Lets see if this goes more smoothly than Robinhoodâs launch of their âchecking & savings accountsâ. The fact that theyâre saying that deposits will have FDIC insurance sounds encouraging to me.
4 Likes
âOur clients hold almost $12 billion in cash and a lot of it is earning next to nothing,â Dan Carroll, Wealthfrontâs founder and chief strategy officer, said in an interview.
Based on this quote Iâm guessing the 2.44% interest rate is a way to get the money into Wealthfront, then they would look at best ways to âconvertâ those deposits to robo-funds.
1 Like
Wealthfrontâs new high-yield accounts bring in $1 billion in just a few months. They are also upping their interest from 2.24 to 2.29 percent, making it higher that what Goldman Sachâs Marcus Savings account offers in the US.
Finally they plan on launching a ââŠdirect deposit and a debit card by the end of this yearâ.
1 Like