We’re delighted to announce that today, we’re raising the APY on the Wealthfront Cash Account from 1.40% to 2.00% APY following the Federal Reserve’s decision to raise the target range for the federal funds rate. 

This means your cash will now earn 20x the interest at Wealthfront compared to what it would earn in a regular savings account. You’ll also get up to $1 million in FDIC insurance through our partner banks (4x what you’d get at a traditional bank) and pay no account fees, ever.

Why is the Cash Account APY going up?

As you may already know, we partner with several banks to offer you a Cash Account with a high APY. Because of this setup, the APY we offer on the Cash Account is largely determined by the rate we receive from these partner banks for deposits. The rate our partner banks pay us depends on both the effective federal funds rate (EFFR) and how eager the banks are for additional deposits (which translates to a premium or discount they pay relative to the EFFR). When the Fed raises the target range for the EFFR, the rate we can offer our clients increases. We’re excited that the Fed’s most recent increase allows us to pay you a much higher rate on your cash.

You’ve likely noticed that interest rates have already increased a few times this year. That’s because the Fed is raising the target range for the federal funds rate in an attempt to rein in inflation—or an increase in the prices of goods and services—which is currently at historic levels. 

Grow your savings faster with no fees

We’re delighted to pay you more interest on your Cash Account deposits so your savings can grow faster with no extra effort and no market risk. You won’t pay any account fees including maintenance fees, overdraft fees, excess activity fees—you name it. Whether you’re building an emergency fund, saving for a big purchase like a car or down payment, or just keeping money handy for your regular expenses, the Wealthfront Cash Account is an ideal home for your short-term savings. It also has best-in-class automation features so you can organize your savings into categories, track your progress against your goals, and invest your money within minutes when you’re ready to build long-term wealth. And since you get access to a debit card and 19,000 free ATMs, your cash is always available on your terms. 

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We’ve partnered with Green Dot Bank, Member FDIC, to bring you checking features.

Checking features for the Cash Account are subject to identity verification by Green Dot Bank. Debit Card is optional and must be requested. Wealthfront Cash Account Visa(Registered TM) Debit Card is issued by Green Dot Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Visa is a registered trademark of Visa International Service Association. Green Dot Bank operates under the following registered trade names: GO2bank, GoBank, Green Dot Bank and Bonneville Bank. All of these registered trade names are used by, and refer to, a single FDIC-insured bank, Green Dot Bank. Deposits under any of these trade names are deposits with Green Dot Bank and are aggregated for deposit insurance coverage. Wealthfront products and services are not provided by Green Dot Bank. Green Dot is a registered trademark of Green Dot Corporation. Copyright 2022 Green Dot Corporation. All rights reserved.

Other fees apply to the checking features. Fee-free ATM access applies to in-network ATMs only. For out-of-network ATMs and bank tellers a $2.50 fee will apply, plus any additional fee that the owner or bank may charge. Other eligibility requirements for mobile check deposit and to send a check may apply. Please see the Deposit Account Agreement for details.

Cash Account is offered by Wealthfront Brokerage LLC (“Wealthfront Brokerage”), a Member of FINRA/SIPC. Neither Wealthfront Brokerage nor any of its affiliates are a bank, and Cash Account is not a checking or savings account. We convey funds to partner banks who accept and maintain deposits, provide the interest rate, and provide FDIC insurance. Investment management and advisory services–which are not FDIC insured–are provided by Wealthfront Advisers LLC (“Wealthfront Advisers”), an SEC-registered investment adviser, and financial planning tools are provided by Wealthfront Software LLC (“Wealthfront”).

The Annual Percentage Yield (APY) for the Cash Account may change at any time, before or after the Cash Account is opened. 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. Deposit balances are not allocated equally among the participating program banks.

The information contained in this communication is provided for general informational purposes only, and should not be construed as investment or tax advice. Nothing in this communication should be construed as tax advice, a solicitation or offer, or recommendation, to buy or sell any security. Any links provided to other server sites are offered as a matter of convenience and are not intended to imply that Wealthfront Advisers or its affiliates endorses, sponsors, promotes and/or is affiliated with the owners of or participants in those sites, or endorses any information contained on those sites, unless expressly stated otherwise.

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Copyright 2022 Wealthfront Corporation. All rights reserved.