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OneWest Bank Review: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

OneWest Bank checking account options

Personal checking

This account will give you your first order of checks free.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $5 (this can be waived)
  • ATM fee: None
  • ATM fee refund: Up to $20 per month
  • Overdraft fee: $30

This checking account is great for those looking for a basic checking account with low fees. You don’t earn any interest, but you do get features such as free checks, a debit card, bill pay, and mobile banking. To get the monthly maintenance fee waived, you need to either choose to receive eStatements, be a minor or at least 55 years old, or maintain an average balance of $1,000.

For those who are interested in ATM refunds, you can get up to $20 per month in reimbursement, depending on your minimum average balance. You’ll receive up to $10 in refunds for balances up to $9,999 and up to $20 for balances of $10,000 and more.

To open an account, head over to their personal checking account page and click on the “Open an Account” button. You’ll be prompted to enter your ZIP code to ensure that you’re able to open this accounts (only Southern California residents can apply). Then you’ll need to agree to the bank’s disclosures and enter your personal details including your name, address, Social Security number and driver’s license.

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Premium checking

Earn a little bit of interest and the potential for ATM refunds.
APYMinimum Balance to Earn APY
0.01%
< $1,000
0.05%
$1,000
0.05%
$5,000
0.05%
$10,000
0.10%
$25,000
0.20%
$50,000
0.20%
$100,000
0.01%
$10,000,000
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: None
  • ATM fee refund: Up to $20 per month (details below)
  • Overdraft fee: $30

If you want to earn some interest with a checking account, this one is OneWest Bank’s mid-tier product. However, you’re not going to earn much even if you maintain a high balance amount compared to other accounts.

You get the same features as the personal checking account such as a debit card, bill pay, free checks, and mobile banking. You can also get the monthly maintenance fee waived if you maintain a $1,000 minimum average balance.

This account also offers ATM refunds but only if you maintain a $5,000 minimum average balance. Receive up to $10 in refunds per month for up to $9,999 and up to $20 in refunds per month for balances of at least $10,000.

Head over to OneWest Bank’s premium checking account page and click on the “apply now” button. Enter in your ZIP code, since only Southern California residents can apply. After agreeing to the bank’s disclosures, enter your personal information such as your name, address, driver’s license and Social Security number.

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OneAccount checking

Get free checks with this account.
APYMinimum Balance to Earn APY
0.05%
< $1,000
0.05%
$1,000
0.05%
$5,000
0.10%
$10,000
0.10%
$25,000
0.40%
$50,000
0.60%
$100,000
0.60%
$10,000,000
  • Minimum opening deposit: $1,000
  • Monthly account maintenance fee: $25 (this can be waived)
  • ATM fee: None
  • ATM fee refund: Up to $20/month (details below)
  • Overdraft fee: $30

The OneAccount checking account offers the highest rates out of all three the bank offers, though you’ll need a high minimum account balance in order to take advantage of them. The monthly maintenance fee seems pretty steep, but you can get it waived if you maintain a minimum average balance of $10,000.

Like the other checking accounts offered, you can get ATM refunds. If you maintain at least a $5,000 minimum average balance, you get up to $10 in refunds a month for a minimum average balance up to $9,999, and up to $20 a month if your balance is between $10,000 and $49,999. With a balance of $50,000 or more, you are eligible for unlimited reimbursement.

Other features include free checks, a debit card, bill pay and online banking.

First, go to the OneAccount checking account page on OneWest Bank’s website and click on the “apply now” button. After entering your ZIP code to verify you’re in the Southern California area, you’ll be asked to agree to their disclosures before heading to the application. Then, fill in your personal details such as your name, address, Social Security number and driver’s license and fund your account.

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How OneWest Bank’s checking accounts compare

Sure, you get free checks and some ATM refunds, but the rates for OneWest Bank’s check accounts are minuscule compared with other online banks. Some of their competitors offer rates at least three times what this bank offers, plus unlimited ATM fees. If you’re really after those free checks, these accounts could be for you — but if not, you’re probably going to do better looking elsewhere.

To see what rates you might qualify for elsewhere, check out the 10 best online checking accounts.

OneWest Bank savings account options

Personal savings

The rates are low, but you do get limited check-writing capabilities.
APYMinimum Balance to Earn APY
0.05%
<$1,000
0.05%
$1,000
0.05%
$5,000
0.15%
$10,000
0.20%
$25,000
0.35%
$50,000
0.40%
$100,000
0.40%
$10,000,000
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: none
  • Monthly account maintenance fee: $3 (this can be waived)
  • ATM fee: none
  • ATM fee refund: none
  • Overdraft fee: N/A

The personal savings account is a low-cost account that offers you the option to receive limited check-writing capabilities. You also get a free ATM card and online banking. If you want the monthly maintenance fee waived, you’ll need to either choose to receive eStatements or maintain a $1,000 minimum average balance. Minors and people who are are least 55 years old don’t need to pay the monthly fee.

If you intend on making more than 6 withdrawals/transfers a month, you’ll be charged a $10 excess activity fee for each one. That’s because federal Regulation D mandates that savings accounts are limited to six certain withdrawals per statement cycle.

This account isn’t available nationwide, so you’ll need to first head to OneWest Bank’s personal and enter your ZIP code once you click on the “apply now” button on the personal savings account page. After, agree to the disclosures and fill out the application which includes divulging information such as your name, address and Social Security number. Then you can fund your account.

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Green savings

This account is available nationwide but doesn’t stand out amongst its competitors.
APYMinimum Balance to Earn APY
0.10%
<$1,000
0.10%
$1,000
0.10%
$5,000
0.20%
$10,000
0.25%
$25,000
0.40%
$50,000
0.45%
$100,000
0.20%
$10,000,000
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The green savings account is a no-frills account that is available nationwide, though the rates aren’t particularly high. Unlike the personal savings account, you don’t get check-writing capabilities or ATM access, though you do get online, mobile and telephone banking. There is also no option to receive paper statements, just eStatements.

Like other savings accounts, you are limited to six certain withdrawals/transfers a month because of federal Regulation D. If you make more than the allotted amount, there’ll be a $10 excess activity fee per transaction.

Head to the Green Savings account page and click on the “apply now” button. You’ll need to enter your ZIP code, then agree to their disclosures. The application form will ask you to provide details such as your name, address and Social Security number, and then fund your account.

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How OneWest Bank’s savings accounts compare

While it is a nice perk that you get ATM access and limited check-writing capabilities with the personal savings account, the product isn’t available nationwide. In addition, both the banks’ savings accounts have rates that are far below compared with our list of the best online savings accounts.

If you’re in the Southern California area, it may make sense to open an account for the limited check writing-capabilities — otherwise, you could be better off looking elsewhere.

OneWest Bank CD rates

Certificates of deposit

Earn more with the high-yield rates.
TermAPY
3 months0.30%
6 months0.45%
9 months0.50%
1 year0.55%
13 months0.85%
18 months1.00%
2 years1.10%
3 years1.20%
4 years1.30%
5 years1.40%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Depends on term:
    • 90 to 365 days — 90 days’ simple interest
    • 365 days to 18 months — 180 days’ simple interest
    • Up to 2 years — 270 days’ simple interest
    • More than 2 years — either 2% on amount withdrawn or a market adjustment, whichever is greater (explained below)

These fixed rates CDs guarantee a rate of return if you keep the entire balance until maturity.

Interest earned is compounded daily and credited either monthly, quarterly or at maturity depending on your CD term. You can choose to keep interest earned in the account or withdraw. Once the CD matures, you have a seven-day grace period in which to deposit, withdraw or renew for another term.

The early withdrawal penalty is fairly straightforward except for terms two years or more. The market adjustment mentioned above refers to how much interest the bank will pay if it were to replace your CD with another “replacement CD” at a higher cost. This “replacement CD” is a term that is closest (but not longer) to your original CD term.To calculate this rate, OneWest bank will take the difference between the rate in your original CD and the current advertised interest rate for the replacement CD. This number will then be multiplied with the amount you intend to withdraw, times the number of years that’s left on your original CD term. If this number is greater than 2% of the amount withdrawn, then this is your early withdrawal penalty.

Head to the OneWest Bank website and fill out an online application form. You’ll be asked to fill in personal details such as your name, address, Social Security number and driver’s license. After that, just fund your account.

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How OneWest Bank’s CD rates compare

The rates currently being offered aren’t that great by comparison, so if you’re interested in better rates for longer terms, then you’ll want to check out our list of the current best CD rates.

OneWest Bank money market account options

Premium money market

You get an ATM card and limited check-writing capabilities with this account.
APYMinimum Balance to Earn APY
0.15%
<$1,000
0.15%
$1,000
0.15%
$5,000
0.25%
$10,000
0.40%
$25,000
0.50%
$50,000
0.60%
$100,000
0.60%
$10,000,000
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: N/A

This money market account has ATM access and limited check-writing capabilities. You also get bill pay, online, mobile and telephone banking. You earn higher rates but it the minimum account balance seems pretty steep. Also, watch to see how many withdrawals/transfer you make as you’re limited to a certain six per month because of Regulation D. Otherwise, you’re looking at a $10 excess activity fee per transaction.

If you can maintain a minimum average balance of $10,000, you can get the monthly maintenance fee waived.

This account isn’t available nationwide, so you’ll need to first head to OneWest Bank’s personal and enter your ZIP code once you click on the “apply now” button on the personal savings account page. After, agree to the disclosures and fill out the application which includes information such as your name, address and Social Security. Then you can fund your account.

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How OneWest Bank’s money market accounts compare

Sure, you get ATM access and limited check-writing capabilities, but the rates fall short compared with other online banks. If check writing and ATM access is important to you, this account could work. However, other accounts on our list of the best money market rates have have similar features, so you’ll want to shop around before deciding what’s best for you.

OneWest Bank IRA account options

IRA CD

Just your average IRA CD.
TermAPY
3 months0.30%
6 months0.45%
9 months0.50%
1 year0.55%
13 months0.85%
18 months1.00%
2 years1.10%
3 years1.20%
4 years1.30%
5 years1.40%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Depends on term:
    • 90 to 365 days — 90 days simple interest
    • 365 days to 18 months —180 days simple interest
    • Up to 2 years — 270 days simple interest
    • More than 2 years — either 2% or a market adjustment, whichever is greater (explained below)

The IRA CD is best for those looking for a retirement account that has a guaranteed rate of return, though the rates aren’t that spectacular. Interest is compounded daily and credited monthly, quarterly or at maturity, depending on the term. Interest earned can either be withdrawn to another account or kept in the CD.

You’ll receive a seven-day grace period when your CD matures and you can either make additional deposits or withdrawals, or renew for another term. Otherwise, your CD will automatically be renewed for the same term at the current advertised APY.

If you have a CD term that’s two years or more, you’ll either pay 2% of the amount withdrawn or a market adjustment. How this works is that the market adjustment is based on how much money OneWest Bank will need to replace in order to replace your CD with another higher cost “replacement CD.” The bank will use a term that is closest (but not longer) to your original CD term.

OneWest will calculate this by taking the difference between your current rate and the replacement CD’s current advertised rate, multiplied by the amount withdrawn, times how much is remaining in your CD term. You could also face IRS penalties if you make withdrawals before you’re 59 1/2 years old, so check with a trusted tax professional to make sure.

You’ll need to head to a local branch or by calling customer service at 1-877-741-9378. Click here to find a location nearest you.

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How OneWest Bank’s IRA CD rates compare

Unfortunately, OneWest Bank’s IRA CDs fall short. Some of the best IRA CD rates out there offer much higher rates and lower opening deposits. All this to say, you’re better off looking elsewhere.

Overall review of OneWest Bank’s banking products

Other than the low rates, the downfall of OneWest Bank is that most of their products are only available to Southern California. Even if the rates were more competitive, most U.S. residents won’t be able to access them — all this to say, you’ll want to look at other financial institutions.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Sarah Li Cain
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Sarah Li Cain is a writer at MagnifyMoney. You can email Sarah Li here

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Review of Edward Jones CD Rates

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

What are brokered CDs?

Edward Jones offers brokered CDs, which are a bit different from the standard bank-issued CDs that most investors are familiar with. Bank-issued CDs, as the name implies, are issued by individual banks for their customers. Since Edward Jones is a broker and not a bank, it cannot issue its own CDs. Instead, the firm offers a range of CDs issued by other banks and thrifts but sold via Edward Jones.

For the casual investor, it can be hard at first glance to tell the difference between bank-issued and brokered CDs. However, there are some important distinctions:

  • No early withdrawal penalties: Brokered CDs don’t have early withdrawal penalties. If you need to get out of your CD, you can usually sell it back to another investor through a brokerage firm. This means that brokered CDs carry some additional risk, as the price of these CDs may fluctuate on the open market.
  • Higher APYs: You can often get higher yields on a brokered CD than with a bank-issued CD. Brokers are able to negotiate higher CD rates since they can guarantee a large pool of buyers to CD issuers. In the era of online banking, however, even brokered CDs do not always garner the absolute highest rates.
  • Longer-term options: Brokered CDs often have longer-term options than are available with traditional bank-issued CDs, which are generally short-term investments only.

CD rates from Edward Jones

Edward Jones offers a fairly comprehensive range of CD maturities, ranging from three months to 10 years, although the firm doesn’t offer 6-year CDs, 8-year CDs or 9-year CDs. Rates and availability change frequently, oftentimes daily. The longer-duration CDs offered by the firm aren’t traditionally available at banks.
Edward Jones CD Rates
TermMinimum deposit to earn APYAPY
3 months$1,0001.95%
6 months$1,0002.00%
9 months$1,0002.00%
1 year$1,0001.95%
18 months$1,0001.90%
2 years$1,0002.05%
3 years$1,0002.15%
5 years$1,0002.20%
7 years$1,0002.45%
10 years$1,0002.60%

For all maturities, Edward Jones requires a $1,000 opening deposit, which is the same minimum required to earn the stated APY. As these are brokered CDs, there is no early withdrawal penalty. However, investors are subject to current market prices if they need to get out of a CD prematurely. If interest rates have risen since the date of purchase, you’re likely to get less money back than you originally invested in the CD.

One important difference between Edward Jones CDs and standard bank-issued CDs is that interest does not compound with Edward Jones CDs. All interest is paid directly into a money market or insured bank deposit at Edward Jones, unless you request it to be distributed. Either way, you can’t reinvest your distributions into your existing CD.

Unlike some banks, Edward Jones doesn’t offer any type of hybrid or alternative CD, such as a step-up CD or an adjustable-rate CD. There are also no bonus APR CDs available at the current time, just standard rates. Edward Jones also does not offer special rates for jumbo CDs, which traditionally require a $100,000 deposit. However, you can use the firm’s wide range of CD maturities for certain CD strategies, such as building a CD ladder. You can also buy their brokered CDs in an IRA.

Unlike bank-issued CDs, the brokered CDs offered by Edwards Jones do not automatically roll over into new CDs. At maturity, the banks that issued the CDs pay the proceeds to Edward Jones, which then forwards the money to your account. At that point, you can either select a new brokered CD to purchase, or keep the funds in your Edward Jones money market or insured bank deposit account.

How to get CDs from Edward Jones

You’ll need to open a brokerage account at Edward Jones to buy any CDs. The account minimum to open is $0, but as Edward Jones is a full-service brokerage, you’ll need to go into a branch and visit a financial advisor to open an account. There is no facility to open an account online.

You can open your Edward Jones account as rapidly as you can fill out the paperwork and fund the account. As soon as your deposit clears, you are free to buy a CD through your Edward Jones broker. If you change your mind, you can generally withdraw your funds within 4-6 business days after deposit, although this hold period may extend to 11 business days for new clients. Once you buy a CD, you can sell it at any time on the open market. As noted above, the amount you receive may be less than the amount you originally paid.

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How do CD rates from Edward Jones compare?

Edward Jones CD rates are well above the national average, but they still fall considerably short when compared with the best available rates nationwide.

Unlike with many firms, Edward Jones doesn’t currently have any special-rate CDs, where certain maturities pay dramatically higher rates. Instead, rates at Edward Jones land along a traditional curve, gradually increasing in yield as maturities lengthen.

For example, as of July 3, 2019, the Edward Jones 2-year CD rate of 2.05% is far below the best available 2-year CD rates. Three-year CD rates top out nationally at 3.00%, but Edward Jones pays 2.15%. The pattern continues throughout the maturity curve, with the top 5-year CD rates nationally hitting 3.00% or more, while the 5-year at Edward Jones pays 2.20%.

As such, all rates at Edward Jones fall in the general area of being well-above national averages but still notably short of the best available rates.

Overall review of CDs from Edward Jones

You won’t be wasting your time investing in CDs from Edward Jones, as you’ll be earning rates far above the national averages. You’ll also benefit from the ability to construct a CD or overall investment strategy with the assistance of a full-service advisor. However, if you’re looking for the absolute best CD rates for your money, there are plenty of online banks that can pay you a higher rate.

CD investors who like a wide range of products may be disappointed at Edward Jones, as popular options such as step-up or no-penalty CDs are not currently available. However, Edward Jones CDs do benefit from offering brokered CDs. This provides a range of flexibility that standard bank-issued CDs cannot offer, as you can liquidate your CD position at any time without paying an early withdrawal penalty.

The bottom line is that yield-hungry investors that enjoy managing their own portfolios may be better suited at any number of online competitors. Those looking to incorporate decent-yielding CDs into their overall investment portfolio with the help of a full-service broker might prefer working with Edward Jones.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

John Csiszar
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John Csiszar is a writer at MagnifyMoney. You can email John here

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Wealthfront Cash Account Review

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Fintech startups are challenging incumbents in every corner of the financial services industry. Robo-advisor Wealthfront is part of this trend, one of many new investing apps that also offer cash management accounts with high APYs and a mix of features offered by traditional bank accounts.

Cash management accounts combine features like easy access to your money and a decent interest rate, typically found separately in checking accounts and savings accounts, respectively.  Wealthfront admits that its Cash Account won’t replace your checking account, instead touting it as a place to stash your emergency savings or achieve other savings goals and enjoy a high 2.57% APY, all with the FDIC protections of a traditional bank account.

Wealthfront Cash Account Pros

Wealthfront Cash Account Cons

  • Offers a high APY compared to other online savings accounts
  • Charges zero fees, $1 minimum balance requirement
  • Deposits are covered by FDIC insurance up to $1 million
  • Ability transfer funds from Cash Account into Wealthfront's taxable investment account.
  • Takes 1-3 business days to access your funds
  • You cannot make payments from the account

Let’s take a closer look at how Wealthfront’s Cash Account compares to both traditional bank savings accounts, and similar cash management offerings from other fintech startups, so you can determine whether it’s right for your savings.

Wealthfront Cash Account vs. online savings accounts

Wealthfront markets its Cash Account as a place to deposit savings you plan on spending in the next five years, or as a good place for an emergency fund. For longer-term returns on your money, Wealthfront advocates investing in the stock market using its core robo-advisor functionality. As an additional incentive to do so, Wealthfront allows you to transfer money from your Cash Account into one of the company’s taxable investment accounts. However, there is nothing in Wealthfront‘s terms of service that would discourage you from treating this account like any other online savings account.

Here’s how Wealthfront’s Cash Account stacks up against the highest-earning online savings accounts from our best online savings accounts review:

Financial InstitutionAPYMinimum balance
Wealthfront

2.57%

$1 minimum, no monthly fee
Vio Bank

2.52%

$100 minimum, no monthly fee
Customers Bank

2.50%

$25,000 minimum, no monthly fee
Barclays

2.10%

None
Marcus by Goldman Sachs

2.15%

$1 minimum, no monthly fee
Ally

2.10%

None

Judged by APY alone, Wealthfront‘s Cash Account emerges as one of the strongest contenders out there, surpassed only by Vio Bank’s online savings account. Like many online savings accounts, there’s a limit to the liquidity of the money placed in Wealthfront‘s Cash Account.

However, there is no option to withdraw funds or make payments from the account via check or ATM card. Your only way to get money into and out of the account is via ACH transfers to and from a separate checking account that’s held in your name. Transfers take one to three business days, and Wealthfront permits an unlimited number of transfers into and out of your Cash Account (with a daily limit of $250,000).

Wealthfront is not a bank, so it has deals with a network of regional banks that are FDIC insured. After you deposit your money in a Cash Account, your funds are swept into multiple accounts with Wealthfront’s bank partners, giving you FDIC insurance coverage up to $1 million (or $2 million if you have a joint Cash Account). This a big advantage that makes the Cash Account an attractive choice for anyone who wants FDIC coverage beyond the $250,000 limit available with a single online savings account.

Wealthfront Cash Account vs. robo-advisor cash management accounts

Many other robo-advisor firms offer cash management accounts. These accounts take varying forms: Some resemble a personal savings account, others have both savings and checking account features, while some are a type of investment account. Below we compare the Wealthfront Cash Account with cash management offerings from robo-advisors Betterment and SoFi.

Account nameFunctionFeesYield
Wealthfront Cash Account

FDIC-insured savings account

None

2.57% APY

Betterment Smart Saver

Low-risk bond investments

0.25% annual fee

2.14% APY

SoFi Money

FDIC-insured checking/savings hybrid account

None

An average of 2.25% APY

Wealthfront Cash Account vs. Betterment Smart Saver

Betterment‘s Smart Saver account is a low-risk investment account, not a deposit account, so it plays by a different set of rules than Wealthfront‘s Cash Account. For one, as an investment it does not have FDIC coverage. Betterment‘s website claims you could earn returns of 2.14% (which factors in the standard 0.25% Betterment charges for its services) — notice the word “could.” Money placed in the Smart Saver account is invested in a mix of treasuries and corporate bonds—fairly safe investment vehicles—but it still can’t guarantee the 2.14% return in the same way a deposit account can guarantee an APY.

The Smart Saver account does have some bells and whistles that may make it an appealing choice for your savings. These include:

  • Smart Sweep: This feature aims to maximize your investing returns by only maintaining as much cash in your linked checking account as you need for day-to-day spending. It works like this: After giving  access to your checking account, the app analyses how you spend money. Then it sweeps money above and beyond what you need to pay 35 days of expenses — up to $5,000 per sweep — into the Smart Saver investment account. Likewise, if the app thinks you’ll need more money to cover your expenses, it will sweep money from the Smart Saver investment account into your checking account. You can read more details here.
  • Tax relief: While you can’t avoid paying taxes entirely, the fact that 80% of the money placed in the Smart Saver investment account will be invested in U.S. Treasury bonds means that some of the earnings from the Smart Saver account won’t be subject to state and local taxes. You can read more details here.

Like Wealthfront’s account, there is an inconvenient waiting period to withdraw money from the account — four to five business days, which is longer than Wealthfront‘s one to three business days. This longer period accounts for the fact that your money is invested in bonds, making it less liquid than funds placed with Wealthfront in FDIC-insured deposit accounts.

Wealthfront Cash Account vs. SoFi Money

SoFi Money is a checking and savings hybrid account, meaning you earn both a high yield — 2.25% APY vs. Wealthfront‘s 2.57% APY — and enjoy instant access to your money with a debit card and paper checks.

Similarly to Wealthfront, SoFi Money spreads any funds you deposit across multiple FDIC-insured bank accounts — six in this case — providing up to $1.5 million in FDIC insurance vs. Wealthfront‘s $1 million.

SoFi Money may lag behind Wealthfront in terms of APY, but it makes up for this by providing the utility of both a savings and checking account. You can use your debit card to make purchases and withdraw money from ATMs (there is a daily limit of $610) just like you would with any other checking account. You can read more details on SoFi Money in our review.

Who should get a Wealthfront Cash Account?

If you’re looking for an FDIC insured account that provides one of the highest APY’s available, than the Wealthfront Cash Account may be right for you. However, you won’t have easy access to your funds like you would with a hybrid checking/savings account, such as SoFi Money. However the simplicity of the account, and the promise of additional features in the future such as a debit card and ATM withdrawals, could make it a compelling option for your savings.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

James Ellis
James Ellis |

James Ellis is a writer at MagnifyMoney. You can email James here

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