Should make an ability with the scheduled deposits into cash account, able to automatically spread the amount across each category. I.E: I deposit 250 per week. I put 150 immediately into investments. Then put 50 a week into Christmas Presents category. And 50 a week into Beer Money category.
This is legit. Their cash account is much better than their investing products. Biggest cons are the $50k ACH withdrawal maximum. This can be avoided by initiating the transfer through their platform. 5 business day deposit lockup. And lastly, their routing/account numbers fail ADP's prenote check for direct deposit.
So If I put 100,00 USD into my cash account and want to remove 100,000 USD plus interests earned is this possible? any penalty fees or limit on how much I can take out? Thank you
Just look them up online but 4% is literally nothing and business want users so by giving this to us , it’ll bring more customers to them. When I heard bout them I got them asap because current caps 4% on 6k
Just a feature suggestion: for future updates, the categories within the cash account are kind of clunky, literally every app offering buckets in one account allows you to assign cash directly to those buckets, whereas Wealthfront only allows for the transfers to go from your checking into the cash account, and only then can you transfer those funds to say, your emergency fund bucket, manually. I think that's super lame and kina defeats the whole purpose. I was expecting Wealthfront to fix that given the entire tone of the app and the mindset behind it screams we're trying to give you the best financial experience possible.
The APY is an annual, not monthly rate. APY also takes into account compounding but it would be about $2,000 for the year. www.bankrate.com/glossary/a/apy-annual-percentage-yield/
I have Bank Of American right now and I probably never heard them say anything about emergency fund probably making and I do want to give this a try ngl I’m just curious how much do you need to invest?
@@wealthfrontvideos thanks for the response! does this mean you’re paid on your interest each month? As in that money is added back into your account each month?
If I refer multiple people to WF and let’s say 10 people sign up, does my .5% stack up? Meaning I’ll get an extra. 5% interest on my current rate of 3.8? So a total of 8.8% APY for 3 months?
You can certainly use the cash account just for savings but we don’t support opening an individual cash account and not activating the checking features. Sorry about that!
how to open account without needing to enter my linking bank account user id password. the website provides only login method but not the traditional method
Bro is rubbing against that plant so much that the leafs are starting to dry away 😟Great video though, very helpful! Question - at 3:56 the 3 categories section is showing over $80K, but when he clicks into it the three categories only add up to $47K, where is the rest of that $33K?
Haha the rest of the 47k is in the main cash account and not in one of the categories. When you use categories, you can still keep funds in the main account if you’d like as well. Thanks for watching!
