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Green Dot and Wealthfront extend partnership to simplify savings and help build wealth

By Edlyn Cardoza

December 20, 2022

  • Cash Account
  • Cash Flow
  • Digital Bank

Green Dot Corporation, FinTech, Wealthfront, Digital Bank, Cash Account, Investment Account, Digital Saving, PFM, Financial Solutions, Cash Flow, USAGreen Dot Corporation, a digital bank and FinTech enabling powerful banking and payment solutions for businesses and consumers, and Wealthfront, an industry-leading automated wealth management provider serving the next generation of investors, have extended their partnership that provides seamless checking features and money movement for Wealthfront’s Cash Account.

Wealthfront began partnering with Green Dot in 2020 to offer Cash Account clients seamless access to checking features. Those features include receiving direct deposits up to two days early, paying bills, sending and depositing checks, and easily accessing cash at a nationwide network of ATMs through a debit card. The Wealthfront Cash Account requires just $1 to get started, and it comes with a 3.80% APY, zero account fees, unlimited free transfers, automated saving features including customisable cash categories, near-instant transfers into Wealthfront’s Investment Accounts, and up to $2 million in FDIC insurance through partner banks.

“Today’s investors want smart saving and investing products that help them build wealth in all market conditions, which is why we’re proud to offer the Cash Account to help our clients earn more on their uninvested savings,” said Dave Myszewski, VP of Product at Wealthfront. “With one of the highest rates on the market plus checking features powered by Green Dot, we’re able to provide a best-in-class Cash Account that is far superior to what a traditional bank can offer, so our clients can grow their long-term wealth easily and conveniently.”

In 2021, the number of investors using robo-advisors like Wealthfront grew at a record rate, up 23.2% from 2020, as young investors, in particular, looked for more accessible and affordable means of growing their wealth. Wealthfront has seen strong growth on its platform as millennial, and Gen Z investors have been drawn to its full suite of digital saving, investing, and borrowing services.

Wealthfront clients are also increasingly leveraging checking features provided by Green Dot to seamlessly save into a high-yield account that offers fast, easy access to cash when needed. Whether that means direct depositing a portion of their paycheck to automate their savings, depositing checks straight to an interest-bearing account, or using the account and routing numbers to pay bills and friends, the Wealthfront Cash Account helps clients maximise earnings on their uninvested cash without sacrificing flexibility or security.

“Savvy consumers demand more convenient financial solutions that help them build their savings and invest for the long term, and offer easy management and understanding of cash flow,” said Amit Parikh, EVP of Banking Platform Services at Green Dot. “We’re proud to partner with Wealthfront to power consumers with more seamless, secure and useful financial tools and experiences.”

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