Wealthfront Cash Review: Online Cash Management Account

Chanelle BessetteAug 18, 2021

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Wealthfront Cash Account
NerdWallet rating 

at Wealthfront

This article provides information for educational purposes. NerdWallet does not offer advisory or brokerage services, nor does it recommend specific investments, including stocks, securities or cryptocurrencies.

Cash management accounts, or cash accounts, are typically a sort of hybrid of a checking and savings account and are usually offered by nonbank financial service providers, such as Wealthfront, rather than banks. Wealthfront, like most cash management account providers, sweeps customers’ cash balances into third-party banks that provide FDIC insurance on deposits. The lack of fees on the cash account offered by Wealthfront, a top robo-advisor, make it a worthy cash account to consider.

Best for: Wealthfront brokerage customers who are looking for a free companion cash account that earns some interest.

» Want to see how Wealthfront Cash compares? See NerdWallet's list of the Best Cash Management Accounts

Where Wealthfront Cash shines

Where Wealthfront Cash falls short

  • Offers a 0.10% APY interest rate.

  • No fees.

  • Debit card allows purchases and fee-free cash withdrawals from more than 19,000 ATMs.

  • Two-day early direct deposit for paychecks.

  • Automated saving and investing tools.

  • No cash deposits.

  • No branches.

  • Few customer service options.

Checking and savings features

4.0/5.0

Upsides

Offers a 0.10% APY interest rate. At 0.10%, Wealthfront’s interest rate is not the best, but it's slightly higher than the national average for savings accounts, which is currently just 0.06%.

No fees. Wealthfront doesn’t charge maintenance, withdrawal or other fees on this account.

Early direct deposit.Customers can have their paycheck directly deposited into their Wealthfront Cash Account and access the money up to two days earlier than their regular payday.

FDIC coverage up to $1 million through affiliated partner banks. The FDIC typically insures up to $250,000, per depositor, per institution. Wealthfront sweeps customer's funds into multiple partner banks to ensure coverage of up to $1 million.

Debit card allows purchases and cash withdrawals. Customers can use an optional debit card that allows them to make purchases and withdraw cash from more than 19,000 ATMs for free.

Bill pay and peer-to-peer app compatibility. Customers can enroll in bill pay with their account as well as link it to peer-to-peer money transfer apps like Venmo, Cash App and PayPal.

Free “send a check” feature. If you’ve met the basic requirements of holding $2,500 across your Wealthfront balances and have had at least $250 in direct deposits, Wealthfront can send a check payment on your behalf for free.

Automated saving and investing tools. Wealthfront allows its users to set a maximum account balance on their Wealthfront Cash Account or other checking account and automatically move additional cash into other accounts, like a Wealthfront Individual or Joint Investment Account or an IRA.

Quick investing through the account. The Wealthfront Cash Account allows customers to quickly transfer money into their Wealthfront investment accounts, which feature a globally diversified portfolio of low-cost exchange-traded funds (ETFs).

Downsides

No cash deposits. Even though cash withdrawals are available, cash deposits are not.

Other things to consider

No overdraft program. Wealthfront rejects any transaction that can’t be covered by the funds in your account. While that means no overdraft fees, it also means you'll have to be careful about keeping track of how much you have in your account so you don’t unexpectedly come up short during a transfer.

Customer experience

4.0/5.0

Upsides

Solid website and high app ratings. The Wealthfront website is well-designed, and it’s easy to find information about different account offerings as well as FAQs and general information about the company. Both Apple and Android users give the Wealthfront app high ratings.

Downsides

No branches. Wealthfront Cash is an online-only service, so if you prefer face-to-face interaction with customer service reps, you may want to look elsewhere.

Limited live phone support. Wealthfront has extended weekday hours for phone support — 7 a.m. to 5 p.m. PT Monday through Friday — but it doesn’t offer live phone support on weekends.

Wealthfront Cash Account
NerdWallet rating 

at Wealthfront

No chat support. If you prefer online chatting to phone calls, you’re out of luck at Wealthfront.

» Want to see how Wealthfront Cash compares? Check out NerdWallet's list of Best Cash Management Accounts.

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