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Wealthfront Cash Review: Online Cash Management Account

The Wealthfront Cash account bears interest and has no fees, but it does have some limitations, including no cash deposits and no branches.
June 10, 2020
Banking, Checking Accounts, Personal Finance
wealthfront-cash-review
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3.5 NerdWallet rating

 

Where Wealthfront Cash shines:

  • Unlimited ACH transfers and withdrawals.
  • No fees.
  • Highly rated mobile app.
  • Debit card allows purchases and fee-free cash withdrawals from more than 19,000 ATMs.
  • Bill pay and ability to pay friends with peer-to-peer money transfer apps.

Where Wealthfront Cash falls short:

  • No cash deposits.
  • No check writing.
  • No branches.

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

The bottom line

Wealthfront

at Wealthfront

Cash management accounts, or cash accounts, typically are 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. It’s important to make sure that all of the features and limitations of these accounts work for your needs. The lack of fees on the cash account offered by Wealthfront, a top robo-advisor, make it a worthy account to consider.

» MORE: What Is a Cash Management Account? 

Checking and savings features

3.5/5.0

Upsides

Free unlimited transfers. Unlike traditional savings accounts — which are federally regulated to allow six free withdrawals/transfers per month only — customers with a Wealthfront Cash account can transfer money out of their accounts as many times as they like.

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

Direct deposit. Customers can have their income directly deposited into their Wealthfront Cash Account up to two days early.

FDIC coverage up to $1 million through affiliated partner banks. Wealthfront sweeps customers’ cash balances into third-party banks that provide FDIC insurance on deposits. The FDIC typically insures up to $250,000, and Wealthfront uses more than one bank to ensure coverage of up to $1 million.

Debit card allows purchases and cash withdrawals. Checking features are now rolling out to Wealthfront Cash Account customers, which means they can order a debit card that allows them to 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.

Downsides

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

Other things to consider

Offers an interest rate. At 0.35%, Wealthfront’s interest rate is higher than the national average for savings accounts, which is currently just 0.06%. But you will find higher rates on savings accounts at most online banks. Keep in mind, however, that rates on deposit accounts can fluctuate in accordance with the federal funds rate.

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 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.

» MORE: Read NerdWallet’s review of Wealthfront’s investment services

Customer experience

4.0/5.0

Upsides

Solid website. 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.

High app ratings. 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 struggle with having to communicate remotely.

No weekend human 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 human phone support on weekends.

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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