What do you suggest between these two? If I understand correct, Wealthfront offers FDIC up to $2 mil. So it looks to be safer of the two.
Pro tip: Never go for a GS product when far better alternatives are available.
Why?
such as what
Referral Alert 🚨
How about Robinhood?
Are they still in business?
They are thriving and launching new products regularly. Recently they launch their self custody crypto wallet and IRA accounts.
Help me understand. If weslthfront is placing my money in different banks, that money is insured under their name, not mine, right? So if both fall, would I be protected in that case?
Good question! Curious about this as well
They have an faq on their website about this question cause it’s so common. TLDR it’s safe
Wealthfront referral link- https://shorturl.at/hntxE
Marcus is one financial institution - GS so it can only insure 250k. Wealthfront is not a bank, it’s a fintech and distributes your money into several banks. That’s why they can insure 2mil. Which is 250k*8 banks.
Ya, so if you have saving below 250k then marcus makes sense as it will easier to recover money