Wealthfront Cash Account Offers Same-Day Withdrawals on Holidays and Weekends

Do you ever need to move money from a savings account to your checking account, but you're not sure how long it will take for the money to get there? Typical bank ACH transfers happen within one to two business days, but sometimes you need that money right now. Wealthfront is one of our picks for best robo-advisors, and it also recently announced a new perk to help move money faster, without waiting for banks to be open.

The Wealthfront Cash Account now offers free same-day withdrawals -- even on holidays and weekends. This means that you can keep money in your Wealthfront Cash Account for as long as you want, and move it to your external bank account anytime, any day -- even when banks are closed. To get the money into your external bank account, your bank needs to participate in the RTP® Network.

Could this be the end of "bankers' hours" as we know it? Let's look at what Wealthfront same-day withdrawals might mean for bank customers like you.

Wealthfront Cash Account same-day withdrawals: How it works

Wealthfront already announced same-day withdrawals back in December 2023, but now it's expanding this benefit to include holidays and weekends. If you request your withdrawal from your Wealthfront Cash Account by 6 p.m. Pacific Time, and your external bank account is with a participating bank in the RTP® Network, you will get your money on the same day -- often within a few hours. This is much faster and easier than a typical ACH transfer between banks.

Here's how a typical ACH transfer works. Let's say it's a Thursday night, and you want to move money from your online savings account to your checking account at another bank. You initiate a transfer and the ACH transfer might take up to two business days. So the money won't be there the next day (Friday), or Saturday or Sunday (weekend). And what if Monday is a bank holiday? All of a sudden, you're looking at next Tuesday before your money arrives -- almost five days later.

People want to move money faster and more conveniently than the traditional banking system will allow. Wealthfront same-day withdrawals -- even on holidays and weekends -- let people move money 365 days per year.

Why same-day withdrawals are good for brokerage customers

Here are a few reasons why Wealthfront same-day withdrawals are a good thing -- and could be a sign of future trends in banking and stock trading accounts.

1. Keep your savings and other cash earning interest longer

The Wealthfront Cash Account is a great place to keep your emergency savings, currently offering a 5.00% APY. But what if you wanted to use this account to park your whole monthly paycheck, until you're ready to pay bills? Now you can.

You could use your Wealthfront Cash Account to keep all of your cash, not just emergency savings, and earn interest on all of it for as many days as possible. With same-day withdrawals to a participating bank, you can quickly move money to your checking account to pay bills, while letting the rest of your cash earn interest for all the other days of the month.

2. Make your brokerage cash account more versatile

With same-day withdrawals, you can get more creative with how you use the cash in your Wealthfront Cash Account. You can use it to keep "same-day" money that you might need to pay bills. This is like turning your savings account into an extension of your checking account.

Since you don't have to wait two days (or more) to get money from Wealthfront "savings" to your external bank's checking account, you can make different decisions about how to pay bills and how to spend -- while earning interest on every dollar that you have.

3. Pay bills or move money seven days a week

If you can move cash on the same day from your Wealthfront Cash Account to your checking account, this gives you more options for how and when to pay bills and use your money. You could transfer cash to pay your credit card on a Saturday, or send cash to your friend on a holiday. Wealthfront is making it easier to do what you want with your money any day of the year, even if banks aren't open.

Bottom line

The Wealthfront Cash Account was already a great place to keep your cash savings, and this new same-day withdrawal feature -- even on holidays and weekends -- makes it even more attractive. If more banks and brokerages start to offer same-day withdrawals and same-day transfers 365 days a year, this could change the way that people manage their cash for everyday spending and bill paying.

People deserve to earn interest on their money -- you work hard, and that money should work harder for you. Wealthfront is making it possible for you to earn interest on every dollar you have, and move cash whenever you want. This is a positive development for people's everyday convenience and financial freedom.