✅ Try Wealthfront ➝ penniesnotperfection.com/wealthfront/ ✅ Concerned about the risk of fintech? Try this real bank instead: ruclips.net/video/miS1krtgoYE/видео.html
I’m in the same boat! I’ve been with Ally for about 7 years and they had the highest rate for the longest, but other banks have been offering higher rates. Was looking into Wealthfront, maybe I’ll use both. Thank you!
@@PenniesNotPerfection Agreed, maybe use different banks based on their features. Since Ally has Zelle, I'll probably keep it as a true emergency fund and use WF for savings towards goals. I opened an account using your link!
Yes! I’ve done videos on Ally and recommend them. They have lower interest rates but other features. It really depends on what you value and want the most!
Just hypothetically speaking. Would it be safe to put 3-6 month saving in there? I read the terms agreement and it stated in one of the last parts that they can terminate or suspend your account with or without telling you what their reasons are?
Thank you for sharing this information! This was THE video that convinced me to officially create my first high yield savings account. I used your link to get the 5.50% APY so I hope you enjoy the boost as well. Thank you, thank you, thank you !
I'm seriously considering switching, I've just opened up a HYSA with CapitalOne in December but the increased rate sounds really nice and I've heard good stuff about Wealthfront. Also, I'm 18 and still in high school so any extra cash I can get is a big help. Does Wealthfront charge for transferring from/to external banks? I want to just park my savings there and still continue using my other main banks
No charge! I actually transferred from capital one. That’s what I do. I use multiple banks. I still use capital one since I’ve been with them before it was even capital one and still think what they offer is good if not the best rates.
@@PenniesNotPerfection Awesome! Thank you so much. I ended up transferring, just made my account at Wealthfront. And thank you again that means a lot 🙏🏼 My family did not teach me much financial literacy so this year I have really been learning a lot and starting !
Awesome you are a saver. Look into putting money in the stock market (S&P500)for the long haul it can average about 10%. Think retirement money@@al3xzzGG
Interested in seeing how this trial year goes for you! I've heard a lot about Wealthfront (both good & bad). I'm not the biggest rate chaser & prefer my accounts be centrally located for the most part. 😊 Are you planning on dabbling into the investment side of it or just the savings/checking account feautures?
I’ve never been a rate chaser either! A big push for me is since I create content on different types of accounts so it makes sense for me to try out the top ones. For most people it’s probably not worth the switch especially if they aren’t piling money up for a specific goal. I will be doing some investing there too! I plan to check out everything. I may do some tutorial videos as well.
Do you know if WF has given a statement about the Yotta situation? Perhaps to reassure their customers - I'm looking at WF but am cautious before diving in
Definitely smart to be cautious! I switched to Wealthfront for one specific savings goal and made this video before the Yotta situation so it's definitely brought to light some additional risks. I have not seen anything specifically from Wealthfront about it. It is something people have to consider if they are comfortable using an account like this.
Do you Transfer money from another account into you Wealth Front. Let's say Example Bank of America, Do you link account in order to put money in the account, how do I put in the money?
I'm curious to know what you've thought about Wealthfront. I'm looking to open up a HYSA and was primarily looking at the institutions that offer the bucket option -- Ally, Capitol One, and Wealthfront. Not considering SoFi as it's difficult to rely on Direct Deposit as a freelancer. Anything you miss about Ally?Would so appreciate your thoughts!
I love Wealthfront. I only ever used Ally for savings and same for Wealthfront, so there is 0 I miss about Ally. I like the design better on Wealthfront personally and Im able to use the bucket system for savings just as easily with a higher rate. I also wouldnt choose one that required direct deposit.
@@PenniesNotPerfection Thank you so much! Have you found WF's customer service to be good? I don't see a phone number on their website, and am wondering if that's something reserved for customers or if it's solely email based?
Ok nice video I learned a bit and I'm getting convinced thank you, just want to know a few things since I'm new to this. If I open a HYSA I need to transfer the money from my current bank account and let's say I deposit 10k into the HYSA and a few months later I need to withdraw 5k back into my other bank account will I be able to do that at any time?? Also will the interest continue at the 5% on the remaining 5k?
I'm not the video creator, but yes you can make your transfer between banks any time! and yes, the remaining balance will still earn the 5% interest rate.
Hi! Is Wealthfront a good account to have for an emergency fund that you’ll need to access quickly if something comes up like a medical emergency or flat tire? I just graduated college and I’m trying to find a HYSA that has a good rate and is reliable and quick to access.
That’s what many people use it for, yes. You can have a debit card attached to the account that works like any debit card does. Or if you use credit cards you can pay your card off each month from the account.
Anyone here that has wealthfront for a long time? Any issues when transferring or withdrawing money from your account to your bank? I would like to know before I invest a lot of money. If there are issues with getting money I probably won’t continue. Please and thank you
I have been using wealthfront for a few years now. Never had any problems with them. Money transfering is simple and fast in both directions. Yeah it is not a bank but it simplifies everything for you.
Wealthfront is not a real bank, it's a Fintech company. When they say they are FDIC insured, it means the banks they use are FDIC insured. So, if something goes wrong with one of the banks they use, your covered. But if something goes wrong with Wealthfront themselves, then you could be screwed. For example, if they do horrible bookkeeping, record keeping, or their software crashes. This is what just happened with Yotta, and customers might never get their money back. I would skip the middleman, and bank directly from the real bank.
Correct! It's not a bank and this is not a savings account! It's fin tech which offers different benefits and it is up to you to determine if you want that vs using a traditional bank with no middle man. This video was about my choice (and also made before the Yotta situation). Sounds like for you a bank is the right option!
For the cash account the minimum $1. For investment accounts the minimum is $500. No fees for the account. If you choose to do their automated investing option the annual fee is 0.25%.
Just that you know, this shares the same level of risk as Yotta. Whose depositers have been frozen from their funds for over 30 days. Not a super high risk, but it is one.
Yes this was also made before Yotta’s current situation. I’m watching it develop so we will see how that shakes out and whether or not I’ll stop recommending fintech companies or not. For now I’m still happy with Wealthfront.
I am not sure if this is correct, but I think the Yotta situation was different because they used a middleman, synapse. Wealthfront doesn’t seem to have this issue as they appear to partner directly with FDIC banks. If Wealthfront goes under, the money will still be in the banks. And I am sure regulators would investigate and make sure Wealthfront gets the money back to customers. It seems like Vanguard. If Vanguard went out of business, the money would still be insured.
if you successfully refer multiple ppl, do you get the +.5% boost for three months for each referral? Or is the boost only eligible for one 3 month duration?
I was attempting to open the cash account at Wealthfront, at the end of the application it warns you that it is not a saving account, rather a brokerage account. Will that impact my money earning and any risk of losing it?
Yes it’s a “cash account” or “brokerage account” and what I use instead of a high yield savings account “HYSA”. I do so because it earns more. Wealthfront partners with traditional banks to provide FDIC insurance on accounts. You can read more here and decide if you are comfortable with it! support.wealthfront.com/hc/en-us/articles/211004023-How-are-my-funds-protected-at-Wealthfront
The rate will fluctuate as the market changes. All savings accounts will do this. You can really only lock in rates for a time period with something like a CD.
Not yet but on my list to try! I have heard good things about Marcus. I did have a credit card with synchrony and wasn’t a huge fan but no experience with any other accounts.
@@PenniesNotPerfectionthank you for replying! I am a new subscriber to your channel. Uhm, which do you prefer to use in wealthfront or do you recommend , the cash account or the investment account? I am wondering if you could make a video, such as pros and cons of those two.
@@PenniesNotPerfectionI also have a friend who was asking about HYSA and I sent her with your youtube link and your channel. Your informative videos really help us women to have money literacy.
Thanks for sharing it! If you’re just wanting a savings account then use the cash account. If you are wanting to invest then use the other (it has a $500 minimum). It really depends on the goal of the money. Is it for short term needs (cash account) or is it to grow long term through investing (investment account).
Oh, really?! I need to look into that for sure! Personally I'm a credit card user and just pay off my balances before the statement date. Well actually I pay them weekly so I never get that far but still get the rewards. I basically use them like a debit card so I never use debit cards but I will research this one!
✅ Try Wealthfront ➝ penniesnotperfection.com/wealthfront/
✅ Concerned about the risk of fintech? Try this real bank instead: ruclips.net/video/miS1krtgoYE/видео.html
I just applied for a welthfront saving account! I was thinking about getting it, but i was not sure it was safe but now I'm getting it!!
Any updates on your experience with the account?
Looking forward to customer service review from them. This is where most companies are lacking these days.
Soooo true. Honestly even the places people say have “good” customer service have not been good in my experience.
my current high yield savings rate from my local bank is just 2.7% with a 10k minimum, its garbage. Going to be making an account shortly
I'm with Ally as well. Wealthfront's planning tool sounds cool, as I use Personal Capital to track networth. It'd be an all in one.
I like personal capital a lot for net worth tracking.
I’m in the same boat! I’ve been with Ally for about 7 years and they had the highest rate for the longest, but other banks have been offering higher rates. Was looking into Wealthfront, maybe I’ll use both. Thank you!
You totally can use both! I think many people think they can only use one bank for everything but sometimes multiple work better.
@@PenniesNotPerfection Agreed, maybe use different banks based on their features. Since Ally has Zelle, I'll probably keep it as a true emergency fund and use WF for savings towards goals. I opened an account using your link!
I used your link to open my account. Thankyou! Waiting for more Wealthfront videos😊
Awesome, enjoy your rate bump! What would you like to see in videos?
Thanks for sharing. I'm with Ally also, but I might switch over to Wealthfront now. 5 percent is great!
Hi Mary. I'm enjoying my ally. I proud w how far I've come since Jan trying so hard
You’re doing great!
Ally also has buckets/caterories. Also, the advantage of Ally is you can zelle where as wealthfront you can’t
Yes! I’ve done videos on Ally and recommend them. They have lower interest rates but other features. It really depends on what you value and want the most!
I recently opened a Wealthfront account solid option for sure!
It’s great!
Just hypothetically speaking. Would it be safe to put 3-6 month saving in there? I read the terms agreement and it stated in one of the last parts that they can terminate or suspend your account with or without telling you what their reasons are?
Thank you for sharing this information! This was THE video that convinced me to officially create my first high yield savings account. I used your link to get the 5.50% APY so I hope you enjoy the boost as well. Thank you, thank you, thank you !
Glad it was helpful!
I'm seriously considering switching, I've just opened up a HYSA with CapitalOne in December but the increased rate sounds really nice and I've heard good stuff about Wealthfront. Also, I'm 18 and still in high school so any extra cash I can get is a big help. Does Wealthfront charge for transferring from/to external banks? I want to just park my savings there and still continue using my other main banks
No charge! I actually transferred from capital one.
That’s what I do. I use multiple banks. I still use capital one since I’ve been with them before it was even capital one and still think what they offer is good if not the best rates.
Also great job getting into this stuff early. You are doing so well!
@@PenniesNotPerfection Awesome! Thank you so much. I ended up transferring, just made my account at Wealthfront. And thank you again that means a lot 🙏🏼 My family did not teach me much financial literacy so this year I have really been learning a lot and starting !
Great work! Learning is so important. Seriously proud of you for taking the initiative!
Awesome you are a saver. Look into putting money in the stock market (S&P500)for the long haul it can average about 10%. Think retirement money@@al3xzzGG
Do they have wiring if i need lump sum for a house purchasing or somethimg?
They do. When you download the app you’ll see it in the menu options
Interested in seeing how this trial year goes for you!
I've heard a lot about Wealthfront (both good & bad). I'm not the biggest rate chaser & prefer my accounts be centrally located for the most part. 😊
Are you planning on dabbling into the investment side of it or just the savings/checking account feautures?
I’ve never been a rate chaser either! A big push for me is since I create content on different types of accounts so it makes sense for me to try out the top ones. For most people it’s probably not worth the switch especially if they aren’t piling money up for a specific goal.
I will be doing some investing there too! I plan to check out everything. I may do some tutorial videos as well.
Will wealth front close your account if you have any type of balance?
I like the UI for Wealthfront, but several of my bank accounts will not link. I’ve found it difficult to transfer funds into the cash account.
I would love to know which ones!
Thanks for the review, sounds interesting to me. Take care
Do you know if WF has given a statement about the Yotta situation? Perhaps to reassure their customers - I'm looking at WF but am cautious before diving in
Definitely smart to be cautious! I switched to Wealthfront for one specific savings goal and made this video before the Yotta situation so it's definitely brought to light some additional risks. I have not seen anything specifically from Wealthfront about it. It is something people have to consider if they are comfortable using an account like this.
Can you talk about the tax on the interest earned on the WF Hysa? Thanks!
Do you Transfer money from another account into you Wealth Front. Let's say Example Bank of America, Do you link account in order to put money in the account, how do I put in the money?
Thank you for sharing 😊❤😊
I'm curious to know what you've thought about Wealthfront. I'm looking to open up a HYSA and was primarily looking at the institutions that offer the bucket option -- Ally, Capitol One, and Wealthfront. Not considering SoFi as it's difficult to rely on Direct Deposit as a freelancer. Anything you miss about Ally?Would so appreciate your thoughts!
I love Wealthfront. I only ever used Ally for savings and same for Wealthfront, so there is 0 I miss about Ally. I like the design better on Wealthfront personally and Im able to use the bucket system for savings just as easily with a higher rate. I also wouldnt choose one that required direct deposit.
I also still use Capital One for some things but you have to create individual savings accounts which is slightly different than a true bucket system.
@@PenniesNotPerfection Thank you so much! Have you found WF's customer service to be good? I don't see a phone number on their website, and am wondering if that's something reserved for customers or if it's solely email based?
I’ve only used email but I personally prefer text/chat/email over phone support.
They do have customer support numbers inside the app so maybe it’s just visible to existing customers not on the website.
so do you just link you ally account to your wealthfront or do you transfer the money over from ally to wf?
Ok nice video I learned a bit and I'm getting convinced thank you, just want to know a few things since I'm new to this. If I open a HYSA I need to transfer the money from my current bank account and let's say I deposit 10k into the HYSA and a few months later I need to withdraw 5k back into my other bank account will I be able to do that at any time?? Also will the interest continue at the 5% on the remaining 5k?
I'm not the video creator, but yes you can make your transfer between banks any time! and yes, the remaining balance will still earn the 5% interest rate.
@@thirstkirstreads9835 thank you I appreciate your reply.
Hi. New subbie. I opened with wealthfront 5-7. Used your link. Hope you get even more credit. !!
Thanks! I think I’m maxed out but people still get the rate boost so that makes me happy to help other people earn more! 💕
Send me a referral link please :)
There is one in the description box. People can’t share links in comments due to spam.
Do they provide a debit card for your account ?
Yee
Do it compounds daily?
Thank you for sharing! I just used your referral.
Awesome! Thank you!
Hi! Is Wealthfront a good account to have for an emergency fund that you’ll need to access quickly if something comes up like a medical emergency or flat tire?
I just graduated college and I’m trying to find a HYSA that has a good rate and is reliable and quick to access.
That’s what many people use it for, yes. You can have a debit card attached to the account that works like any debit card does. Or if you use credit cards you can pay your card off each month from the account.
Anyone here that has wealthfront for a long time? Any issues when transferring or withdrawing money from your account to your bank? I would like to know before I invest a lot of money. If there are issues with getting money I probably won’t continue. Please and thank you
Same
I have been using wealthfront for a few years now. Never had any problems with them. Money transfering is simple and fast in both directions. Yeah it is not a bank but it simplifies everything for you.
Wealthfront is not a real bank, it's a Fintech company. When they say they are FDIC insured, it means the banks they use are FDIC insured. So, if something goes wrong with one of the banks they use, your covered. But if something goes wrong with Wealthfront themselves, then you could be screwed. For example, if they do horrible bookkeeping, record keeping, or their software crashes. This is what just happened with Yotta, and customers might never get their money back. I would skip the middleman, and bank directly from the real bank.
Correct! It's not a bank and this is not a savings account! It's fin tech which offers different benefits and it is up to you to determine if you want that vs using a traditional bank with no middle man. This video was about my choice (and also made before the Yotta situation). Sounds like for you a bank is the right option!
Do they have maintenance amount to keep up? Do they have a minimum amount to invest?
For the cash account the minimum $1. For investment accounts the minimum is $500.
No fees for the account. If you choose to do their automated investing option the annual fee is 0.25%.
i cant find the link...
Just that you know, this shares the same level of risk as Yotta. Whose depositers have been frozen from their funds for over 30 days. Not a super high risk, but it is one.
Yes this was also made before Yotta’s current situation. I’m watching it develop so we will see how that shakes out and whether or not I’ll stop recommending fintech companies or not. For now I’m still happy with Wealthfront.
I am not sure if this is correct, but I think the Yotta situation was different because they used a middleman, synapse. Wealthfront doesn’t seem to have this issue as they appear to partner directly with FDIC banks. If Wealthfront goes under, the money will still be in the banks. And I am sure regulators would investigate and make sure Wealthfront gets the money back to customers. It seems like Vanguard. If Vanguard went out of business, the money would still be insured.
if you successfully refer multiple ppl, do you get the +.5% boost for three months for each referral? Or is the boost only eligible for one 3 month duration?
I think it’s up to 6 months!
I was attempting to open the cash account at Wealthfront, at the end of the application it warns you that it is not a saving account, rather a brokerage account. Will that impact my money earning and any risk of losing it?
Yes it’s a “cash account” or “brokerage account” and what I use instead of a high yield savings account “HYSA”. I do so because it earns more. Wealthfront partners with traditional banks to provide FDIC insurance on accounts. You can read more here and decide if you are comfortable with it! support.wealthfront.com/hc/en-us/articles/211004023-How-are-my-funds-protected-at-Wealthfront
How can I be sure the rate won’t fluctuate??
The rate will fluctuate as the market changes. All savings accounts will do this. You can really only lock in rates for a time period with something like a CD.
Hello. Do I have to set up a direct deposit in order to get cash account or just link my bank account with wealthfront cash account to send my money?
Just link an account. You can direct deposit if you want to but it’s not necessary.
Why not Jenius Bank at 5.25%?
Never heard of it!
would love a review of Jenius bank!
Any experience with Marcus (Goldman Sachs) or Synchrony??
Not yet but on my list to try! I have heard good things about Marcus.
I did have a credit card with synchrony and wasn’t a huge fan but no experience with any other accounts.
Are you still with wealthfront right now? Thanks!
I do have an account there still!
How much money you keep on your Wealthfront account?
You can keep as much as you want in it!
How's it going for you 2 months in?
I am still very much a fan! That could change in the future but for now I'm very happy and the rate hasn't changed.
Is there a requirement amount before you can make an account at Wealthfront?
For the cash account no, just $1. For investment accounts the minimum is $500.
@@PenniesNotPerfectionthank you for replying! I am a new subscriber to your channel. Uhm, which do you prefer to use in wealthfront or do you recommend , the cash account or the investment account? I am wondering if you could make a video, such as pros and cons of those two.
@@PenniesNotPerfectionI also have a friend who was asking about HYSA and I sent her with your youtube link and your channel. Your informative videos really help us women to have money literacy.
Thanks for sharing it!
If you’re just wanting a savings account then use the cash account. If you are wanting to invest then use the other (it has a $500 minimum). It really depends on the goal of the money. Is it for short term needs (cash account) or is it to grow long term through investing (investment account).
it looks like wealthfront offers a debit card with their cash account, have you used that at all?
I have not yet!
"Please refrain from getting the debit card as you will be charged approximately 2% for every use."
Oh, really?! I need to look into that for sure! Personally I'm a credit card user and just pay off my balances before the statement date. Well actually I pay them weekly so I never get that far but still get the rewards. I basically use them like a debit card so I never use debit cards but I will research this one!
@@DP-bx5fgyou can use it to withdraw cash obviously.
It works like a regular checking account having a debit card attached is clutch!
i started wealthfront if anyone needs a link for a 5.5% bonus. i want to save for a wedding