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Home DeFi

Green Dot and Wealthfront Extend Relationship

by Blockchain Daily Report
December 21, 2022
in DeFi
Reading Time: 2 mins read
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Green Dot and Wealthfront Extend Relationship
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Wealth administration supplier Wealthfront is extending its relationship with digital financial institution and banking-as-a-service supplier Inexperienced Dot this week.

Wealthfront initially tapped Inexperienced Dot in 2020 to make use of the corporate’s banking-as-a-service instruments to supply its Money Account purchasers entry to checking options. Right now, the 2 introduced they’re persevering with the connection.

Wealthfront’s Money Account leverages Inexperienced Dot to supply options aggressive with different digital banks, together with the power to obtain direct deposits as much as two days early, pay payments, ship and deposit checks, and use a debit card to entry money at ATMs. The account requires a $1 preliminary deposit, provides limitless free transfers, automated financial savings options, near-instant transfers into Wealthfront’s Funding Accounts, and extra.

Moreover, Wealthfront’s Money Accounts pay a 3.80% APY, an enormous enchancment over what most corporations have been providing through the latest near-zero rate of interest atmosphere. The competitors amongst digital banking suppliers has intensified, and competing on rates of interest will likely be a great way for these newcomers to achieve new clients and elevated deposits. That’s as a result of many giant conventional banks are paying a median of simply 0.24% APY.

Different gamers within the wealth administration house are additionally at present providing excessive rates of interest on their checking accounts. Private Capital simply introduced it is going to pay 3.85% and Betterment is paying 3.75% on its high-yield account.

“Right now’s buyers need sensible saving and investing merchandise that assist them construct wealth in all market situations, which is why we’re proud to supply the Money Account to assist our purchasers earn extra on their uninvested financial savings,” mentioned Wealthfront VP of Product Dave Myszewski. “With one of many highest charges available on the market plus checking options powered by Inexperienced Dot, we’re in a position to present a best-in-class Money Account that’s far superior to what a conventional financial institution can provide, so our purchasers can develop their long-term wealth simply and conveniently.”

Wealthfront had a hopeful begin to 2022 when UBS agreed to amass the California-based firm for $1.4 billion in January. 9 months later, nonetheless, UBS known as off the settlement due to “unspecified regulatory considerations.” Together with the termination, UBS gave Wealthfront $70 million in financing at a $1.4 billion valuation. “With this recent spherical of funding underneath our belt together with the power to start self-funding the enterprise, we’re dedicated to constructing an enduring firm that positively impacts the lives of our purchasers for many years to return,” mentioned Wealthfront Chief Government Officer David Fortunato.



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