Green Dot Banking Platform Extends Partnership With Wealthfront

The Green Dot banking platform has extended its partnership with wealth management provider Wealthfront.

The two companies said in a Monday (Dec. 19) press release that they have extended their partnership begun in 2020 in which Green Dot provides seamless checking features and money movement for Wealthfront’s Cash Account.

“Savvy consumers demand more convenient financial solutions that help them build their savings and invest for the long term, and offer easy management and understanding of cash flow,” Green Dot Executive Vice President of Banking Platform Services Amit Parikh said in the release. “We’re proud to partner with Wealthfront to power consumers with more seamless, secure and useful financial tools and experiences.”

Wealthfront’s Cash Account features a 3.8% annual percentage yield (APY), zero account fees, unlimited free transfers, automated saving features, near-instant transfers into Wealthfront’s Investment Accounts and up to $2 million in FDIC insurance, according to the press release.

With Green Dot’s checking features, Wealthfront users can also receive direct deposits up to two days early, pay bills, send and deposit checks, and access cash at a nationwide network of ATMs, the release said.

“Today’s investors want smart saving and investing products that help them build wealth in all market conditions, which is why we’re proud to offer the Cash Account to help our clients earn more on their uninvested savings,” Wealthfront Vice President of Product Dave Myszewski said in the release. “With one of the highest rates on the market plus checking features powered by Green Dot, we’re able to provide a best-in-class Cash Account that is far superior to what a traditional bank can offer, so our clients can grow their long-term wealth easily and conveniently.”

Seamlessness and ease of use are the names of the game, with customers expecting payments to be just as easy to navigate as eCommerce, social media or any other online interaction in their lives, Green Dot Head of Solution and Platform Architecture Alex Zerio told PYMNTS in an interview posted in October.

“The trend is really about how seamless or simple it is to do banking or to do payments,” Zerio said at the time. “I think more and more, we are less willing to spend time saying, ‘Which card should I take? Where’s my wallet?’ That notion of seamlessness when it comes to digital adoption is the key trend from a user perspective.”