Wealthfront Cash Management Account Review 2024

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Quick Take: The Wealthfront Cash Account combines the features of a checking and savings account, offering a high APY along with direct deposit and debit card spending. You can easily transfer money practically instantly from your Cash Account to your Wealthfront Investment Account. As an added bonus, you won't pay any monthly fees for your account.

Wealthfront Cash Account Overview

The Wealthfront Cash Account is a high-yield account that combines the features and benefits of both a checking and a savings account. As you would with a checking account, you can deposit funds into the account or set up direct deposit, and then spend it using your debit card. And like a high-yield savings account, you’ll earn interest on your balance. As of July 14, 2024, the Wealthfront Cash Account has an APY of .

Key Features

The Wealthfront Cash Account has some key features that may help you decide whether it’s the right place to keep your money.

High APY

First and foremost, the Wealthfront Cash Account offers a high annual percentage yield on your account balance. As of July 14, 2024, the account currently offers an APY of . This is better than most other high-yield products such as CDs, but without the account limitations.

Wondering how that stacks up with other accounts? According to the FDIC, the average rate on a savings account in 2024 is 0.36%. That means Wealthfront is paying over 10 times more than standard savings accounts. Even when you compare Wealthfront’s APY to other high-yield savings accounts, it still stands out among the top rates.

Checking Account Features

One feature that really helps Wealthfront’s Cash Account to stand out among competitors is its checking account features. After you sign up for your Cash Account, you can opt in to have access to those features. Once you do, you’ll be able to use the account like any other checking account. Some of the features available include:

• Direct deposit
• Mobile check deposit
• Debit card
• Bill payment
• 19,000 no-fee ATMs

Easy Transfers

Wealthfront makes it easy to transfer your money to other accounts. First, you can make unlimited fee-free transfers to external accounts, including using automated transfers. Additionally, you can make near-instant transfers to your connected Wealthfront Investment Account, which makes it easy to invest extra cash in your Wealthfront Cash Account.

No Fees

Many checking and savings accounts charge fees that include monthly maintenance fees, debit card fees and more. With the Wealthfront Cash Account, you won’t have to worry about that. Wealthfront doesn’t charge any monthly fees on its cash accounts. The only fee you might incur is depositing cash, which could cost you up to $5.95.

How Wealthfront Cash Account Stands Out

The Wealthfront Cash Account stands out in a few different ways. First, the account has a higher APY than many other high-yield savings accounts on the market, meaning it can help you put your savings to better use. 

Next, the account offers checking account features as well as savings features, which many high-yield accounts don’t offer. Because of this, you can do all of your banking in just one account. Finally, Wealthfront offers easy transfers, including from your Cash Account to your Investment Account to help you earn an even better return on your cash.

Comparable Wealthfront Cash Account Options

The Wealthfront Cash Account is an excellent way to earn a high return on your money, but there are some alternatives you may also want to consider.

SoFi Online Bank Account

The SoFi Online Bank Account is comparable to the Wealthfront Cash Account in that you get the features of both a checking and savings account with no fees. While the money technically sits in two separate accounts, both SoFi® and Wealthfront have a high APY, as of July 2024. If you spend more money than is in your checking account, it will simply move money over from your savings account.

The SoFi Online Bank Account also has some additional features, including getting access to your direct deposits two days early and getting a $300 bonus when you open your account. But while a SoFi Savings Account earns up to APY with qualifying direct deposits, Wealthfront pays APY with no deposit requirements.

UFB Direct

UFB Direct offers two different savings accounts to help you earn high interest on your cash. First, the UFB Secure Savings Account offers an APY of as of July 2024. There’s no minimum deposit requirement and no monthly fees.

The other UFB Direct account is the UFB Premier Money Market account. This account offers the same APY as the savings account, but with the added benefit of check-writing privileges.

How To Apply

Signing up for a Wealthfront Cash Account is easy. You can open either an individual account, a joint account or a trust account. You’ll need to provide the name and personal information for each person listed on the account, as well as an email address and password for the login. 

When signing up, you’ll have to connect an external account with which to fund your cash account. But you’ll only need a deposit of $1 to open your account and start earning interest.

Who the Wealthfront Cash Account Is Best For

The Wealthfront Cash Account is ideal for someone who wants simplicity in their finances. Because this account combines the features of both a checking and a savings account, you can have just one account instead of several spread across multiple banks.

This account is also a great choice for someone who always invests with Wealthfront. It’s easy to move money from your Wealthfront Cash Account to your Wealthfront Investment account instantly, meaning you can earn a higher return on the cash you aren’t using.

Final Take

Wealthfront offers one of many high-yield savings accounts on the market. It has a competitive APY that’s higher than many others on the market. It also has the added bonus of combining the features of a checking and savings account, all with no fees.

Jacob Wade 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 July 14, 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.

New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.80% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 8/5/25) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.

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