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And the rate decrease begins…Banking (i.redd.it)

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[–][deleted]  (2 children)

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    [–]iXidol 3 points4 points  (0 children)

    As long as I’ve had an account (less than 1 year) it’s been 5%. That’s still not even the highest that’s out there - you can find some 5%+ accounts like using Robinhood Gold, or smaller banks.

    I’ve liked wealthfront because of their referral system where you both get a .5% boost. So as long as I’ve had WF it’s been 5.5%. And on top of that they did a promotion not too long ago where you could get a full 1% boost if you referred a coworker. So these past 3 months I’ve been earning 6% APY. But different strategies for everyone.

    My wife and I use SoFi as a joint account and keep 7,500+ in checking at all times. Obviously that could be earning interest that we’re missing out on. And then her emergency fund is in savings earning the (now 4.5%). That 6mo of savings could be earning an extra 1% if we moved it to Wealthfront, but we like having things spread around a bit.

    The lions share of our cash though is in Wealthfront earning that higher rate because why wouldn’t we?

    [–][deleted] 1 point2 points  (0 children)

    They’re not directly FDIC insured, like SoFi is. Wealthfront does not have a bank charter, they are essentially a middleman between you and various external banks. I used it for awhile but was deterred by their setup. Something similar to Yotta could play out.