“Arc’s end-to-end modular platform enabled us to bring checking features to our high-yield Cash Account, helping our clients easily access their cash when they need it while also earning an industry-leading APY.”

Dave Myszewski, Vice President of Product, Wealthfront

Opportunity:

Automated wealth management innovator Wealthfront sought to bring checking features to its award-winning high-yield Cash Account to support clients’ unique cash management needs.

Solution:

Leverage Arc by Green Dot’s configurable APIs and secure banking capabilities to deliver checking features for the Wealthfront Cash Account, giving Wealthfront’s clients the ability to receive direct deposits up to two days early, pay bills, deposit checks, and easily access cash through a nationwide network of ATMs.

Wealthfront is a tech-driven financial platform that oversees nearly $80 billion for more than one million clients.

Wealthfront offers a suite of wealth management products and services including high-yield cash management, diversified ETF and bond investing, zero-commission stock investing, and low-cost margin loans.

Current features of the award-winning Wealthfront Cash Account:

• Industry-leading APY
• FDIC coverage up to $8 million (and $16 million for joint accounts) on deposits through partner banks
• Direct deposit up to two days early
• No monthly fee
• Debit card with access to over 19,000 free ATMs and two out-of-network ATM fee reimbursements per month (up to $7.50 each)
• Free instant withdrawals and wire transfers
• Cash Categories to keep funds organized and set customizable saving goals
• Bill pay and peer-to-peer app compatibility
• Free “send a check”
• Transfer to Wealthfront investing accounts in minutes

Arc partners with Wealthfront to make the Cash Account even more valuable.

“With one of the highest rates on the market plus checking features powered by Arc 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.”

    - Dave Myszewski, Vice President of Product, Wealthfront

In June 2020, Wealthfront partnered with Arc and Green Dot to add new checking features to their successful high-interest Cash Account, providing a unique cash management account offering highly competitive rates and benefits, complementing the expanded FDIC insurance on cash deposits already available through partner banks.

Powered by Arc

Built on the Arc single-source platform

Our comprehensive, configurable platform features enterprise-grade APIs and offers end-to-end program management including operations and compliance, customer service and support, and more, all in one.

Integrated with a licensed bank

Arc is integrated with Green Dot Bank, Member FDIC, providing deep experience building and delivering secure financial services with comprehensive regulatory and compliance oversight and support.

About Arc

Arc by Green Dot is the single-source embedded finance platform from Green Dot Corporation, the company that has delivered access to modern banking and payment tools for consumers and businesses for more than 25 years. We power some of the world’s most trusted brands with financial tools and experiences that create value, retain customers and accelerate growth.

See how your business can benefit from embedded finance solutions from Arc’s single-source platform > www.greendot.com/arc

Wealthfront Disclosures:

The checking features offered in a Wealthfront Cash Account are provided by and the Wealthfront Visa® Debit Card is issued by Green Dot Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Visa is a registered trademark of Visa International Service Association. Checking features for the Cash Account are subject to identity verification by Green Dot Bank and the Wealthfront Visa® Debit Card is optional and must be requested. Wealthfront products and services are not provided by Green Dot Bank. Green Dot Bank operates under the following registered trade names: GO2bank, GoBank and Bonneville Bank. All of these registered trade names are used by, and refer to, a single FDIC-insured bank, Green Dot Bank. Deposits under any of these trade names are deposits with Green Dot Bank and are aggregated for deposit insurance coverage.

Early direct deposit availability depends on payor type, timing, payment instructions, and bank fraud prevention measures and may vary from pay period to pay period. The name and Social Security number on file with your employer or benefits provider must match your Account to prevent fraud restrictions on the account.

Fee-free ATM access applies to in-network ATMs only. For out-of-network ATMs and bank tellers a $2.50 fee will apply, plus any additional fee that the owner or bank may charge. Fees and Eligibility requirements may apply to certain checking features, please see the Deposit Account Agreement for details. Copyright 2024 Green Dot Corporation. All rights reserved.

Each calendar month, current eligible clients with domestic out-of-network ATM cash withdrawal(s) of U.S. dollars using their Wealthfront Visa® Debit Card, issued by Green Dot Bank (“ATM Withdrawal(s)”), will receive a reimbursement of certain fees associated with their first two ATM Withdrawals. Wealthfront Brokerage will utilize its best efforts to reimburse Green Dot’s $2.50 “out-of-network fee” and up to $5.00 of any operator or owner’s fee for ATM Withdrawals, up to a maximum reimbursement of $7.50 per ATM Withdrawal (the “Reimbursement”). The maximum total monthly Reimbursement is $15.00 ($7.50 + $7.50). ATM Transactions completed before September 16, 2024 are not eligible for Reimbursement in connection with this Program. Wealthfront Brokerage reserves the right to modify or terminate the Program at any time without notice. For full details please review the Out-of-Network ATM Fee Reimbursement Terms and Conditions at https://www.wealthfront.com/legal/out-of-network-terms.

The Annual Percentage Yield (“APY”) on cash deposits is representative, subject to change, and requires no minimum. The APY represents the weighted average of the APY on the aggregate deposit balances of all clients at the participating program banks. Funds in the cash account are swept to partner banks where they earn a variable APY and are eligible for FDIC insurance. Conditions apply. FDIC insurance is not provided until the funds arrive at the Program Banks, and protects against the failure of program banks, not Wealthfront. While funds are at Wealthfront, before they are swept to the program banks, they are subject to SIPC’s protection limit of $250,000 for cash. FDIC insurance coverage is limited to $250,000 for the total amount of all deposits a customer holds in the same ownership capacity per banking institution, regardless of whether those deposits are placed through Wealthfront Brokerage. Wealthfront Brokerage uses more than one Program Bank to make available FDIC coverage of up to $8 million for your cash deposits. For more information about FDIC insurance, visit www.FDIC.gov. Deposits held at partner banks are not protected by SIPC.

Real-Time Payments (RTP) transfers and FedNow instant payment transfers may be limited by destination institutions, daily transaction caps, and by participating entities such as Wells Fargo, the RTP® Network, and FedNow® Service. New Cash Account deposits are subject to a 2-4 day holding period before becoming available for transfer. Wealthfront doesn’t charge for transfers, but some receiving institutions may impose an RTP or FedNow fee.

The Cash Account is offered by Wealthfront Brokerage LLC (“Wealthfront Brokerage”), a Member of FINRA/SIPC. Neither Wealthfront Brokerage nor any of its affiliates are a bank, and Cash Account is not a checking or savings account. We convey funds to partner banks who accept and maintain deposits, provide the interest rate, and provide FDIC insurance. Investment management and advisory services–which are not FDIC insured–are provided by Wealthfront Advisers LLC (“Wealthfront Advisers”), an SEC-registered investment adviser.