Note: As of November 2024, we’ve introduced the ability for Joint and Trust Cash Accounts to send wires in addition to Individual Cash Accounts. The article has been updated to reflect this.
From offering an industry-leading APY (currently 4.00%) to increasing the FDIC insurance we offer to a max of $8 million — both made possible through our partner banks — we’re always looking for new ways to make the Wealthfront Cash Account an ideal place to grow your short-term savings and keep it safe until you invest it. And since we believe that growing your savings safely shouldn’t mean trading the ability to get your cash out — wherever and whenever you need it — we’re also consistently working to give you more ways to access your money easily. Today, we’re pleased to announce that we’ve added the ability to make free wire transfers from all Wealthfront Cash Accounts, including Individual, Joint, and Trust accounts.
Adding to the many ways you can already access your money — including free same-day withdrawals and transfers, paying bills with account and routing numbers, making purchases and getting cash with a debit card, integration with payment apps like Venmo and Apple Pay, and mailing checks — wire transfers now open the door to making down payments on homes and transferring quick cash to external accounts owned by you, your account co-owner, or trustees to facilitate big purchases.
Here’s what you need to know about wires:
- Verify your identity and complete your wire with just a few taps in the mobile app
There are no manual forms or confirmation phone calls. We’ll let you know if we require any additional information for security purposes. - Make a down payment (with a spouse or on your own), or transfer to yourself
We’ve seen that couples making down payments is one of the most common uses for funds in Wealthfront Cash Accounts, so with this launch, we’ll support wires to verified title companies as well as accounts owned by you, your account co-owner, or trustees at other institutions. - Same-day transfers
If you initiate a wire by 4:30 p.m. ET on a business day, your wire will typically be processed on the same day. Otherwise, it will be processed on the next business day. - High instant approval limits
Wires up to $500K are eligible for instant approval, meaning no extra hoops to jump through for even your largest transfers. For amounts over $500K, we’ll manually review the request to help protect the security of your account. - Destination account verification
No one wants to worry about mistakenly sending a high-stakes wire to the wrong account. We’ll verify the account destination matches the name you entered and also let you review and confirm the information. - Send wire transfers for free
Transfer funds to title companies and accounts owned by you, your account co-owner, and trustees. Receiving institutions may charge a fee.
To send a wire transfer, head to the “Transfers” menu on our website or app and tap the “Wire money” option.
Build long-term wealth on your own terms
We’re far from done when it comes to bringing you features to help you access your money whenever and wherever you need it. While other financial institutions may have trained you to expect slow and expensive transfers, we’re focused on providing money movement that’s fast, easy, and affordable. Stay tuned for further improvements to transfers that will give you even more options to get your money where it needs to be, ASAP. We won’t stop working to give you more advantages in building your long-term wealth with us.
Got more questions about how wire transfers work at Wealthfront? Visit our help center for a FAQ.
Disclosure
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 a solicitation or offer, or recommendation, to buy or sell any security.
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. Fees and Eligibility requirements may apply to certain checking features, please see the Deposit Account Agreement for details. Copyright 2024 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. Venmo® is a registered trademark of PayPal, Inc.
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 Software”).
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 September 27, 2024 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.
Please note, Real-Time Payments (RTP) transfers may be limited by destination institutions, daily transaction caps, and by participating entities such as Wells Fargo and the RTP® Network. New Cash Account deposits are subject to a 2-4 day holding period before becoming available for transfer. Wealthfront doesn’t charge for transfers, but receiving institutions may impose an RTP fee.
For more information about wires, visit www.wealthfront.com/legal/online-transfer-agreement.
All investing involves risk, including the possible loss of money you invest, and past performance does not guarantee future performance. Please see our Full Disclosure for important details.
Wealthfront Advisers, Wealthfront Brokerage, and Wealthfront Software are wholly owned subsidiaries of Wealthfront Corporation.
Copyright 2024 Wealthfront Corporation. All rights reserved.
About the author(s)
Dave Myszewski is the Vice President of Product at Wealthfront where he oversees product development, consumer research, and client support. Prior to Wealthfront, Dave worked at Apple for 12 years including an engineering role on the first iPhone. Dave holds an MS and BS in Computer Science from Stanford University. View all posts by Dave Myszewski
