wealthfront 2.51% APY Cash Savings Review

Wealthfront 2.51% APY Cash Savings Review

Wealthfront has a 2.51% APY cash account for all US residents.

The high interest account covers up to $1M and as little as $1. This is a straightforward brokerage account which holds the cash in FDIC accounts.

While it’s not exactly a savings account, it functions like one.

Wealthfront cash account details

  • Account type: Cash account
  • APY: 2.51% APY
  • Min balance: $1
  • Max balance: $1M
  • Availability: Nationwide

Fees

The account has no fees associated.

How to get the high rate

  1. Sign up for an account here.
  2. Deposit at least $1.

ACH

You can ACH cash over each week.

Withdrawals

You can make unlimited, rather than 6, withdrawals per month.

Overall review

This isn’t a bank account, once again, but functions as a brokerage account. This is why you can have up to $1M rather than the FDIC of $250K as typical accounts do.

The account works the same as a savings accounts since there’s no debit card attached to the account, however, those may be added as a later feature. APY earning paid beginning of each month.

This type of account allows you unlimited withdrawals each month and you get a very high interest rate.

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