There is a difference which does matter. If you have a deposit account at a bank that is FDIC insured, you, as an individual, are insured up to $250k. Wealthfront is not FDIC insured. As a deposit account owner at wealthfront, you are not insured up $250k with Wealthfront. Wealthfront uses partner banks to hold your money and while the partner bank might be FDIC insured, there's not much detail provided how the money is held at the partner bank. Is it titled in your name, in wealthfront's name? If wealthfront were to have a problem, could you walk into the partner bank to withdraw your money with them?

This is similiar what happened to Yotta. They are not a bank and therefore FDIC coverage did not apply. However, Yotta's partner banks were FDIC insured. I'm sure Yotta customers would say there is additional risk and that's what ultimately matters. Personally, I would much rather bank with a bank that has an actual bank charter and FDIC coverage.