Meet Autopilot, a new service that automates your savings strategy Financial Advisor

You are an optimizer. They know exactly which credit card to use for each purchase to get the most points. You read some Yelp reviews before deciding where to have dinner (or order takeaway these days). And you probably spend a lot of time and effort checking the balance on your various financial accounts and moving money around to make sure everything is in the right place. They make sure you have enough checks to pay your bills, but also make sure you don’t have too much cash so you don’t miss the return. You know that saving and investing is important for your future, but managing it all is not easy. In fact, it’s so tedious that you may not be monitoring your accounts as closely as you should.

Now you can let Autopilot do this. Autopilot is Wealthfront’s free service that automates your savings strategy – you can think of it as your financial assistant. Say goodbye to monitoring multiple accounts and setting up numerous transfers. Just tell Autopilot how much cash to keep and the rest will be saved or invested automatically. You are in full control of your finances and can rest assured that your money is exactly where you want it.

How does it work?

Like a meticulous assistant, Autopilot takes care of the details so you can focus on the bigger picture. If you already have a Wealthfront account, you will be asked to set up Autopilot when you open the app. Getting started is easy.

  1. Select an account to monitor – a checking account or your Wealthfront Money Account.
  2. Set a maximum account balance for this account. Choose a balance greater than the amount you spend or withdraw each month.
  3. When Autopilot determines that you have exceeded your maximum by at least $ 100, it will schedule a transfer of your excess cash to the Wealthfront account of your choice – a cash account or an investment account. You are the ultimate decision maker and always have 24 hours to cancel the broadcast before it takes place.

Would you like to pay a large bill or withdraw from your account? No problem. If your balance lowers before the transfer, Autopilot is smart enough to manage the money you need and transfer only the excess so you don’t have to worry about overdrafts. You are always in complete control and can turn off the autopilot at any time. Before long, Autopilot will be able to monitor multiple accounts and transfer funds to multiple target accounts.

Let autopilot do it

When you use autopilot, you can rest assured that your money will be used automatically. At the same time, you can be sure that you have enough cash to cover your monthly needs.

Autopilot is smarter than recurring transfers as it adjusts the size and timing of your transfers to reflect changes in your account balance over time. However, you can also use Autopilot in conjunction with recurring transfers to ensure that excess money is used. It is a chore constantly monitoring your accounts to make sure you have just the right amount of money – and you have better things to do. Let Autopilot do it for you.

An important step towards Self-Driving Money ™

At Wealthfront, we want to optimize your money in terms of spend, savings, and investment, and put it all to use with ease. We call this vision Self-Driving Money ™ and Autopilot is a huge milestone in making it a reality. With Self-Driving Money ™, our software optimizes every remaining dollar once you have deposited your paycheck directly with Wealthfront and paid your bills from your cash account. With the click of a button, you can automatically transfer your funds to the accounts that best suit your lifestyle and goals. Autopilot is the automation service that makes this vision possible.

Self-Driving Money ™ isn’t just a better way to manage your finances. It is also our way of shifting the balance of power in the financial system. Our mission is to build a financial system that favors people, not institutions. Our focus on software enables us to do this. With software, we can cut the cost of providing our services enough to make money off of you, not you. With software we can also build the Wealthfront ecosystem from the ground up, so soon you will be moving money even faster if you keep your money with us.

We’re building a world where your finances are a point of pride and not a source of stress. You skip everyday money management tasks and feel confident that you are on the right track to meet your financial goals. With autopilot we are taking a big step into this future. We are very grateful to our customers for taking this trip with us.

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