Wealthfront Cash Account question: can I use individual + joint accounts to separate bills and spending?
Hi everyone,
I’m trying to get my finances in order: pay down debt, build an emergency fund, and eventually start investing. My husband and I currently use a local credit union, but I’m interested in switching to Wealthfront because of the higher interest rate.
Here’s what we’re trying to do:
My husband is naturally the saver in the family, and I’m more of the spender, so we’ve decided that we need a clearer system. We want to set up **two separate checking/cash accounts**:
**Bill Paying Account**
This would be used only for fixed expenses and regular bills. Ideally, this account would **not have debit card access**, so the money stays protected for mortgage/rent, utilities, insurance, debt payments, etc.
**Spending Account**
This would be for groceries, gas, household spending, eating out, and other flexible expenses. This account would have debit card access. Once the money is gone, we’re done spending until the next deposit.
The goal is to make sure our bills are always covered first, while also giving us a hard boundary on spending. Groceries especially have been killing us lately.
The issue is that, from what I understand, Wealthfront does **not** allow you to open two separate checking/cash accounts under the same profile. Does anyone know if Wealthfront would allow us to set up:
* an **individual Cash Account** for bill paying with no debit card access, and
* a **joint Cash Account** for spending with debit card access?
That way, we could earn interest on both accounts while still separating bill money from spending money.
Has anyone used Wealthfront this way? Any pros, cons, or better alternatives?
Thanks in advance!