Digital wealth management fintech Wealthfront launched a high yield cash account in February and has already seen more than $1bn in customer deposits; due to the success of the account Wealthfront is now looking to increase interest rates from 2.24 percent to 2.29 percent; “Once we passed $1 billion dollars in deposits, we were able to get cost savings and pass that directly down to our clients,” Wealthfront founder Dan Carroll told CNBC in a phone interview; Wealthfront uses partnerships with East West Bank, New York Community Bank and others to hold deposits and insure them up to $1mn. Source.
