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Vibe 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.

Vibe Credit Union checking account options

Sound Checking account

A checking account that lets you earn a small amount of interest at different tier levels.
APYMinimum Balance to Earn APY
0.01%$0
0.02%$5,000
  • Minimum opening deposit: None
  • Monthly account maintenance fee: $3; can be waived with combined Vibe Credit Union account balances of $500.
  • ATM fee: None on CO-OP network ATMs; 10 free out-of-network ATMs transactions per month; then $1. Outside banks may charge additional fees.
  • ATM fee refund: None
  • Overdraft fee: $30

This checking account allows account holders to earn interest on any amount, albeit at a very low rate. It offers various basic services you’d expect to find with most any checking account these days, including mobile and online banking services.

One nice perk is the fact that you get 10 free outside ATM transactions per month. It also offers personalized cash back rewards when you shop at certain retailers; these rewards are deposited into your checking account at the end of every month.

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FU$E Checking

A youth checking account for members ages 16 to 23.
APYMinimum Balance to Earn APY
0.02%$0
0.02%$5,000
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: None on CO-OP network ATMs; 10 free out-of-network ATM transactions per month; then $1 plus any other fees imposed by other banks.
  • ATM fee refund: None
  • Overdraft fee: $30

This interest-bearing youth account helps teens and young adults establish good financial habits while building toward their future. With basic services like online and mobile banking, and no monthly fees or requirements, this is a good account for young members to have if they or one of their family members qualifies for membership.

When the account holder turns 24, this account will become a Sound Checking account, according to a credit union representative. A parent must be a joint owner on the account while their child is still a minor. Parents can remove themselves after their child turns 24 if they wish, though they can remain an owner of their new adult account as well.

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How Vibe Credit Union’s checking accounts compare

If you’re after a top-notch online banking account, you should make sure it has no monthly fees, a strong online banking platform, offers the ability to earn interest, has no ATM fees and possibly refunds outside fees.

While Vibe Credit Union’s checking account can check off most of those boxes, its rates simply don’t come close to those on our list of the best checking accounts out there. In fact, its rates are practically next to nothing. Consider one of the accounts on our list instead.

Vibe Credit Union savings account options

Membership Savings

This account is required to establish membership at Vibe Credit Union.
APYMinimum Balance to Earn APY
0.10%$0
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: $3; can be waived (see below)
  • ATM fee: None on CO-OP network ATMs; $1 plus any other outside bank fees on out-of-network ATMs.
  • ATM fee refund: None
  • Overdraft fee: $30

This account is required to establish membership and open any other products at Vibe Credit Union. According to a credit union representative, if you open it in person, you only need to pay $5 fee. If you open it online, you will have to fund it with $25 and after seven business days, $20 will be available to you, with the remaining $5 serving as your opening fee.

Like the checking account, it offers a very low interest rate which can be earned on any balance. It also has a very low monthly fee, which can easily be waived if you: maintain a combined average daily balance of $500 in all deposit accounts and loan accounts; are an eServices user with a total direct deposit of at least $500 monthly; are a FU$E Checking or FU$E Money Management Account holder; are 18 or younger; or are 62 or older and have an electronic deposit (ACH) to your Vibe account.
This account also offers mobile and online banking services. You can open personalized sub-accounts within this account to save for special purchases like a vacation or new car, and earn the same rate on those funds.

Like all savings accounts, this one is subject to Federal Reserve Regulation D, which limits certain transfers and withdrawals to six per month.

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Holiday Savings

This account allows you to set aside funds for the holiday season.
APYMinimum Balance to Earn APY
0.15%$0
  • Minimum opening deposit: None
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This account allows holders to sock away funds for holiday expenses. Your savings from this account will be deposited into your checking or savings account in November. You can contribute money to this account via direct deposit, monthly automatic transfers or manual transfers on your own.
According to a credit union representative, members can open this account at any time of the year. If you withdraw funds from this account before Nov. 1, the account will close for the remainder of the year. However, it can be reopened after Nov. 11 to begin saving for the following year’s holiday season.

As with all savings accounts, this one is subject to Federal Reserve Regulation D, which limits certain withdrawals and transfers to six per month.

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How Vibe Credit Union’s savings accounts compare

Not surprisingly, Vibe Credit Union’s savings account rates don’t compare to the best online savings accounts available. Since the opening and monthly maintenance requirements are pretty minimal on the Membership Savings account, it won’t hurt you to have it — that’s good news, since it’s required for membership to Vibe Credit Union. However, we wouldn’t recommend seeking out Vibe Credit Union for these accounts alone.

Vibe Credit Union CD rates

Certificates of Deposit

Certificates with a minimum opening deposit of $500.
TermAPY
12 months1.50%
18 months1.50%
24 months1.76%
30 months2.01%
36 months2.26%
48 months2.57%
60 months3.03%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 90 days’ worth of interest on a 1 year term; 180 days’ worth of interest on all other terms

These are basic, run-of-the-mill CDs, which come in terms ranging from one to five years and offer fairly standard opening deposit requirements and early withdrawal penalties. The rates are pretty mediocre compared with the competition, however.

Interest on these accounts is calculated daily, and certificate holders have the option of having full interest paid at maturity, compounded quarterly (added to certificate) or monthly interest transfers made to their Vibe Credit Union checking or savings accounts.

Certificate renewal notices are sent seven days prior to maturity, with the CD being renewed automatically if no response is provided. There is a seven-day grace period for renewals, with a renewal acknowledgment sent upon request.

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How Vibe Credit Union’s CD rates compare

As mentioned above, Vibe Credit Union’s CD rates just don’t stack up against the competition, even if their requirements are fairly standard in comparison. We recommend considering one of the CDs on our list of the best CD rates to get the most bang for your buck on your funds.

Vibe Credit Union money market account options

Money Management account

Vibe Credit Union’s money market account allows you to earn slightly higher rates than on its savings accounts.
APYMinimum Balance to Earn APY
0.05%$0
0.25%$2,500
0.30%$20,000
  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY: Varies; see table.
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This account boasts the ability to earn higher interest rates than the Membership Savings account, and while that’s true, these rates really aren’t at all impressive.

Other services with this account include mobile and online banking services. Since it is a savings account, this account is subject to Federal Reserve Regulation D, which limits certain debits to six per month; exceed this limit and you’ll face a $5 fee per additional transaction from the credit union.

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Elite Money Management account

Virtually the same as the regular Money Management account, but with slightly higher rate tiers.
APYMinimum Balance to Earn APY
0.05%$0
0.35%$50,000
0.45%$100,000
  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY: Varies; see table.
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This account comes with the same requirements and other characteristics as the regular Money Management account; the only difference is that there are higher required minimum balances which earn slightly higher rates. As such, it’s also subject to Federal Reserve Regulation D, which limits certain debits to six per month. You’ll be faced with a $5 fee per excess transaction if you go over that rule from the credit union.

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FU$E Money Management account

The Money Money Management account version for youths from birth to age 23.
APYMinimum Balance to Earn APY
0.20% $0
0.30%$2,500
0.35%$20,000
  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY: Varies; see table.
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The youth version of Vibe Credit Union’s Money Management money market account allows children (or their parents) and young adults save up for things like a trip, new car or college tuition while earning a small amount of interest. When the account holder turns 24, this account will become a regular Money Management account. A parent must be a joint owner on the account while their child is still a minor. Parents can remove themselves after their child turns 24 if they wish, though they can remain an owner of their new adult account as well. As with all other savings accounts, it heeds to Federal Reserve Regulation D, which limits certain debits to six per month.

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How Vibe Credit Union’s money market accounts compare

Like a large majority of money market accounts out there, Vibe Credit Union’s offerings come with pretty dismal rates and high balance requirements to earn the highest ones. We recommend seeking out better rates from other institutions, such as one of the many on our list of the best money market rates and accounts.

Vibe Credit Union IRA options

IRA CDs

Vibe Credit Union’s CDs, opened within an IRA with a minimum deposit of $500.
TermAPY
12 months1.50%
18 months1.51%
24 months1.76%
30 months2.01%
36 months2.26%
48 months2.57%
60 months3.03%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 90 days’ worth of interest on a 1 year term; 180 days’ worth of interest on all other terms

These are Vibe Credit Union’s same CD products, just opened within an IRA at the same fairly mediocre rates. The required opening deposit and early withdrawal penalty are fairly standard, as are the renewal options.

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How Vibe Credit Union’s IRA CD rates compare

Just like with the regular CDs, the rates on the credit union’s IRA CDs are not really anything to write home about.

When you’re saving for your retirement, you especially want to make sure you have the best opportunity to grow your funds. That’s why we urge you to do your research to find the best product out there, such as one of the many options on our list of the best IRA CD rates.

IRA savings account

A retirement account that can be opened as a traditional or Roth IRA.
APYMinimum Balance to Earn APY
0.20%$500
0.20%$2,500
0.30%$20,000
  • Minimum opening deposit: $500
  • Minimum balance to earn APY: Varies; see table
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

Vibe Credit Union offers an IRA savings account that can be opened as a traditional or Roth IRA. Like its other savings products, the rates really aren’t all that impressive. As with any other savings account, it is subject to Federal Reserve Regulation D, which limits certain withdrawals and transfers to six per month.

How to get Vibe Credit Union’s personal banking products

If you qualify for membership, you can open Vibe Credit Union’s checking, savings and certificates after opening a Membership Savings account with an opening deposit of $5. You’ll need to provide your Social Security number and a government-issued ID to become a member. For the IRA CDs and IRA savings accounts, members will need to visit the credit union in person. For the FU$E Checking and Money Management accounts, members under 18 will need to visit the credit union with a parent to open the accounts.

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Overall review of Vibe Credit Union’s banking products

Overall, none of the rates offered on Vibe Credit Union’s banking products are anything to get excited about. Its minimal fees and monthly requirements are a definite plus, as is the fact that both of its Vibe Credit Union’s checking account products earn interest, but you can still do better elsewhere. Do your research to find the deposit account that will really allow you to reap the most benefits on your funds.

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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Reviews

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