My Banking Direct vs. Wealthfront
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | My Banking DirectHigh Yield Savings Account Jan 7, 2026 | WealthfrontCash Account Jan 7, 2026 |
|---|---|---|
| APY | 4.02% | 3.25% - 3.90% |
Est. Earnings | $5,000+$201 $10,000+$402 $25,000+$1,005 | $5,000+$171 $10,000+$341 $25,000+$853 |
Min Deposit | $500 | $0 |
Snapshot view. Rates subject to change. | ||
Terms | - | Wealthfront is not a bank but a financial services company. It is FDIC-insured through its many partner banks. New clients get an APY of 3.90% for 3 months, after which the 3.25% APY applies. See terms at Wealthfront. |
| Features | FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppZelle® Supported | FDIC InsuredNo MinimumsGreat iOS AppGreat Android App |
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.21% APY.
Comparison Analysis
Comparing My Banking Direct vs. Wealthfront
As of My Banking Direct offers an APY of 4.02% for its High Yield Savings Account, with a minimum balance of $1, compared to Wealthfront's 3.90% APY for its Cash Account, with a minimum balance of $0.
My Banking Direct pays $61 more than Wealthfront on a $10,000 balance after one year. My Banking Direct pays $402, while Wealthfront pays $341 (with an effective APY of 3.41%) - an APY advantage for My Banking Direct.
Why My Banking Direct?
- ✓Higher potential APY (4.02% vs 3.90%) on all balances
- ✓Fast transfers via Zelle®
Why Wealthfront?
- ✓Higher rated Android app (4.9 vs 4.3)
— Key Feature Differences —
Better Returns at $10,000
My Banking DirectMy Banking Direct's High Yield Savings Account earns more on smaller deposits (approx. $402 vs $341/yr).
Better Returns at $25,000
My Banking DirectMy Banking Direct's High Yield Savings Account pulls ahead with larger amounts (approx. $1005 vs $853/yr).
Shared Benefits
Over a 1-year period, My Banking Direct's High Yield Savings Account pays $61 more interest on a $10,000 balance than Wealthfront's Cash Account.
*This comparison accounts for Wealthfront's introductory promotional rate, yet My Banking Direct's standard rate still yields a higher 1-year return.
Executive Summary as of
My Banking Direct offers a High Yield Savings Account with a competitive APY of 4.02%, making it the clear winner when compared to Wealthfront's Cash Account, which provides an introductory APY of 3.90% for three months before dropping to 3.25%. Both accounts are online-only and have no maintenance fees, but My Banking Direct requires a minimum deposit of $500, while Wealthfront has no minimum deposit requirement. Additionally, both accounts do not require direct deposit. Overall, My Banking Direct's higher APY positions it as the more lucrative option for savers.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
My Banking Direct vs. Wealthfront Savings Calculator
You earn $59.5 more with My Banking Direct than Wealthfront on a $10,000 initial deposit for 1 year*.
*This calculation assumes that APYs remain unchanged for 1 year, and takes into account known promo rate periods, but does not factor in bonuses. You can see how often these banks have changed their rates in the Compare Savings Rates Over Time section below.
My Banking Direct
High Yield Savings Account
Savings Breakdown
- Interest Earned+$402.00(3.9%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,402.00
Wealthfront
Cash Account
Promo Rate: 3.90% for 3 months, then 3.25%.
Savings Breakdown
- Interest Earned+$342.50(3.3%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,342.50
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
| Feature | My Banking Direct | Wealthfront |
|---|---|---|
| APY | 4.02% Verified: 1/7/2026 ↘︎ 0.18%90d Change | 3.90% Range: 3.25% - 3.90% Verified: 1/7/2026 - |
| Product Name | High Yield Savings Account | Cash Account |
| Minimum Deposit | $500 | $0 |
| Min. Balance for APY | $1 | $0 |
| Monthly Fee | $0 | $0 |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | No |
| Mobile Apps | iOS4.7 Android4.3 | iOS4.8 Android4.9 |
| Zelle® Support | Available Uses Flagstar/NYCB parent infrastructure. | Not Supported |
| BBB Rating | F | F |
| Important Notes | - | Wealthfront is not a bank but a financial services company. It is FDIC-insured through its many partner banks. New clients get an APY of 3.90% for 3 months, after which the 3.25% APY applies. See terms at Wealthfront. |
| Next Steps | Visit SiteVerify at My Banking Direct Non-sponsored link to official site | Visit SiteVerify at Wealthfront Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | My Banking Direct | Wealthfront |
|---|---|---|
| High Yield Savings Account | Cash Account | |
Current APY | 4.02% | 3.90% |
Trend | Stable | Stable |
Velocity (bps/mo) | -1.0 | -18.8 |
Days Since Change | 53 | 19 |
2-Month High | 4.11% | 4.15% |
2-Month Low | 4.02% | 3.90% |
Adjustments / Mo | 0.54 | 0.54 |
Volatility Score | 0.004 | 0.030 |
How to read these metrics(Click to expand)
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