Wealthfront's high-yield cash account has attracted $1 billion from customers since launching in February.
div > div.group > p:first-child"> The company, which started as an automated wealth advisor, unveiledthe account offering in February with a higher-than-average 2.24 percent interest rate. In the months that followed, Wealthfront ushered in $1 billion in customer deposits, the company announced Tuesday.
In the case of Wealthfront, the assets aren't actually held with the company. Like many of its financial start-up peers, the company works with FDIC-insured partner banks to hold customers' deposits. Wealthfront partners with East West Bank, New York Community Bank, and others and because they use multiple bank partners, said deposits are insured up to $1 million.
"As fintech and client-friendly companies come into the banking space there's been a rude awakening," Carroll said."Consumers are fed up."
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