Last Updated: 04/18/2025
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Highlights
Community Rating
Strongly recommended
APY (Annual Percentage Yield)
4.35%(Verified 06/21/2024)
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Minimum Opening Deposit
Starting at $10
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Minimum Balance to Earn APY
$0
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Number of Reviews
Betterment Cash Reserve Review
Betterment Cash Reserve is offered by Betterment LLC, a financial services company founded in 2008 and based in New York, NY. Betterment Cash reserve are available in 50 states and Washington, DC.
Key Takeaways
- High yield savings. This account offers an annual percentage yield of up to 4.35%, which is much higher than the average interest rate for a savings account.
- No monthly maintenance fees. This account does not charge any monthly account fees.
- Small minimum initial deposit. You only need $10 to open an account.
Betterment Cash reserve Pros & Cons
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Betterment Cash reserve FAQ
Are savings accounts from Betterment LLC federally insured?
Yes, your deposits are insured by the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.
Does Betterment LLC offer a signup bonus?
Betterment Cash reserve doesn't offer a signup bonus.
What is the minimum initial deposit for Betterment Cash reserve?
The minimum deposit to open a Betterment Cash reserve is $10.| Description | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Average Balance to Avoid Monthly Service Fee | Starting at $0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Balance to Earn APY | $0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Opening Deposit | Starting at $10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
What APY does Betterment Cash Reserve offer?
Betterment Cash reserve offers an APY of 4.35% (APY stands for annual percentage yield, rates may change). This is much higher than the average savings account rate.
The interest rate on a savings account or checking account can change based, in part, on what the Federal Reserve does. Note that the APY of a savings account is the amount of interest you will earn if you keep your money in the account for a full year expressed as a percentage. The difference between an APY and an interest rate is that the APY takes into account how often your money earns interest (or compounds). The more often your money compounds, the more it will earn. Savings accounts with an interest rate that compounds daily, for example, will earn a higher return (and therefore a higher APY) than savings accounts that compound annually. What fees does Betterment Cash reserve charge?
Betterment Cash reserve does not charge a monthly service fee. See the fee breakdown section below to view all fees.
What features and perks does Betterment Cash reserve offer?
This savings account includes the following features:
- Free Online Bill Pay - Online Bill Pay allows you to pay bills easily from your account.
- Mobile Banking Services - Betterment Cash reserve allows you to manage your money online or with a mobile app. This includes depositing checks in your account with a mobile app on your smartphone.
Can you set up a direct deposit to Betterment Cash reserve?
Yes, you can typically set up a direct deposit to this account. However, it depends on the direct deposit program your employer uses. Most direct deposit programs allow you to send your paycheck to a savings or checking account. In some cases, you can even split your paycheck between the two.
What is the customer support email for Betterment Cash reserve?
The customer support email for Betterment Cash reserve is support@betterment.com.
How do people rate the customer service and user experience of Betterment Cash reserve?
Overall, Betterment Cash reserve is strongly recommended based on community reviews that rate customer service and user experience.
Betterment Cash Reserve Disclosure: †Betterment Cash Reserve ("Cash Reserve") is offered by Betterment LLC. Clients of Betterment LLC participate in Cash Reserve through their brokerage account held at Betterment Securities. Neither Betterment LLC nor any of its affiliates is a bank. Through Cash Reserve, clients' funds are deposited into one or more banks ("Program Banks") where the funds earn a variable interest rate and are eligible for FDIC insurance. Cash Reserve provides Betterment clients with the opportunity to earn interest on cash intended to purchase securities through Betterment LLC and Betterment Securities. Cash Reserve should not be viewed as a long-term investment option.
Funds held in your brokerage accounts are not FDIC‐insured but are protected by SIPC. Funds in transit to or from Program Banks are generally not FDIC‐insured but are protected by SIPC, except when those funds are held in a sweep account following a deposit or prior to a withdrawal, at which time funds are eligible for FDIC insurance but are not protected by SIPC. See Betterment Client Agreements for further details. Funds deposited into Cash Reserve are eligible for up to $1,000,000.00 (or $2,000,000.00 for joint accounts) of FDIC insurance once the funds reach one or more Program Banks (up to $250,000 for each insurable capacity—e.g., individual or joint—at up to four Program Banks). Even if there are more than four Program Banks, clients will not necessarily have deposits allocated in a manner that will provide FDIC insurance above $1,000,000.00 (or $2,000,000.00 for joint accounts). The FDIC calculates the insurance limits based on all accounts held in the same insurable capacity at a bank, not just cash in Cash Reserve. If clients elect to exclude one or more Program Banks from receiving deposits the amount of FDIC insurance available through Cash Reserve may be lower. Clients are responsible for monitoring their total assets at each Program Bank, including existing deposits held at Program Banks outside of Cash Reserve, to ensure FDIC insurance limits are not exceeded, which could result in some funds being uninsured. For more information on FDIC insurance please visit www.FDIC.gov. Deposits held in Program Banks are not protected by SIPC. For more information see the full terms and conditions and Betterment LLC's Form ADV Part II.
APY % Disclosure:
**The annual percentage yield ("APY") on the deposit balances in Betterment Cash Reserve ("Cash Reserve") is 2.00% and represents the weighted average of the APY on deposit balances at the banks participating in Cash Reserve (the "Program Banks") and is current as of September 12th, 2022. This APY is variable and subject to change daily. Deposit balances are not allocated equally among the participating Program Banks. A minimum deposit of $10 is required, but there is no minimum balance required to be maintained. The APY available to a customer may be lower if that customer designates a bank or banks as ineligible to receive deposits. APY applies only to Cash Reserve and does not apply to checking accounts held through Betterment Checking. Cash Reserve and Betterment Checking are separate offerings and are not linked accounts.
No fee Disclosure:
For Cash Reserve (“CR”), Betterment LLC only receives compensation from our program banks; Betterment LLC and Betterment Securities do not charge fees on your CR balance.
SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author's alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.
Hours of Operation
Sunday
Closed
Monday
9:00AM - 6:00PM
Tuesday
9:00AM - 6:00PM
Wednesday
9:00AM - 6:00PM
Thursday
9:00AM - 6:00PM
Friday
9:00AM - 6:00PM
Saturday
Closed
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SuperMoney Net Recommendation Score
SuperMoney users strongly recommend this product, giving it a user recommendation score of +100, or 5 on a 5-point rating scale.
+100
-1000+100
No one recommends
Everyone recommends
Betterment Cash Reserve Community Reviews
Would you recommend Betterment Cash Reserve to your friends?
TM
Tamutswa M.
Jul 12, 2023
May or may not recommend
I recently had the opportunity to explore Betterment Everyday Savings, and I must say it has become my go-to option for managing my savings. Here's my honest review:
Betterment Everyday Savings provides a convenient and user-friendly online platform for saving money. The competitive interest rates they offer have been consistently higher than what I have found at traditional banks. This has allowed my savings to grow at a faster rate, making ...Show More
SR
Saila R.
Nov 30, 2022
May or may not recommend
I'd recommend for its lucrativee interest rate, very low minimum opening balance and also their customer care experience was so good for me. They give every details with time and never hesitate to say you correct information you require from them.
MC
Mazhar C.
Nov 25, 2022
May or may not recommend
Perfect for young adults because the minimum to start an account is only $10. There are no transfer fees and you get a spending analysis feature on their app to see which places in your budgeting you could save more money on. I like their bucketing to save feature because it lets you create a "piggy bank" for your financial goals and it can auto deposit for you.
ES
Emily S.
Jun 23, 2021
May or may not recommend
Perfect for young adults because the minimum to start an account is only $10. There are no transfer fees and you get a spending analysis feature on their app to see which places in your budgeting you could save more money on. I like their bucketing to save feature because it lets you create a "piggy bank" for your financial goals and it can auto deposit for you.
AH
Anzhell H.
Jun 4, 2021
May or may not recommend
I love this online savings account it a good back up savings account I move money to this account and its quick and easy
DJ
Daniel J.
May 28, 2021
May or may not recommend
It is indeed a betterment cash reserve. With no maintenance fee, almost zero operating cost tand a starting deposit of just $10, it is just the right reserve for any who choose to grow their savings. I'm really happy that my savings are growing with betterment cash reserve.
FJ
Felicial J.
May 20, 2021
May or may not recommend
A nice interest rate. A low minimum opening balance. Responsive customer service. I highly recommend it. It has helped me soar my savings without having to bother about maintenance charges.
FO
Francisco O.
Apr 27, 2021
May or may not recommend
My babe uses this bank often, especially for savings geared towards short term. Their interest rate is cool compared to others. She pays no maintenance fee and enjoys the bank's flexibility in terms of service. She always speak highly of Betterment Cash.
OA
Ogechi A.
Apr 23, 2021
May or may not recommend
Thank you Betterment Cash Reserve for ensuring my assets are saved and I want to recommend this service. No maintenance fee and no rigorous fees to sadden you. Thumbs up
Anthony C.
Mar 15, 2021
May or may not recommend
I love this bank for short term savings! They do not charge maintenance fees and you are not required to have a minimum balance. The interest you earn every month is moderate but the pace of which you earn interest grows every time you make a decent deposit.
HW
Holly W.
Feb 26, 2021
May or may not recommend
I was getting so many fees from my old bank, BB&t, I decided to make a switch to someone else. No fee banking is the best! Also, shout out to customer service for answering all my questions when signing up!!!!
RC
Regina C.
Jan 12, 2021
May or may not recommend
I definitely love how there is absolutely no fees and the minimum deposit amount is $10. I will definitely be checking these guys out soon. It is online-only but I have absolutely no problem with that seeing as my phone or laptop are always with me. I really like these guys and from what I have read they know what they're doing.
KD
Kevin D.
Jan 7, 2021
May or may not recommend
I have worked with Betterment Cash Reserve for a while now and so far I've had no problems with them. I know it can be hard to trust anyone with situations like these, but I assure you that Betterment Cash will make your time and experience worth while. They have been nothing but respectful and professional towards me. I really recommend for anyone who is interested.
EW
Emily W.
Nov 24, 2020
May or may not recommend
When I registered for the Betterment Cash Reserve, I was already investing with Betterment and was looking for a high-yield savings account without any monthly fees and up to $1 million in FDIC insurance. Betterment checks all these fixes for me. So far, I have had a remarkable experience. The customer service is top notch, and they address all concerns immediately. At least from my observation.
You can make unlimited monthly ...Show More
SF
Scarlet F.
Oct 25, 2020
May or may not recommend
Good quality service, delivered quickly, good charges. Will surely recommend to a friend.
ST
Sarah T.
Oct 19, 2020
May or may not recommend
Accounts at the bank are designed for consumers who want to earn a higher yield than what their current bank or credit union is providing.
Ridwan H.
Oct 9, 2020
May or may not recommend
Betterment is nothing short of what Betterment in real sense is. Since I opened a Cash Reserve Saving Account with them I have no delay moving my money and I am relaxed knowing that my account is insured. They are always responsive to any request I made. They politely replied any kind of request that is out of their policy. I am planning to explore their Joint Cash Reserve Account.
PJ
Peter J.
Sep 25, 2020
May or may not recommend
Top Notch Service
I did my banking business with them for some years prior to it opening , and was always highly satisfied with the service. Now, and since the beginning of the pandemic I've been working with them. I must say; I am impressed with the lighting speed in which my calls are returned, emails replied to, and solutions are provided.
Showing 18 of 18 reviews
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