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  Betterment Cash Reserve
Betterment Cash Reserve
in Savings Accounts from Betterment LLC · Member FDIC
Claimed

Betterment Cash Reserve

Claimed
in Savings Accounts from Betterment LLC · Member FDIC
SuperMoney Net Recommendation Score +100  

SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +100, equating to 5 on a 5 point rating scale.

+100

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

Strongly recommended

15 users recommend
0 users are unsure
0 users don't recommend
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Highlights
Community Rating Strongly recommended
Monthly Fee $0
APY (Annual Percentage Yield) 2.25%
(Verified 09/27/2022)
Minimum Balance to Earn APY $0
Number of Reviews 15

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 is available in 50 states (and Washington, DC).

Key Takeaways

  • Very high APY. This account offers an annual percentage yield of up to 2.25%, which is much higher than the average interest rate for a savings account.
  • $0 monthly fee. This account does not charge a monthly Service Charge.
  • Small minimum initial deposit. You only need $10 to open an account.

Betterment Cash reserve Pros & Cons

Pros Cons
  • Zero fees.
  • No minimum balances.
  • Available in all 50 states.
  • High-interest yield.
  • No charge on incoming domestic or international wire transfers.
  • No signup bonus.
  • Online-only account with no access to physical branches.
  • Does not provide access to a nationwide ATM network.
  • Does not come with a debit card

Betterment Cash reserve FAQ

Are savings accounts from Betterment LLC federally insured?

Yes, this account is 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.
Betterment Cash Reserve Minimums
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 LLC offer?

Betterment Cash reserve offers an APY of 2.25% (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?

In most cases, the answer is yes. 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.

Contact

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

Other Services by Betterment LLC

Availability

  Available in 50 states and Washington, D.C.
  • Alaska
  • Alabama
  • Arkansas
  • Arizona
  • California
  • Colorado
  • Connecticut
  • Washington, DC
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Iowa
  • Idaho
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Massachusetts
  • Maryland
  • Maine
  • Michigan
  • Minnesota
  • Missouri
  • Mississippi
  • Montana
  • North Carolina
  • North Dakota
  • Nebraska
  • New Hampshire
  • New Jersey
  • New Mexico
  • Nevada
  • New York
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Vermont
  • Washington
  • Wisconsin
  • West Virginia
  • Wyoming

Feature Breakdown

Minimum Balance to Avoid Monthly Fee Starting at $0
Minimum Balance to Earn APY $0
Minimum Opening Deposit Starting at $10
Monthly Fee $0
Wire Transfer Fee - Domestic (Incoming) $0
Wire Transfer Fee - Domestic (Outgoing) $0
Wire Transfer Fee - International (Incoming) $0
Wire Transfer Fee - International (Outgoing) $0
Paper Statement Fee $0
Bank Teller Fee $0
Returned Deposit Fee (Domestic) $0
Early Account Closure $0
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Verification Documents Required
  • Proof of Residence
  • Social Security Number
Account Features
  • Free Bill Pay
  • Mobile Check Deposit
  • No Monthly Maintenance Fee
  • Interest Bearing Account
  • Mobile Banking
  • Fraud Protection
  • Automatic Transfers
  • Member FDIC
  • Online-Only Account
APY (Annual Percentage Yield) 2.25%
(Verified 09/27/2022)

Betterment Cash Reserve Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +100, equating to 5 on a 5 point rating scale.

+100

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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