PALO ALTO, Calif., Jan. 15, 2020 /PRNewswire/ -- Today Wealthfront, the nextgen banking service that helps young professionals manage their savings, was named by NerdWallet as the Best Robo-Advisor for Cash Management.
Wealthfront launched its high-interest cash account, which currently offers a 1.78% APY and up to $1 million FDIC insurance through partner banks, in February 2019. The cash account offers unlimited and free transfers and Wealthfront plans to add a debit card later this year. The reception to this product is unprecedented and has contributed to a surge in Wealthfront's growth. The company currently oversees more than $23 billion on the platform.
"We are humbled that NerdWallet recognizes us as the leader in cash management," said Dan Carroll, co-founder of Wealthfront. "People deserve more from their banks and we're excited to build better solutions that earn our clients more money. The cash account has already made nearly $83 million in aggregate interest for our clients and we can't wait to launch more features for the account."
Wealthfront's ultimate vision is to deliver Self-Driving Money™ which will allow clients to optimize every dollar they earn. Clients will be able to deposit their paycheck into Wealthfront and automation will handle the rest, ensuring that bills are paid, the right amount of money is in their emergency fund and they are contributing to the most appropriate investment accounts to achieve their specific goals and maintain their lifestyle.
According to NerdWallet, "Best-Of" award winners are chosen using a rigorously designed grading rubric, which assigns points for various product features and attributes. The end result is an unbiased list of the year's best products.
Wealthfront is a nextgen banking service. We help you manage your money for both the short term and long term by providing a high-interest cash account, best in class automated investment management and free financial advice, all through our five star rated mobile app. We currently oversee more than $23 billion in client assets and growing. Download our app today and get started for free. Available on iTunes or GooglePlay.
An affiliate of Wealthfront Brokerage LLC has agreed to compensate NerdWallet for its referral services. NerdWallet and Wealthfront are not affiliated with one another and have no formal relationship outside this arrangement.
The Cash Account Annual Percentage Yield (APY) is as of 1/13/20. The APY may change at any time, before or after the Cash Account is opened. The APY for the Wealthfront Cash Account represents the weighted average of the APY on the aggregate deposit balances of all clients at the program banks. Deposit balances are not allocated equally among the participating program banks.
Cash Account is offered by Wealthfront Brokerage LLC ("Wealthfront Brokerage"), a member of FINRA/SIPC. Neither Wealthfront Brokerage nor any of its affiliates are a bank, and Cash Account is not a checking or savings account. We convey funds to institutions accepting and maintaining deposits. Investment management and advisory services are provided by Wealthfront Advisers LLC ("Wealthfront Advisers"), an SEC registered investment adviser, and financial planning tools are provided by Wealthfront Software LLC ("Wealthfront"). Wealthfront Software LLC ("Wealthfront") offers a free software-based financial advice engine that delivers automated financial planning tools to help users achieve better outcomes.
The cash balance in the Cash Account is swept to one or more banks (the "program banks") where it earns a variable rate of interest and is eligible for FDIC insurance. FDIC insurance is not provided until the funds arrive at the program banks. FDIC insurance coverage is limited to $250,000 per qualified customer account per banking institution. Wealthfront uses more than one program bank to ensure FDIC coverage of up to $1 million for your cash deposits. For more information on FDIC insurance coverage, please visit www.FDIC.gov. Customers are responsible for monitoring their total assets at each of the program banks to determine the extent of available FDIC insurance coverage in accordance with FDIC rules. The deposits at program banks are not covered by SIPC.
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