The manual transfer is a bummer. That's the one downside that is really annoying. Other than that been using Wealthfront for 15 months and haven't looked back.
@@BrittanyFlammer I was in touch with their team asking them to update it, and was told they're aware and working on it, i will follow up with them. Thank you for your review
@@spooze361 Sure. As an example...say you have a wealthfront account and want to create a category for vacation and a category for house maintenance. Say you want to put $50 each month to house maintenance and $100 each month to vacation. You could set up an automatic transfer for $150 to go into your wealthfront account. But in order to put the $50 to house and $100 to vacation you would have to log into your wealthfront account and transfer the money. It's easy and only takes about 30 seconds to do...but you can't automate it. With banks like SoFi or Ally you can set up auto transfers so the $50 and $100 would automatically go into those categories each month without you having to do anything. I hope that helps.
I rarely use a debit card and use my credit card for almost everything, does getting the Wealthfront Cash Account make sense with that in mind? As in, I'd rarely use the debit card but would regularly make credit card payments from the account? It seems like it's a nice hybrid between a checking/savings account!
I was under impression you could use the automated savings function for automatic transfers? Anyway good video! Side note I work for Ally but use Wealthfront haha
Haha! That's hilarious. I use both and like both, but different pros and cons. You can setup auto transfers into Wealthfront, but they go. into the main cash account. You have to manually transfer them into your separate categories. Does that make sense?
@@BrittanyFlammer I use Wealthfront, You can also make automatic transfers from cash account into categories. I do something like if I have X amount of money in my cash account it will automatically transfer the rest into my categories.
At the end of the year, when tax returns are due, does Wealthfront automatically send you a form with how much money you earned to use on your tax return?
Good question. The short answer - it depends. Here's when I would choose each: Wealthfront - if you have a large amount of money (to make the higher interest rate worthwhile) or if you need access to your cash very fast (aka the same day). Ally - if you want to use it for sinking funds and have automatic transfers directly into your buckets. You can set up your auto transfers and forget about it.
Thank you for this informative video, it helped alot with me understanding my new Wealthfront account. I do have one question if you don’t mind, so the more money that I have in my wealthfront account the more it will acquire correct? For example I started off with just depositing $2 in the account due to just playing it safe, but if I would have deposited $200 I would have acquired a higher interest?
I believe that you are able to auto transfer in accounts but only with individual. I don’t think it will let you do it with a joint account at least from what I have read.
I've got the joint account and I can auto transfer money into the wealthfront account, but not into the categories you setup. It would be nice if we could have it go directly into the categories. It's not a big issue for me, but I know a lot of people who that's a deal breaker for.
@@123Mack08 Thanks for sharing. This is a new feature since I first opened my account. It's helpful, but i still prefer being able to set up an automatic set amount into different categories regularly. Maybe they'll come out with that soon?
I love both. There are a few pros/cons: Wealthfront - higher interest rate, it lets you do categories, but you can't automatically transfer money into the categories. You have to manually do it. Ally - lower interest rate, but you can set up automations into your buckets so you don't have to think about transferring the money in. Overall they are both good accounts and I like each of them.
@@CyDGamers That's trickier. It depends on what features are most important. Wealthfront has a slightly higher interest rate and you might be able to access your money faster. SoFi has more features with checking/credit card/etc.
I just moved from WF to CIT for HYSA. Go and study what happened to Yotta. WF uses also middle man and although they also claim it is safe it is always safe until it is not. Not that you would lose money but they can be locked/blocked for extended period of time until you get them back in case something happens like with Yotta. That's why I moved just few days ago to true bank with direct account under my name. I still trust WF for brokerage account as their system works differently for that and is same as fidelity or Schwab.
Hi I just turned 20 and want to be able to have generational wealth. I know nothing about apy or percents because I haven’t been taught. I assume Wealthfront is a good place to start for my savings? How much do you recommend I put in at first?
Wealthfront is a great account for saving money. The younger you start the more interest will work on your side! If you're wanting to save money, the best place to start is with an emergency fund. Make sure you've got 3-6 months of money set aside for an emergency. An online savings account (like Wealthfront) is a great place to hold this money. After you've got an emergency fund, the next step would be investing your money. Most experts recommend investing 15% of your gross income.
Good question. You will receive the 5% on the total amount. It accumulates all month, then on the 1st day of the next month it is deposited into your cash account. You can then move it into a category if you want.
The 5% is their current rate of interest. It’s indefinite, until the market changes and Wealthfront changes its rates. The bonus .5% you get with my link is only for 3 months.
It's just one account. It's called a cash account and it is a savings account, but has some checking features. There's no way to close the checking features. If you have an individual account you have a few more checking features, but with our joint account it is just like a savings account to me.
They just offer a cash account. It is basically a savings account with some checking account features. If you signup for the account as an individual you can deposit checks, get a debit card, etc...It doesn't have as many features as a typical checking account, but some of the basics. I didn't realize this when I set ours up, so I set up a joint and it is essentially a savings account.
Hmmm... it should work for you. As a referrer I also earn the .5% bonus. It's for 3 months for both of us. As a referrer I can only earn up to 6 months of extra bonus (ie...if 2 people signed up). After that it's still supposed to work for anyone that uses my link, but I don't get an extra bonus beyond the 6 months. I don't get any personal information about who signs up, but I do get notified when someone uses my link to signup and they get the bonus. I received an email today with someone getting the bonus. I've checked out the link and it seems to be working when I try it in incognito. I have no idea why else it wouldn't be working for you, unless you're already a customer with wealthfront?
You can extend the bonus past your initial 6 months. Let's say I've had 2 referrals and have the 6 months and 2 months later I get another referral instead of only having 4 months left it will go back to 6 months. Essentially giving you 8 months. I hope that made sense.
I'll try to make them bigger next time. The problem is, they are small on their website and if I enlarge them too much it gets blurry...but I could make them a little bigger. Thanks!
Anyone had wealthfront for a long time? Any problems transferring or withdrawing money from your wealthfront account to your bank? Like any issues tryna get your money?? Lmk please and ty
I haven't had any problems at all. One of my other banks is same day eligible, so I can have the money transferred into my other account the same day. It's insanely fast. Another of my banks isn't eligible, so it takes a couple of business days (just the standard for most banks).
@@Doingmybest700 Here is a link to the list of 400ish banks that are same day eligible: www.theclearinghouse.org/payment-systems/rtp/RTP-Participating-Financial-Institutions
