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Have you ever wondered what exactly the benefit is in keeping your money at the bank? In most cases, a standard savings account isn’t much of an investment at all. You just save your income and get billed the conventional bank fees, and then pay hefty bank taxes and bank dues on the most abstract things you can ever imagine.
You don’t have to let your hard-earned income slowly lose value in a savings account, however. Thanks to organizations like Wealthfront, you can streamline all your investing, banking, financial planning, and loan activities into a single platform, allowing you to track all your money closely and put it to work for you.
Onto our Wealthfront review!
What Is Wealthfront?
Wealthfront is a platform that helps earners manage their banking, loaning, investing, and financial planning problems. The site uses one of the most efficient tax systems for its clients as well as zero management fees for savings below $5000, and a 0.25% management fee for savings above $5000. The interest payable on loans is as low as 2.50 – 3.75% on every loan taken, and the ease is worth the take. Wealthfront also offers financial advice on investment and planning to keep you up to date on the events that change in the world of business and banking. Through its Robo-advisers, the software also provides its clients with some of the best advice on finances.
Both novice and expert investors are free to save with Wealthfront. You don’t have to be rich, either; users can start an account with as little as $500 to $5000 and will pay no fee on management. For expert savers, the efficient tools offered by the platform have been proven to guide experts through the process of saving, investing, and other activities seamlessly on the platform.
The software is open to all United States citizens who are 18 years and above. Wealthfront clients should also have a steady source of income to continually save on the platform in order to have more interest on savings. Applicants must also possess a valid Social Security number, a permanent U.S address and must reside in the U.S to register on the site.
How it Works
To get started on Wealthfront, applicants must open an account by giving simple details, ranging from the user’s name, email, address, and setting a password on the platform. There are four types of accounts in Wealthfront: long-term investing, retirement investing, high-interest cash, and college investing.
Each account type has its unique features and limits. Once you’re done selecting the type of account, you will be asked for your account preference; for the high-interest cash and general long-term investing, the account preference is the individual, joint, or trust accounts.
For retirement investing, the account preferences to choose from are the traditional IRA, both IRA, and the separate IRA account. For college investing, there is just one account to choose from, the 529 college savings that is tax-deferred.
After selecting your account preferences, you must provide additional information and verify your U.S phone number through text messages and calls. The next step is to place your Social Security number and other vital details required by the platform. Finally, once that is all complete, you must deposit a minimum of $500 to get started on the platform; that deposit will provide you access to all basic services provided by Wealthfront.
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Wealthfront has 3 reviews on Trustpilot and an aggregate rating of 3.4, Trustpilot considers this an average rating. Nonetheless, with the few reviewers available, it is insufficient to make conclusions on the records of these reviews at the moment.
Wealthfront Pros & Cons
Here are some of the key pros and cons you should consider prior to opening an account on the Wealthfront platform.
- Low Taxes: Wealthfront offers users a low ETF and a general efficient tax experience on its platform. If you’re a tax break buff, then Wealthfront is the platform for you, offering you the best options that allow you to stay tax-free with ease.
- Ease of Use: Wealthfront’s platform possesses features that are appealing and easy to use. The tools are well placed giving first-time users a smooth experience while exploring the platform.
- Zero fees on $5000 and below: When your savings totals $5000 and below, you get access to all the services on the platform free from all management fees.
- Minimum Saving Requirements: $500 minimum saving is a bit expensive compared to other competitors that offer $0 minimum savings.
- No Human advisers: There are Robo-advisors – there is no availability of a human advisor.
If you’re looking to compare Wealthfront with other alternatives in the industry, here is a list that could help you with your search:
These platforms are some of the best names in software banking, investing, loaning, and planning services. Check out their reviews, highlights, strengths, weaknesses, and other important areas prior to making a final choice on the financial platform you’re going to use.
In Summary: Wealthfront Review
Wealthfront can be a great option to manage your money and make the best financial decisions for college, retirement, or investing for the future. With reduced fee management costs and increased interest on savings made on the platform, you are sure to have your money ready when it’s needed.
The platform also offers fewer taxes or no tax on some of its account types and is suited for beginners and experts. As for loans, the platform offers some of the best deals with the lowest interest on every loan you can acquire. So, take all of this into account when considering if the Wealthfront platform is the right choice for you.
Check Out Wealthfront
Head to the Wealthfront website to see if their products and services will be a good fit for your needs.
Thanks for reading our Wealthfront review.
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