Wealthfront Brings in Over $1bn with New High Yield Account

Digital wealth management fintech Wealthfront launched a high yield cash account in February and has already seen more than $1bn in customer deposits; due to the success of the account Wealthfront is now looking to increase interest rates from 2.24 percent to 2.29 percent; “Once we passed $1 billion dollars in deposits, we were able to get cost savings and pass that directly down to our clients,” Wealthfront founder Dan Carroll told CNBC in a phone interview; Wealthfront uses partnerships with East West Bank, New York Community Bank and others to hold deposits and insure them up to $1mn. Source.

  • Todd Anderson

    Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.