Wealthfront lowers savings APR again to 2.07%

SEAlifer · ‎09-21-2019

Just got another email from Wealthfront that my savings account APR is going down yet again. It's not really even competitive anymore. I signed up with them for 2.57% then they dropped it down to 2.32% which wasn't great but wasn't worth the trouble of moving my money. With this new APR I think I might look for another account. Citi has 2.19-2.21% from what I'm reading so might change it over there. Very disappointed with Wealthfront right now, I liked the app :/

AU

Ardecko · ‎09-21-2019

I just rolled my plain savings cash (2%) at Marcus to a 7 month penalty free CD at 2.25% a few days ago.

2017-09-09 FICO 08: EQ 677, TU 640, EX 705
2020-02-07 FICO 08: TU 789
2020-02-10 FICO 08: EX 752

Gardening, mostly, again until... soon(I need to replace my car)

randomguy1 · ‎09-22-2019

My Citi Accelerate Savings account is at 2.21 without a need for a CD. Minimum balance to not have fees is $500.

BearsCubsOtters · ‎09-22-2019

I would suggest waiting to see where the chips fall. It is likely that most in not all of the online savings accounts will see a reduction in interest rate as a result of the latest FED Prime Rate reduction of 0.25% on 9/18/2019. It may frustrate you further to move your money only to suffer an interest rate reduction there as well.

JikIdk · ‎09-22-2019

Its disappointing but expected. I'm actually surprised that more places aren't dropping their rates like this though. Redneck is still at 2.40 and they still haven't put out a notice that they will drop it yet. Assuming rates don't drop any further than this I think Wealthfront will eventually have one of the higher rates.

Ardecko · ‎09-22-2019

At least when I finally get around to replacing my car, it maybe won't be 5%.

2017-09-09 FICO 08: EQ 677, TU 640, EX 705
2020-02-07 FICO 08: TU 789
2020-02-10 FICO 08: EX 752

Gardening, mostly, again until... soon(I need to replace my car)

sccredit · ‎09-23-2019

We just moved to CIT at 2.2%. We'll see where everything falls in the coming months and reasses.

SEAlifer · ‎09-23-2019

@BearsCubsOtters wrote:
I would suggest waiting to see where the chips fall. It is likely that most in not all of the online savings accounts will see a reduction in interest rate as a result of the latest FED Prime Rate reduction of 0.25% on 9/18/2019. It may frustrate you further to move your money only to suffer an interest rate reduction there as well.

Yeah, that's what I'm thinking I'm going to do. It's really a difference of 0.12% at this point so I'm not going to put in the effort right away. My partner did sign up for Citi Accelerate Savings already but, like you said, if it drops too he's going to be pissed

AU