REACH YOUR SHORT TERM GOALS FASTER
A cash account that works as hard as you do.
2.57% APY. FDIC-insured up to $1 million. Unlimited transfers. No fees.
Whether you're saving for a rainy day, upcoming expense, or saving up to invest later, our high-interest cash account is a secure place to grow your cash so you can hit your short-term goals faster.
Wealthfront Cash Account clients should be aware of restrictions WF imposes on "new accounts" when transferring funds between external banks. This is not surprising since WF doesn't seem very forthcoming on these restrictions.
While WF Cash prominently advertises unlimited ACH withdrawals as one of its cash account features, when actually used, Wealthfront only permits ACH-Push withdrawals to the external account which originally funded the WF account. Withdrawals to other linked external accounts are "rewritten" by WF to direct withdrawals to the external account which funded the WF Cash account.
This essentially turns the WF Cash account into a no-penalty CD account rather than a useful financial management tool.
WF was vague as to how long these "new account" restrictions would remain in-effect for but cited timeframes in terms of "months".