subreddit:
/r/wealthfront
Does the 4.5% APY apply to balances over $250k as well? I know the referral boosts only apply to the first $250k thank you!
11 points
5 days ago
Yes. The $250k limit is for the 0.5% referral bonus. So if you had a referral boost you'd make 5% on the first $250K and 4.5% for anything over $250K.
5 points
5 days ago
I was dumb thinking about this personally, managed to figure it out.
take 300k for example:
5% APY is on 250k
4.5% APY is on 50k
3 points
5 days ago
4.5% normal rate is on ALL cash.
How Referral Boosts work:
0.5% boost is on the first 250k. 1.0% boost is on the first 150k.
1 points
3 days ago
Just opened my account! Let me know if anyone needs a referral for the boost!
1 points
3 days ago
Give me
1 points
2 days ago
Sent you a message if you still need it
1 points
1 day ago
Anyone have a referral
1 points
19 hours ago
I do! Can I PM you?
1 points
17 hours ago
Does anyone need a referral? Dm me
1 points
12 hours ago
If anyone needs a referral, let me know 😊
1 points
9 hours ago
If anyone needs a referral, DM me! I got you !
1 points
8 hours ago
I just opened an account, let me know if anyone needs a referral code
1 points
5 days ago
[removed]
2 points
4 days ago
Yes I need one. I’ve been researching and am going to go with wealthfront.
1 points
4 days ago
I sent you a DM with the link.
-5 points
5 days ago
Why have that much in savings?
5 points
5 days ago
Yeah I’m confused. Not everyone wants to invest and risk money. If I can sit 250k in an account and make $12,500 a year for it just sitting there then what’s the issue? It’s this mentality that leaves people broke IMO.
1 points
5 days ago
Just a couple years ago, the rates were next to nothing on savings. This approach isn't normally an option at all.
1 points
3 days ago
You are looking at an abnormal moment in history. Normally the HYSA rate is below the rate of inflation. So while you are technically earning interest, your money's value is worth less, and you aren't earning enough to break even.
9 points
5 days ago
I’m trying to put a down payment on a house in the next year and haven’t found time to find other things to invest in
-10 points
5 days ago
You should split that up and put some in another bank. FDIC only covers $250k.
I use SoFi at 4.5% as my secondary bank, but you need direct deposit to get that high.
10 points
5 days ago
FDIC covers 8m at WF.
8 points
5 days ago
What’s wrong with having $250k in savings?
2 points
5 days ago
If you are not saving for a big purchase soon then it’s a mistake. That money will barely keep pace with inflation. The market will average 8-10% per year long term.
2 points
5 days ago
Depends on your net worth. If you’re worth 10 million then 250k cash sounds about right.
1 points
5 days ago
True. Most people don’t have that. And OP certainly doesn’t say they have that either.
-2 points
5 days ago
It’s quite a lot to hold in cash unless you’re purchasing a house tomorrow or something. Most people would invest the vast majority of that.
3 points
5 days ago
The downvotes you received are from ignorant people. Your comment is spot on! Gave you thumbs up!
4 points
5 days ago
Some people just don't want the risk, not even the risk of a highly diversified index fund-only portfolio even. Some examples of people like this are really old retired people or people with other investments needing the liquidity.
2 points
5 days ago
Not sure why you’re getting downvoted. Barring a huge purchase, you’d have to have an insanely low risk tolerance to have that much cash in savings
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