
Betterment Cash Reserve
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Community Rating | Strongly recommended |
Monthly Fee |
$0 (Verified 12/21/2022)
|
APY (Annual Percentage Yield) |
3.75% (Verified 12/21/2022)
|
Minimum Balance to Earn APY | $0 |
Number of Reviews | 17 |
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
- Very high annual percentage yield (APY). This account offers an annual percentage yield of up to 3.75%, which is much higher than the average interest rate for a savings account.
- $0 monthly fee. 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
Pros | Cons |
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Betterment Cash reserve FAQ
Are savings accounts from Betterment LLC federally insured?
Yes, your deposits are insured up to $250,000 per person 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 Balance to Avoid Monthly 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 3.75% (APY stands for annual percentage yield, rates may change). This is higher than the typical APY for online-only savings accounts, which is around 1% APY.
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.
Contact
- Headquarters
-
8 W. 24th Street
New York, NY 11010 USA - Visit Site
- Email Support
Other Services by Betterment LLC
Availability
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- Florida
- Georgia
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virginia
- Washington
- Washington, DC
- West Virginia
- Wisconsin
- Wyoming
Feature Breakdown
Minimum Balance to Avoid Monthly Fee | Starting at $0 |
Minimum Balance to Earn APY | $0 |
Minimum Opening Deposit | Starting at $10 |
Betterment Cash Reserve Community Reviews
Would you recommend Betterment Cash Reserve to your friends?
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