What is Wealthfront Bank? (Sign Up here!)
Wealthfront Bank is a digital bank that offers a wide range of financial services to its customers. Founded in 2011, it has become one of the most popular online banks in the US. Wealthfront Bank is an FDIC-insured bank that provides customers with high-interest savings accounts, checking accounts, and investment accounts.
Wealthfront Bank is a subsidiary of Wealthfront Corporation, a financial planning and investment management company based in Redwood City, California. The company was founded by Andy Rachleff, who is a well-known venture capitalist and technology entrepreneur.
Wealthfront Bank is a member of the Securities Investor Protection Corporation (SIPC) and is regulated by the Securities and Exchange Commission (SEC). The bank is also a member of the Financial Industry Regulatory Authority (FINRA).
Why You Should Sign Up for Wealthfront Bank
- High-Interest Savings Accounts
Wealthfront Bank offers one of the highest interest rates for savings accounts in the market. Currently, the interest rate for the Wealthfront Cash Account is 0.10% APY. This rate is higher than the national average for savings accounts, which is 0.05% APY.
The Wealthfront Cash Account is also FDIC-insured up to $1 million, which means your money is safe and secure.
- No Account Fees
Unlike traditional banks, Wealthfront Bank does not charge any account fees. This means you can save more money and earn more interest on your savings.
- Easy to Use Mobile App
Wealthfront Bank has a user-friendly mobile app that makes it easy to manage your accounts. You can check your account balance, transfer money, and pay bills from the app.
- Automated Investing
Wealthfront Bank offers an automated investing platform that uses advanced algorithms to create and manage diversified investment portfolios. The platform uses Modern Portfolio Theory to build portfolios that are tailored to your investment goals and risk tolerance.
The minimum investment to start investing with Wealthfront Bank is $500. The investment management fee is 0.25% per year, which is lower than the industry average.
- Retirement Accounts
Wealthfront Bank offers both traditional and Roth IRA accounts to help you save for retirement. The IRA accounts have no account fees and no minimum balance requirements.
- Overdraft Protection
Wealthfront Bank offers overdraft protection to its customers. If you overdraw your account, the bank will automatically transfer money from your savings account to cover the transaction. This service is free of charge and can help you avoid expensive overdraft fees.
- Bill Pay
Wealthfront Bank offers a bill pay service that allows you to pay your bills online. You can set up recurring payments, pay bills one-time, and track your payment history.
- Joint Accounts
Wealthfront Bank offers joint accounts, which is a great option for couples or families who want to save together. Joint accounts have no account fees and no minimum balance requirements.
- Referral Program
Wealthfront Bank has a referral program that rewards you for referring friends and family to the bank. For every person you refer, you and your friend will each receive a $5,000 bonus on your investment account.
- Excellent Customer Support
Wealthfront Bank has excellent customer support that is available 24/7. You can reach customer support via phone, email, or chat.
Conclusion
Wealthfront Bank is a great option for anyone who is looking for a high-interest savings account, a checking account, or an investment account. With no account fees and a user-friendly mobile app, Wealthfront Bank makes it easy to manage your finances.