Wealthfront is adding checking features to its cash account — users will have access to a debit card, and can receive paychecks two days early as direct deposits.
These new features make it possible to use a Wealthfront Cash Account as a hybrid savings/checking account.
Wealthfront gradually made these features available to existing clients starting June 3, and the public can access checking features starting June 29.
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Until now, you’ve been able to use a Wealthfront Cash Account (Member FDIC) to save for short-term or long-term financial goals.
But now you have the option to use your Wealthfront Cash Account as a checking account, too.
Wealthfront has introduced several new features to its Cash Account so it acts as a hybrid savings/checking account. Beginning June 3, Wealthfront gradually made these features available to existing customers. As of June 29, anyone is able to access these features.
Wealthfront Cash AccountA Wealthfront Cash Account will include a debit card and direct deposits
Here are the new features available to people with a Wealthfront Cash Account:
A debit card. Until now, you haven’t been able to directly access money in your Wealthfront Cash Account — you’ve had to wait a few days to transfer money from an external bank account. But now you have a debit card for easier access to your money. Use it to make purchases, or use it at 19,000 ATMs for free. You can also link the debit card to Apple Pay and Google Pay.
Set up direct deposits to get paid two days early. You can have your paycheck deposited directly into your Wealthfront Cash Account and receive your money up to two days early. Not only is this convenient, but it gives you more time to earn interest. It also gives you faster access to any cash you may want to invest through your Wealthfront Investing Account.
Pay bills from your account. Use your account information to pay bills online, from your mortgage to insurance to credit card payments.
Pay friends and family. You can link your Wealthfront Cash Account to PayPal, Venmo, and Cash App.
Although you can’t deposit paper checks with your mobile app yet, this feature is in the works.
Your Wealthfront Cash Account acts as a hybrid savings/checking account
Wealthfront’s new features give you the ability to use a Wealthfront Cash Account as both a savings and checking …read more
Source:: Business Insider