Should make an ability with the scheduled deposits into cash account, able to automatically spread the amount across each category. I.E: I deposit 250 per week. I put 150 immediately into investments. Then put 50 a week into Christmas Presents category. And 50 a week into Beer Money category.
This is legit. Their cash account is much better than their investing products. Biggest cons are the $50k ACH withdrawal maximum. This can be avoided by initiating the transfer through their platform. 5 business day deposit lockup. And lastly, their routing/account numbers fail ADP's prenote check for direct deposit.
how to open account without needing to enter my linking bank account user id password. the website provides only login method but not the traditional method
So If I put 100,00 USD into my cash account and want to remove 100,000 USD plus interests earned is this possible? any penalty fees or limit on how much I can take out? Thank you
Just a feature suggestion: for future updates, the categories within the cash account are kind of clunky, literally every app offering buckets in one account allows you to assign cash directly to those buckets, whereas Wealthfront only allows for the transfers to go from your checking into the cash account, and only then can you transfer those funds to say, your emergency fund bucket, manually. I think that's super lame and kina defeats the whole purpose. I was expecting Wealthfront to fix that given the entire tone of the app and the mindset behind it screams we're trying to give you the best financial experience possible.
Just look them up online but 4% is literally nothing and business want users so by giving this to us , it’ll bring more customers to them. When I heard bout them I got them asap because current caps 4% on 6k
You can certainly use the cash account just for savings but we don’t support opening an individual cash account and not activating the checking features. Sorry about that!
If I refer multiple people to WF and let’s say 10 people sign up, does my .5% stack up? Meaning I’ll get an extra. 5% interest on my current rate of 3.8? So a total of 8.8% APY for 3 months?
Bro is rubbing against that plant so much that the leafs are starting to dry away 😟Great video though, very helpful! Question - at 3:56 the 3 categories section is showing over $80K, but when he clicks into it the three categories only add up to $47K, where is the rest of that $33K?
Haha the rest of the 47k is in the main cash account and not in one of the categories. When you use categories, you can still keep funds in the main account if you’d like as well. Thanks for watching!
@@wealthfrontvideos thanks for the response! does this mean you’re paid on your interest each month? As in that money is added back into your account each month?
The APY is an annual, not monthly rate. APY also takes into account compounding but it would be about $2,000 for the year. www.bankrate.com/glossary/a/apy-annual-percentage-yield/
I have Bank Of American right now and I probably never heard them say anything about emergency fund probably making and I do want to give this a try ngl I’m just curious how much do you need to invest?
Have any questions about our Cash Account? Drop them here 👇 Learn more about Wealthfront here 👉 bit.ly/3JfiUy5
what is your FDIC Cert# or for your partners. And any thing more you can offer that will help confidence in Wealthfront? Thanks.
Have you done a video about putting money into the money market (TIMXX) vice the standard cash account? Pros/Cons etc?
Can i get compound interest on my cass account ?
Should make an ability with the scheduled deposits into cash account, able to automatically spread the amount across each category. I.E: I deposit 250 per week. I put 150 immediately into investments. Then put 50 a week into Christmas Presents category. And 50 a week into Beer Money category.
Thanks, that’s great feedback!
I agree would like to send x amount to and x amount to another monthly
Just signed up for a cash account today!
🙌
This is legit. Their cash account is much better than their investing products. Biggest cons are the $50k ACH withdrawal maximum. This can be avoided by initiating the transfer through their platform. 5 business day deposit lockup. And lastly, their routing/account numbers fail ADP's prenote check for direct deposit.
Send our team an email about the failed routing number via ADP.
Do you receive a single 1099 tax form or multiple ones since Wealthfront is is not a bank and has the funds with 3rd party banks?
Single
how to open account without needing to enter my linking bank account user id password. the website provides only login method but not the traditional method
So If I put 100,00 USD into my cash account and want to remove 100,000 USD plus interests earned is this possible? any penalty fees or limit on how much I can take out? Thank you
Yep! No fees or penalties. The ACH limit is 50k per day but you can request a wire transfer to get all 100k in one day.
I don't see where I can setup the categories. Do I have to open another wealthfront account to setup categories
support.wealthfront.com/hc/en-us/articles/360059000652-Categories
Why was my question about the customer service phone number skipped over?
Just a feature suggestion: for future updates, the categories within the cash account are kind of clunky, literally every app offering buckets in one account allows you to assign cash directly to those buckets, whereas Wealthfront only allows for the transfers to go from your checking into the cash account, and only then can you transfer those funds to say, your emergency fund bucket, manually. I think that's super lame and kina defeats the whole purpose. I was expecting Wealthfront to fix that given the entire tone of the app and the mindset behind it screams we're trying to give you the best financial experience possible.
Thanks for the feedback!
@@wealthfrontvideos Not a problem! Hope it'll be worked on by your team
I have a cash account but it doesn't have the routing number or the option to order a debit card.
Here’s how to add checking features: support.wealthfront.com/hc/en-us/articles/360043850632-Get-checking-features
Is there any fees to transfer money out of wealthfront to other banks? Is there a limit on how Michael you can transfer out?
No fees to transfer out and no limits.
I loved that i could open an account from PR 🇵🇷 3.8% at this time is just amazing. Making money on the first month. The UI is amazing.
🙌
I've been asking that everywhere. I'm from Puerto Rico. Thanks for your comment
Si es mejor que cualquier banco aqui y puedes link tus cuentas de tu banco de PR tambien! Saludos y felicidades
@@gabrielrodriguez9550 gracias 🙂. Acabo de iniciar el proceso. Felicidades y bendiciones
Soy de PR tmbn..Como les va con la cuenta? Quiero abrir una cuenta pero no ten mucha info
Do we have to pay for taxes?
This seems too good to be true. Any comparisons from customers who have used Ally and Wealthfront?
😆
Just look them up online but 4% is literally nothing and business want users so by giving this to us , it’ll bring more customers to them. When I heard bout them I got them asap because current caps 4% on 6k
Wealthfront FTW!!!!
The money put into cash account, is that automatically invested? or its just an account that generates compound interest?
We don't incest funds in your cash account. It accrues interest that compounds.
Can I just use the cash account as a savings account? (i.e not getting a debit card, or adding checking account features)
You can certainly use the cash account just for savings but we don’t support opening an individual cash account and not activating the checking features. Sorry about that!
Thank you for the response, I opened an account today!
Do you have to pay taxes on your wealthfront apy savings account while its making money for you?
Typically, most interest is taxed at the same federal tax rate as your earned income.
Could one also create a joint account?
We don’t support joint cash accounts with the checking features but we do support joint cash accounts with the high-rate feature 🙌
What’s the catch?
Still trying to find it…
If I refer multiple people to WF and let’s say 10 people sign up, does my .5% stack up? Meaning I’ll get an extra. 5% interest on my current rate of 3.8? So a total of 8.8% APY for 3 months?
Unfortunately, no but that would be an intriguing offer LOL
Any requirements to get the full 2% APY like direct deposits? Thanks
Nope!
Can you add a beneficiaries? What if you died is that account can someone have access yo that money?
Yes you can. It's a cool feature.
If the Fed continues to increase rates, do you expect to increase your 2% rate also?
We do yes 🙌
@@wealthfrontvideos awesome, thank you! Just opened an account this week and already made $3 in interest. Way better than my normal bank.
@@shanep2760 what was your normal banks interest rate?>
Is it a checking account that makes 4.05% (cash account)? Or I have do put it in the saving account to make the 4.05%?
It's one account that offers 4.05%. You don't need to move funds between checking or savings.
Bro is rubbing against that plant so much that the leafs are starting to dry away 😟Great video though, very helpful! Question - at 3:56 the 3 categories section is showing over $80K, but when he clicks into it the three categories only add up to $47K, where is the rest of that $33K?
Haha the rest of the 47k is in the main cash account and not in one of the categories. When you use categories, you can still keep funds in the main account if you’d like as well. Thanks for watching!
Does it compound daily? And how often are you paid back the interest?
Accrues daily. Compounds monthly.
@@wealthfrontvideos thanks for the response! does this mean you’re paid on your interest each month? As in that money is added back into your account each month?
@@Kcebab12345 yes
So if I have $ 20,000 I’ll get $700
A month? In compound interest monthly
@devinrosa4706 No! Lol if your interest is $700 then divide that $700 by 12 and that's what you get a month in interest.
so is it like a 401k?
No it’s like a bank account but we’re not a bank so we can’t call it that.
@wealthfrontvideos Can't wait until join-accounts have the debit card feature
What is Wealthfront's customer service phone number and hours?
Now that Wealthfront has increased interest rates to 2% means that if I put 100,000 USD I get 2,000 USD a month in interest? Thank you.
2000 per year. So you'd get $166 per month.
The APY is an annual, not monthly rate. APY also takes into account compounding but it would be about $2,000 for the year.
www.bankrate.com/glossary/a/apy-annual-percentage-yield/
I have Bank Of American right now and I probably never heard them say anything about emergency fund probably making and I do want to give this a try ngl I’m just curious how much do you need to invest?
$500 minimum to get started investing and just $1 to open a cash savings account 👍
@@wealthfrontvideos Okay thanks
And next month it will be .05%?
That's what all these banks do. They keep lowering it.
🧐
Rates should start to increase
%3.3 as of today
Told ya
Any minimum balance? And are there any fees?
None and none
@@wealthfrontvideos Thanks!
What happen if you guys failed ? How would my money return to me ?
What is the APY on the Savings Account?
2.00% APY
This guy talks about $10,000 as if it's just a few bucks. Lol
To be honest it really is
Yeah, in this day, $10,000 is the new $1000
Im not sure if i trust this company
hmmmmm