Wealthfront Review: High-Yield Savings and Smart Automated Investing

4.9

GBR RATING

GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Wealthfront offers a High-Yield Cash Account and automated tools to make investments easier and more accessible.

Wealthfront is part of a growing group of robo-advisors that aim to make investing easier and more accessible. It currently manages over $75 billion in consumer funds and offers significantly higher FDIC insurance on deposits.

In addition to a High-Yield Cash Management account, Wealthfront will help you assess the biggest financial moves you’re likely to make — buying a home, saving for college, retirement and travel. GOBankingRates has ranked it among the Best Banks of 2025 in several categories, including Best Neobanks and Best High Yield Savings Accounts.

Wealthfront Cash Account 

Wealthfront currently offers a APY on its Cash savings accounts. Notably, the company provides up to $8 million FDIC insurance through its network of partner banks. This is considerably more than the standard $250,000 FDIC insurance offered by many competitors, making Wealthfront a more attractive option to high net-worth cash savers.

• No account fees.
• Free instant withdrawals and wire transfers.
• No minimum or maximum balance requirements.
• Get paid up to two days earlier with direct deposit.
• Free debit card.
• No human advisors.

4.9

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Wealthfront Cash Account

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Best for

High-Yield Savings Accounts

Neobanks

Account Perks

Investment Options

Low Monthly Fees

No Account Fees

Wealthfront Cash Account offers no fees, unlimited free transfers and up to $8 million in FDIC insurance, making it a secure and flexible option for savers.

Fees

None

APY

Min Opening

$0

Pros

• APY of
• More FDIC insurance coverage
• Free wire transfers
• ATM fee reimbursement up to two out-of-network withdrawals

Cons

• Lack of human advisors
• No physical branches 

Why We Like Wealthfront

The Wealthfront Cash Account is a high-yield cash management account offering a competitive APY. It combines features of both checking and savings accounts, including no account fees, unlimited free transfers and up to $8 million in FDIC insurance through partner banks. 

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Wealthfront Automated Bond Portfolio

Wealthfront also offers automated bond ETFs. These are blended portfolios made up of different types of bonds, such as corporate bonds, short-term treasuries, floating-rate bonds and more.

What makes Wealthfront stand out here is its automated features for bond investing. The company’s robo-advisors can build you a personalized blended bond portfolio from scratch and then rebalance it automatically over time to help you maximize after-tax yield.

Some of the factors that Wealthfront’s robo-advisors use to choose your bond blend include your location, how much you earn and your savings goals. The company can also build liquidity into your automated bond ETF to ensure you have enough financial flexibility to tackle whatever the future brings.

These automated bond ETFs give you a higher yield than what you would earn from cash savings alone. They’re also diversified to keep you protected from black swan events that could otherwise eat into your savings.

Wealthfront Automated Investing

Investing in financial markets is riskier than saving your money through cash or bonds. But it also opens the door to larger returns on your capital – especially if you have a longer time horizon and are okay with periodic dips as long as your money goes up over time.

Wealthfront offers automated investing powered by robo-advisors. These can build a customized portfolio of market index funds from around the world based on your risk tolerance, tax situation and other investing preferences — including social responsibility.

The company will also help you invest in individual stocks with various robo-advisor tools. Just keep in mind that investing in individual stocks is riskier than investing in index funds, which is itself riskier than saving cash and buying bonds.

Also, Wealthfront will help guide you toward investing in a 529 plan to help you set your kids up for college while they are young. The account is open to residents of any state, and changing beneficiaries is flexible. The platform will help you manage your risk and automate your savings. 

Wealthfront helps you work through all financial decisions with questionnaires. As long as you answer truthfully, it’ll help you create an ideal savings strategy with cash, bonds and stock components if that’s what works best for your goals. 

Banking Experience

There are positives and negatives when it comes to Wealthfront’s banking experience. This means your level of happiness with the bank can depend on how you prefer to manage your money.

For example, Wealthfront’s mobile app is highly rated on the Apple Store, with 4.8 stars out of 5, and Google Play, with 4.8 out of 5 stars. Users report a smooth mobile banking experience with helpful tools for entry-level investors.

However, Wealthfront’s customer service could be better. The company doesn’t publish an easy phone number anyone can contact when they need help. You also won’t find any live chat support on Wealthfront’s website. It’s for reasons like this that the company has received some poor reviews on websites like ConsumerAffairs.

Ultimately, it seems like most people who bank primarily through Wealthfront’s mobile app are happy with their experience. But if you prefer to go into physical branches for your banking, Wealthfront’s banking experience is unlikely to live up to your expectations.

Comparable Neobank Options  

No bank is a perfect fit for everyone. Here are a few other banking options that are similar to Wealthfront.

Savings

SELECTED BANK

4.9

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Wealthfront Cash Account

Start Banking

MOST COMPARABLE

4.7

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Varo Bank Savings Account

Read Review

MOST COMPARABLE

4.9

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Betterment High-Yield Cash Account

Read Review

Fees

Fees

Fees

None

None

No monthly service fee

APY

APY

APY

Up to

Min Opening

Min Opening

Min Opening

$0

$0

$10

Wealthfront vs. BMO Alto

BMO Alto offers an Online Savings account that currently pays . Unlike Wealthfront, BMO Alto also offers CDs with lengths ranging from six to 60 months. This could make it a better fit for your needs if you’re interested in locking in a high savings rate long-term through a certificate of deposit account.

Wealthfront vs. Betterment 

Betterment also offers automated investment management but caters to beginners. A basic plan has no account minimums, and the premium tier offers personalized financial advice. Both platforms have diversified portfolios and low fees, but Betterment is better suited to consumers seeking simplicity and access to human advisors. Wealthfront is ideal for those who value automation and a tech-savvy platform.

Wealthfront vs. Varo Bank

Wealthfront and Varo Bank are both considered neobanks, but they cater to different needs. Wealthfront specializes in automated investment management, while Varo Bank is focused on digital banking solutions. Varo provides fee-free checking and saving accounts but does not offer investment options. Those individuals who prefer tech-savvy investment management may prefer Wealthfront. 

Final Take 

Wealthfront’s high-yield savings accounts can be a good fit for mobile-first savers who want help optimizing for taxes. The company’s automated bond portfolios and robo-advisor investment accounts also make it a viable option for people who want to put some of their savings into the market.

However, Wealthfront may not be right for you if you’re looking for a pure checking account alongside your savings account. The company also doesn’t have physical branches or provide any financial advice from humans, which may not fit with your preferences.

Kelli Francis and Rudri Patel contributed to the reporting for this article.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Nov. 27, 2024.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

To determine rankings GOBankingRates looked at the following factors from all banks: (1) minimum deposit to open an account; (2) monthly savings fee ratio (percent the minimum to avoid fee compared to the monthly fee itself); (3) minimum needed to earn APY; (4) savings APY; and (5) the average mobile app rating between the Google Play (Android) and Apple stores. All factors were then scored and combined, with the lowest score being the best. Factors (2) and (3) weighed 1.5 times, factor (4) weighed 4 times; and factor (5) weighed 0.5 times. To be considered for the HYSA, the product offered had to have an APY above 0.45%. All products and offerings had to be available as of Nov. 1, 2024, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Nov. 27, 2024.

Neobanks are fintech firms that offer apps, software and other technologies to streamline mobile and online banking. These fintechs generally specialize in particular financial products, such as checking and savings accounts. To determine rankings for the Best Neobanks of 2025, GOBankingRates analyzed the following factors: (1) monthly checking fee ratio (percent the minimum to avoid fee compared to the monthly fee itself); (2) minimum needed to earn APY; (3) savings APY; (4) products/services offered (credit cards and investment services); (5) the average mobile app rating between the Google Play (Android) and Apple stores; and (6) number of extra benefits and perks unique to neobanks. All factors were then scored and combined, with the lowest score being the best. Factors (1) and (2) were weighed 0.5 times, and factors (3) and (6) were weighed 2 times. All products and offerings had to be available as of Nov. 1, 2024, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Nov. 27, 2024.

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