hello I am Wanderer001 and it was only a matter of time
everybody said it it couldn't last wealthfront cash account now down to two
point three two percent apy I however I'm not one of the doom and gloom sayers
yes the cash account did drop however well front always said that this would
be tied to interest rates most of these cash accounts online savings accounts
high-yield savings accounts your personal bank account are all tied to
interest rates if the interest rate gets lowered these accounts kind of work in
kind so they have actually lowered their cash account based on what the Federal
Reserve did now I will say because everybody that I've seen or read is all
oh it's a bait and switch it's a it's not a bait and switch
because if we come over here to nerd wallet let's look at this these are the
top online savings accounts look at this Marcus lowered their rate even before
the Fed announced that they were officially lowering the rate they
lowered it before things happened Ally same thing lower their rate before the
Fed actually lowered their rate so it's just a occurrence that happens with
these high yield savings accounts that does not mean it's a bad thing but just
know what you're getting into yes this rate will fluctuate it's low
right now but guess what when things finally do
turn around the rate will also go back up so you will bounce around a little
bit now I will say that through all the turmoil my brick and mortar bank has
stayed the same at a whopping 0.06 percent so if you're looking for
stability that might be where you want to go as opposed to one of these I am
still very happy with my wealth front account in fact I will log in and show
you the interest that I made on a larger chunk of money that I put in there so
let's actually take a look at that right now so here is my actual cash count with
wealth front and you can see when I had $500 in here I did get a
dollar 3 an interest after which I deposited the rest of my side hustle
money in here you know my freelance money and move some money out as well I
needed to pay some things for my side business huh and here you can see on the
remainder I got $15 and 21 cents now yes that was at the 2.5 percent interest
rate but for context keep in mind that my actual bank account during this time
same time frame for 60-ish thousand dollars you know the combined I kind of
have with my wife we got eleven dollars in interest so even with the new two
point two point three two percent interest you're still going to be doing
better than you get in your brick-and-mortar now the idea is
anything above two percent is going to keep you above inflation which is
important now I actually went back and refilmed this part because well it's a
couple days later and Ally even lower there's further so wealthfront still
doing really good at two point two three percent and here you can see my total
year-to-date which is only three months worth of
interest is almost twenty dollars on almost no money in here keep in mind
that I only just put in this seven thousand dollars for the rest of the
time that I was doing this it was only five hundred dollars and then
compounding upon the five hundred dollars that I had in here
yeah since I am in my actual cash account let me show you some of the
things that they changed after the initial video that I did that I made a
mention of in just a quick little coast so here when you are transferring funds
before I said you could not put your money into your investments so if you
had an investment account with wealthfront you can now move your cash in
there now you can put your money in and you can select where from and you can
take your money out now the one thing I will say with the take money out and put
money in with the put money in you can specified a specific amount and I mean
specific down to the cents so here you can see I put in seven thousand two
hundred fifty six dollars and eighty two cents but when I was with withdrawing
thoughts you'll notice here five hundred dollars
875 they will not let you put a change amount in here and I kinda am a little
annoyed with that so wealthfront get on that fix that if I can put change into
this account and you can give me change in interest
I should be able to remove that change as well so you can remove as low as a
dollar and I get that maybe you don't want me removing 99 cents because that
just makes things difficult but if I'm doing eight hundred seventy-five dollars
and 99 cents I should be allowed to remove the change just saying small
thing that I found with it I still like the account and I still think a cash
account especially a high-yield savings account of some sort should be in your
repertoire somewhere it's a good place to have your money grow and stay safe
now it is wealthfront always going to be two point three two percent probably not
if the Fed cuts rates again it'll go down again but again accounts like this
are tied to what the Federal Reserve does if the Fed revert if the Federal
Reserve raises rates well guess what wealthfront
will raise rates again and you know why because they want to acquire customers
yes this is a gateway to get you to look at their investment stuff as well but
they also want your money because they make money off of it even if it's not in
their investment portfolio again it's not a bait and switch it's tied
to the Federal Reserve all all other types of accounts like this are tied as
well so this one's still the one of the highest so again stay above 2% to beat
inflation which you are doing right here and and you're okay just park your money
wealthfront not a bait and switch still worth looking into so I have been Wanderer001
if you have any questions or comments
please leave them in the area below and as always thanks for watching