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Wealthfront Introduces 2.24% APY Cash Account
- philips 8y ago> The cash balance in the Cash Account is swept to one or more banks (the “program banks”) where it earns a variable rate of interest and is eligible for FDIC insurance. FDIC insurance is not provided until the funds arrive at the program banks. FDIC insurance coverage is limited to $250,000 per qualified customer account per banking institution. This is the first time I have seen this sort of product. It seems to be a well understood one though. https://www.fdic.gov/regulations/resources/largebankdim/sweep-accounts.html https://www.fdic.gov/regulations/resources/largebankdim/swee...
- ac29 8y agoThey aren't too uncommon, Fidelity has had one for a while: https://www.fidelity.com/cash-management/fidelity-cash-management-account/overview https://www.fidelity.com/cash-management/fidelity-cash-manag...
- CyberDildonics 8y agoHow is this not just a straight up advertisement?
- planteen 8y agoSeriously, I have a 2.20% rate in my savings account.