Most people know Betterment as an online robo-advisor that helps you get on track with your financial goals. Betterment is known for its distinct approach to investing, low fees, financial planning and no initial deposit requirements. While this is true, there is so much more that Betterment has to offer.
Betterment has changed the game by offering a checking account to its users. After growing their money management business to tens of billions, they are now venturing into other financial services to better serve customers!
In a nutshell, this checking account is perfect for those who love online banking as much as we do. Betterment checking reimburses you for ATM fees and there are no account minimums, foreign transaction fees, or overdraft charges. This platform is truly online, so don't expect to be able to waltz into a Betterment branch anytime soon.
By offering a checking account, there are a variety of ways a user can utilize the Betterment platform. In this article, we will dig deeper into the features offered by Betterment Checking.
For a full review of the Betterment platform, check out this article!
Summary
With Betterment checking you can open an account with any amount of money. There are no fees, and you get reimbursed for ATM fees and foreign transaction fees. Also, your cash-on-hand can be optimized if you use a variety of Betterment’s other features.
However, you will have to adhere to daily transaction limits at $2,000 for debit card transactions, $500 for ATM withdrawals, and $1,000 for mobile deposits. Used alongside another bank account, Betterment Checking offers an appealing service as an online checking account.
The Betterment Checking account is ideal for people who enjoy digital banking and those who need access to cash and would like to avoid ATM fees.
Pros
Cons
Betterment Checking is an FDIC insured checking account launched by the online investment company Betterment in April of 2020. Since Betterment is technically not a bank, they have partnered with NBKC Bank to offer a new type of checking account to its users. In conjunction with NBKC bank, the Betterment Checking account is FDIC insured up to $250,000 per person
This checking account comes with all the features you want, without the pesky fees that you don't. The Betterment checking account will reimburse all ATM and foreign transaction fees without any monthly maintenance fees. In addition, location doesn't matter as the checking account is offered in all 50 states plus Washington, DC.
Betterment brings international transactions at the palm of your hand with an easy-to-use mobile app and a reimbursement of all foreign transaction fees.
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No Account Minimum: Betterment checking has $0 account minimums and charges no account maintenance fees.
ATM Fees: Betterment checking will reimburse you automatically for all ATM fees. There is nothing you need to do on your end to make this happen.
FDIC Insurance: Betterment Checking offers FDIC insurance up to $250,000 per person.
No Fees: Betterment Checking prides itself on keeping fees to a minimum.
Contactless Debit: Betterment Checking allows you to pay with a contactless debit card, which you can use wherever Visa is accepted.
If you need to override the activity on your card, such as activating your card, temporarily locking your card, or resetting your PIN, it can all be easily done through the Betterment mobile app.
Your Betterment account also features security measures including custom aggregated app passwords. This allows you to connect other financial accounts such as Mint or TurboTax without revealing your real password. 2-Factor Authentication, and Biometric account login optionality also come standard on both iOS and Android apps.
With Betterment, you can unlock extra perks and rewards when you shop with some of the largest names in retail. When you use your Betterment debit card, you can get cash back at stores like Walmart, Staples, Sam's Club, Adidas and more. Betterment understands how much you value your hard-earned cash. That's why it works with top retailers to give you a little bit of it back when you show your loyalty.
One of the crowning features of the Betterment checking account is the sleek and easy to use mobile app. When simplicity and design are key, you can count on Betterment to show up to the plate. On the app, users can check account details with just a tap on the screen. Users can see their investments, checking account, and Betterment Cash Reserve all in one place.
With Betterment Checking, you can easily transfer your money to any other Betterment accounts, including Cash Reserve and brokerage accounts.
With this easy to use feature, you can get your direct deposit into Checking and deposit your reserves to your Cash Reserve account. Using the robo-advisor works seamlessly between the savings and checkings portion to move money freely between features.
You can use each Betterment product individually, however they are all designed to work together and integrate flawlessly!
Betterment has added another great feature to its platform by offering a checking account to its users. If you love a good web-based banking experience, then the Betterment checking account may be a great option for you.
With Betterment checking you can open an account with any amount of money as there are no minimum deposits. There are no fees, and you get reimbursed for ATM fees and foreign transaction fees. Also, your cash-on-hand can be optimized if you use a variety of Betterment’s other features.
Users will have to adhere to daily transaction limits at $2,000 for debit card transactions and $500 for ATM withdrawals. This is of course, in addition to the limit of $1,000 for daily mobile deposits. Used alongside another bank account, Betterment Checking offers an appealing service as an online checking account.
The Betterment Checking account is ideal for people who enjoy digital banking and those who need access to cash without pesky ATM fees.
