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Service Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Service Credit Union’s checking account options

Basic Service Checking

A noninterest-bearing checking account with minimal fees.
  • Minimum opening deposit: None
  • MMonthly account maintenance fee: None
  • ATM fee: None on in-network ATMs; $2 on out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: No overdraft protection; transactions are denied if the funds aren’t available

This is a no-frills checking account that doesn’t earn interest. On the plus side, it has no monthly maintenance fees or overdraft fees; it won’t let you proceed with a transaction if you don’t have the funds available in your account to cover it. It also allows you to be paid up to two days early if you have payroll direct deposit. Terms apply. This account also requires you to receive statements and account communications electronically. You also can’t write paper checks.

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Classic Service Checking

An account similar to the Basic Service Checking account that offers check-writing and overdraft capabilities.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: None on in-network ATMs; $2 on out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $30 per item

Like the Basic Service Checking account, this account has no monthly maintenance fee or minimum balance requirement. It also comes with Courtesy Pay, which, for a fee of $30 every time it’s utilized, covers checks that would normally be returned unpaid. The account also comes with free online bill pay, mobile apps with remote check deposit, international online bill pay, unlimited check writing and the ability to get paid up to two days early with direct deposit.

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Five Star Service Checking

This checking account offers the opportunity to earn interest at two different tiers.
APYMinimum Balance to Earn APY
0.05%
$1,500
0.10%
$5,000
  • Minimum opening deposit: None
  • Monthly account maintenance fee: $10, unless a minimum balance of $1,500 is maintained
  • ATM fee: None on in-network ATMs. First five non-Service Credit Union/non-CO-OP withdrawals are free; after that, it’s $2 per transaction
  • ATM fee refund: Up to $20 per month
  • Overdraft fee: $30 per item

The Five Star Service Checking account offers the opportunity to earn interest at two different tiers once you have a balance above $1,500. While it does have a monthly maintenance fee, it can easily be waived if you maintain that balance requirement.

This account also comes with Courtesy Pay for a fee of $30 every time it’s utilized, which will cover any checks that would normally be returned, along with international online bill pay, free mobile apps with remote check deposit, unlimited check writing and the ability to get paid up to two days early with direct deposit.

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Student Checking

A basic, noninterest-bearing checking account for students ages 13 to 25.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: None on in-network ATMs. First four non-Service Credit Union/non-CO-OP ATM withdrawals are free; after that, it’s $2 per transaction
  • ATM fee refund: None
  • Overdraft fee: $10 Courtesy Pay fee on each overdraft

This account is a great option for students who want to keep track of their funds without any hassles and, especially, without any fees. This account has no minimum balance requirements, comes with online banking services and mobile apps with remote check deposit, offers unlimited check writing and the ability to get paid up to two days early with direct deposit (Terms Apply). Once account holders turn 26, the account will convert into a Basic Service Checking account.

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How Service Credit Union’s checking accounts compare

The best checking accounts out there will feature no monthly fees and ATM fees, as well as provide ATM fee refunds. Most of Service Credit Union’s checking accounts get a gold star for one or more of these features.

But another feature that makes a checking account stand out is if it offers interest on deposited funds. The Five Star Service Checking account does have this going for it, but the rates are still fairly low and you have to maintain a balance of at least $1,500 to earn them. That requirement isn’t all that high, but there are still better checking account options that will get you higher rates. We suggest digging around and looking elsewhere.

Service Credit Union’s savings account options

Share Savings

All new members of Service Credit Union must open this account.
APYMinimum Balance to Earn APY
0.20%
$50
0.25%
$5,000
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $50
  • Monthly account maintenance fee: None
  • ATM fee: None on in-network ATMs; $2 on out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $30 per item

A Shared Savings account is the entry point to join Service Credit Union and to any other products. That’s not necessarily a bad thing, though, as there’s just a $5 minimum deposit to open it, and it earns higher interest than the checking accounts. Like all savings accounts, this one is subject to Federal Reserve Regulation D, which limits certain transactions and withdrawals up to six per month. E-statements are also available with this account.

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Christmas/Holiday Club account

Set aside money for holiday or special event spending, to withdraw once a year.
APYMinimum Balance to Earn APY
3.00%
$0.01-$3,000
0.25%
$3,000.01
  • Minimum opening deposit: None
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: None
  • ATM fee: None on in-network ATMs; $2 on out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $30 per item

This account is designed for putting funds aside to save up for holiday-related expenses, or any special event. The APY drops when your daily balance goes above $3,000.

Your funds can be transferred automatically online, through a payroll deduction, at a branch or by mail. As with other savings accounts, this one is subject to Federal Reserve Regulation D, which limits certain transactions and withdrawals to six per month.

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Youth Club/Smart Savers Program

A kids savings option with some creative extras thrown in.
APYMinimum Balance to Earn APY
0.20%
$50-$5,000
0.25%
$5,000

The Youth Club Program is pretty much a standard young savers account, but with activities and information targeted to specific age groups — for the younger crowd, there’s Money Mammals, while the Cha-Ching program provides financial services and resources for teens.

Also, once a child has made 12 visits to a branch, making a deposit of $10 or more each time, they’ll earn an additional $5 in their account. The APY is paid on daily balances of $50 or more, compounded and paid monthly. Kids with balances of $5,000 or more can get an even better rate.

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How Service Credit Union’s savings accounts compare

While the Share Savings account has its minimal balance and deposit requirements going for it, it really doesn’t have much else, and its rates really can’t compete with some of the best online savings accounts. This account won’t be a hassle to maintain if you’re opening it because you’re after one of the credit union’s other products, but we wouldn’t seek out Service Credit Union for this account alone.

The real standout among Service Credit Union’s savings accounts is the Youth Club account, with its dividend and program extras. The higher rates on the Christmas/Holiday Savings account are definitely more enticing and worth taking advantage of if you typically work to put aside funds for the holidays or other special occasions.

Service Credit Union’s CD rates

Share Certificates

Standard CDs with lackluster rates.
TermAPYMinimum Balance to Earn APY
3 months0.75%
$1,000
6 months1.50%
$1,000
9 months2.50%
$1,000
12 months2.15%
$1,000
15 months2.75%
$1,000
24 months2.60%
$1,000
36 months2.65%
$1,000
48 months2.70%
$1,000
60 months2.75%
$1,000
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Depends on the date and the amount withdrawn; contact the credit union for specific details

Service Credit Union offers share certificates in terms ranging from three months to five years, all with higher minimum deposit requirements than most offerings out there. Its rates, for the most part, are not very competitive.

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How Service Credit Union’s CD rates compare

Let’s be clear: Service Credit Union’s CD rates don’t really compete with the best offerings out there. In fact, they don’t even come close until you get to some of the longer terms, and, even then, they still don’t beat them. They also come with higher minimum opening deposit requirements than many with better rates. We say consider one of the CDs on our list of the best CD rates instead.

Service Credit Union’s money market account option

Money Market account

An account that lets you earn slightly higher interest rates with a higher deposit.
APYMinimum Balance to Earn APY
0.75%
$2,500
1.00%
$25,000
1.25%
$100,000
  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY: $2,500
  • Monthly account maintenance fee: $5
  • ATM fee: None on in-network ATMs; $2 on out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $30 per item

Service Credit Union’s Money Market account allows you to earn interest on balances of $2,500 or more, with rates increasing across two upper tiers. This account allows you to earn more interest than the regular Share Savings account, and also allows you to write up to six checks per month. Since it is a savings account itself, it’s subject to Federal Reserve Regulation D, which limits certain withdrawals and transactions each month.

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How Service Credit Union’s money market account compares

As with many traditional banks, Service Credit Union is paying very low rates on its money market account. None of the rates on the balance tiers’ compete with those on our list of the best money market rates available, many of which come with much lower minimum balance requirements to earn said rates. We say look elsewhere before opting for this account.

Service Credit Union’s IRA options

IRA CD rates

IRA Share Certificates

These are the same as the regular share certificates, just opened within an IRA.
TermAPYMinimum Balance to Earn APY
3 months0.75%
$1,000
6 months1.50%
$1,000
9 months2.50%
$1,000
12 months2.15%
$1,000
15 months2.75%
$1,000
24 months2.60%
$1,000
36 months2.65%
$1,000
48 months2.70%
$1,000
60 months2.75%
$1,000
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Depends on the date and amount withdrawn; contact the credit union for further details

These IRA share certificates are virtually the same as the regular certificates; the only difference is that they can be opened within an IRA. As with the regular accounts, though, their rates are pretty lackluster as well and come with somewhat high minimum deposit requirements.

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How Service Credit Union’s IRA CD rates compare

As with the regular share certificates, the rates on the IRA share certificates really don’t stack up against the competition, and their minimum deposit requirements are higher than most as well. We recommend checking out one of the top IRA CDs on our list, many of which offer higher rates and lower deposit requirements.

IRA savings account

This account can be opened as a Traditional or Roth IRA.
APYMinimum Balance to Earn APY
0.60%
$50
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $50
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This account allows you to build tax-deferred savings for your retirement. In some cases, you may be eligible for a tax deduction of up to $2,000 as an individual, or $4,000 for a couple (a tax adviser can provide complete details). Like a traditional savings account, this IRA is subject to Federal Reserve Regulation D, which limits certain withdrawals and transactions to six per month, as well as IRS penalties for early withdrawals.

How to get Service Credit Union’s banking products

Customers can open Service Credit Union’s checking, savings money market and certificate accounts online in about 10 minutes, by calling the bank at 800-936-7730 or by visiting a branch in person. You’ll need information such as your address and Social Security number, as well as a government-issued ID, such as a driver’s license, and a credit, debit or U.S. bank account to fund your account.

For the Student Checking and Youth Club accounts, prospective account holders younger than 17 will need to visit a branch with a parent or guardian to open the account.

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Overall review of Service Credit Union’s banking products

On the whole, none of Service Credit Union’s products is particularly impressive. The absence of fees and minimal balance requirements are a plus, but we would always recommend shopping around for accounts that not only also have these characteristics but offer better rates.

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.

Emilia Benton
Emilia Benton |

Emilia Benton is a writer at MagnifyMoney. You can email Emilia here

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Review of Edward Jones CD Rates

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

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
John Csiszar |

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

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Reviews

Wealthfront Cash Account Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

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