Note: As of May 2024, Wealthfront no longer charges a fee to send wires. The article has been updated to reflect this.

Today, we’re excited to announce you can make free same-day withdrawals from your Wealthfront Cash Account every day, including holidays and weekends. That means you can earn a high APY on all of your cash without leaving a buffer in external accounts for last-minute purchases. As long as you initiate the withdrawal to an eligible external account by 6pm PT/9pm ET, your money will arrive the same day—even on weekends and holidays. You can track your transfer’s progress in real time in the Wealthfront app. 

We built our Cash Account to be an ideal home for your short-term cash until you’re ready to invest. That’s why we offer a high APY of 5.00% and up to $8 million of FDIC insurance through our partner banks with no account fees. Free same-day withdrawals are just one of the many ways you can access your money at Wealthfront, including unlimited transfers, bill pay, a debit/ATM card, compatibility with apps like Venmo & Apple Pay, the ability to send checks for free, and send wire transfers for free (receiving institutions may charge a fee). We’re delighted to offer same-day withdrawals to give you a faster, no-cost way to get your money to external accounts when you need it (and more freedom to keep earning our high APY while you don’t). 

How do free same-day withdrawals work?

It’s never been faster to move money from your Cash Account to an eligible external account. Accounts held at 400+ participating institutions on this list are automatically eligible. Just initiate a withdrawal by 6pm PT to an eligible account (9pm for clients on the east coast), and you’ll receive funds on the same day—usually in just a few hours. Here are some of the popular banks that are eligible for same-day withdrawals:

  • Bank of America
  • Capital One
  • Citibank
  • Chase
  • Goldman Sachs Bank
  • PNC Bank
  • TD Bank
  • Truist Bank
  • US Bank
  • Wells Fargo

These faster withdrawals are made possible by a new standard in the financial industry called the RTP® Network. To make sure your eligible accounts are linked and ready for same-day withdrawals, click + Add account at the bottom of your Wealthfront dashboard, and then select External from the account options. 

To initiate a withdrawal, head to the “Transfers” menu on our website or app and select “Withdraw.” You’ll see any RTP-eligible accounts clearly marked with a lightning bolt, and you’ll get a preview of your expected transfer timing with an arrival estimate. (Withdrawals to accounts that are not RTP-eligible are processed via ACH and usually arrive in 1-2 business days.)

When you set up the withdrawal, we’ll give you an estimate of when it will arrive and we’ll email you a confirmation along with the arrival estimate. Once the funds have arrived at their destination, we’ll send you a real-time push notification letting you know. You can also track your transfer’s progress in real time in the Wealthfront app. 

Earn a high APY on all of your cash

We designed our Cash Account to be the ideal place for your short-term cash until you’re ready to invest. But maybe you’re nervous about last-minute expenses because you’re not sure how long it will take to transfer your money where you need it to be. As a result, you might keep some of your cash in accounts where it earns next to no interest, just so it’s available in a pinch in case of a last-minute bill, Venmo request from a friend, or expensive home repair. We’ve worked to eliminate that stress and hassle by making it possible to easily withdraw your money from your Cash Account—in many cases, in a matter of hours—for free, any day of the year. You can now forget about counting business days and confidently earn our high 5.00% APY on all of your cash right up until the day you need it.

Build long-term wealth on your own terms

At Wealthfront, we’re building a financial system that favors people, not institutions. That means we’re constantly working to improve the tools we offer for managing and growing your money, including our high-interest Cash Account. You may have come to expect slow and expensive from your other accounts, but you can count on us to keep making our products better. Stay tuned for further improvements to transfers that will open up even more possibilities for your money to move.

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Disclosure

Please be aware, Cash Account deposits are held for a period of 2-4 business days before becoming available for transfer. Wealthfront doesn’t charge for transfers, but receiving institutions may impose an RTP fee. Daily transfer limits and third-party participants, including Wells Fargo and the RTP® Network may limit RTP processing times.

We’ve partnered with Green Dot Bank. The checking features offered on your Wealthfront Cash account are provided by and the Wealthfront Visa® 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. Checking features for the Cash Account are subject to identity verification by Green Dot Bank and the Wealthfront Visa® Debit Card is optional and must be requested. Wealthfront products and services are not provided by Green Dot Bank. Green Dot Bank operates under the following registered trade names: GO2bank, GoBank 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.

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. Fees and Eligibility requirements may apply to certain checking features, please see the Deposit Account Agreement for details. Copyright 2023 Green Dot Corporation. All rights reserved.

Apple Pay, Face ID and Touch ID are trademarks of Apple Inc. Google Pay is a trademark of Google LLC.

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 cash balance in the Cash Account is swept to one or more banks (the “program banks”) where it earns a variable rate of interest and is eligible for FDIC insurance. FDIC insurance is not provided until the funds arrive at the program banks. FDIC insurance coverage is limited to $250,000 per qualified customer per banking institution. Wealthfront uses more than one program bank to ensure FDIC coverage of up to $8 million for your cash deposits. For more information on FDIC insurance coverage, please visit www.FDIC.gov. Customers are responsible for monitoring their total assets at each of the program banks to determine the extent of available FDIC insurance coverage in accordance with FDIC rules. The deposits at program banks are not covered by SIPC.

The Annual Percentage Yield (APY) for the Cash Account is as of November 3, 2023 and 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, Wealthfront Brokerage or any affiliate 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.

Wealthfront, Wealthfront Advisers and Wealthfront Brokerage are wholly owned subsidiaries of Wealthfront Corporation.

Copyright 2024 Wealthfront Corporation. All rights reserved.