{"id":17234,"date":"2024-06-28T09:32:34","date_gmt":"2024-06-28T16:32:34","guid":{"rendered":"https:\/\/canary.kcprod.info/blog\/?p=17234"},"modified":"2024-09-16T09:21:31","modified_gmt":"2024-09-16T16:21:31","slug":"make-the-most-of-your-cash-account","status":"publish","type":"post","link":"https:\/\/canary.kcprod.info/blog\/make-the-most-of-your-cash-account\/","title":{"rendered":"How To Get the Most Out of Your Cash Account"},"content":{"rendered":"\n

We built the Wealthfront Cash Account<\/a> to be the ideal home for your short-term cash. That\u2019s why the Cash Account comes with a high 3.30% APY and up to $8 million of FDIC insurance<\/a> through our partner banks, with absolutely no account fees<\/a>. <\/p>\n\n\n\n

It\u2019s no secret that earning a high APY on your cash is incredibly powerful<\/a>. But you might not know that a high APY can become even more powerful<\/em> in combination with some of the other features the Cash Account offers through our partner banks<\/strong>, including checking features you\u2019d expect from a bank.<\/strong> In this post, we\u2019ll explain how to use these features to get the most out of your Cash Account.<\/p>\n\n\n\n

1. Set up direct deposit to get 3.30% APY on every dollar you earn<\/strong><\/h2>\n\n\n\n

If you\u2019re like many people, you probably haven\u2019t thought about your direct deposit in a while. Maybe you set it up when you started your current job and haven\u2019t given it much thought since. But if you direct deposit your paycheck to an institution that doesn\u2019t pay you much (or any) interest on your cash, you could be leaving money on the table\u2014even if you eventually transfer some or all of that paycheck to your Wealthfront Cash Account. <\/p>\n\n\n\n

That\u2019s because compound interest<\/a> adds up. Missing a few days of earning a high APY on your cash because you have to remember to transfer funds to your Wealthfront Cash Account each pay cycle could prove costly in the long run. This approach can also take considerable time and effort on your part. As long as you have a Wealthfront Cash Account with an account and routing number<\/a>, you can direct deposit your paychecks to Wealthfront<\/a> and start earning our high, competitive APY on your money through our partner banks right away instead of transferring money in after you get paid. And once your paycheck lands at Wealthfront, it\u2019s easily and readily accessible\u2014more on that below.<\/p>\n\n\n\n

2. Take advantage of the many ways to access your cash, like free-same day withdrawals and transfers<\/strong><\/h2>\n\n\n\n

Cash isn\u2019t very helpful if you can\u2019t access it quickly when you need it, or if you get charged exorbitant fees to do so. That\u2019s why the Cash Account comes with a wide variety of ways to access your cash quickly and for free. We offer free same-day withdrawals<\/a> (even on holidays and weekends), free wires<\/a> (although receiving institutions may charge their own fee), and the ability to invest within minutes<\/a>. You also get access to a debit card, 19,000+ free ATMs, compatibility with your favorite payment apps (Google Pay, Venmo, Apple Pay, CashApp, PayPal), plus you can use your account and routing numbers to pay bills (like credit card bills, your mortgage, or daycare) and businesses. You can even send checks for free.<\/p>\n\n\n\n

How does this easy access to your cash help you get more out of your Cash Account? You can keep funds in your Cash Account (where they will keep earning a high APY) up until the moment you need it. As a result, you can earn more interest and skip the hassle of mentally accounting for a few days of buffer before making a payment out of your account. You also don\u2019t have to worry about incurring late fees on payments or making last-minute purchases\u2014your money is there when you need it, and earns interest all the while.<\/p>\n\n\n\n

3. Use the power of automation<\/strong><\/h2>\n\n\n\n

If you have to force yourself to set money aside for an upcoming goal each month, odds are you\u2019ll have trouble sticking to your plan. You might forget to transfer your funds, decide to skip a month, or inadvertently spend the money on something else before you realize your mistake. Automation can help you avoid these pitfalls and confidently direct your cash exactly where you want it to go. For this reason, we suggest using the power of automation to help manage your money and get the most out of your Cash Account.<\/p>\n\n\n\n

Wealthfront makes it simple to automate your finances from end to end<\/a>. Starting from the moment your direct deposit (or transfer) hits your Cash Account, you can organize your cash into categories (like an emergency fund or a vacation fund) and automatically route your money exactly where you want it to go\u2014including investing your excess cash so it has an opportunity to grow in the market and help you build long-term wealth. Once you decide where you want your money to go, it doesn\u2019t take any extra time or willpower to execute on your plan. As a result, you\u2019ll probably be more likely to stick with it and meet your goals.<\/p>\n\n\n\n

Key takeaways<\/strong><\/h2>\n\n\n\n

If you\u2019re only using your Cash Account as a parking lot for some of your savings, you\u2019re likely missing out. To get the most out of your Wealthfront Cash Account, we suggest that you:<\/p>\n\n\n\n