Investing Simple Logo
Menu
Get Started on Robinhood With 1 Free Stock!
Robinhood is offering new users 1 free stock worth between $3 and $225 when you open an account and fund it with any amount of money.
Written by Ed Canty, CFP® on February 26, 2021
Category: 
FTC Disclosure

Betterment Checking Review: Best Account In 2021?

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!

Betterment Checking
  • Low Minimum
  • Fee Reimbursement
  • Mobile Banking Features
  • User Friendly Features
  • Seamless Integration with Betterment Services
  • Transaction Limits
4.1

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

  • All ATM and foreign transaction fees reimbursed
  • FDIC insured up to $250,000
  • Tap to pay debit card
  • No fees or minimums
  • Connect seamlessly with other Betterment products

Cons

  • $2,000 daily transaction limit, $500 withdraw limit, $1,000 mobile deposit limit
  • Cannot deposit paper checks or cash into ATMs
  • No joint accounts
  • No business accounts
  • Can only have one account per person

 

What is Betterment Checking?

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 to the palm of your hand with an easy-to-use mobile app and a reimbursement of all foreign transaction fees. 

Robo-Advisors Free Training

We put together a free 30 minute video training that walks you through the entire process, step by step. This training will help you get up and running in no time at all.

GET THE GUIDE

Betterment Checking Key Features

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. 

Additional Features for Betterment Checking

Account Management and Security 

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. 

betterment checkinng debit card

Cash Back Availability

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.

Easy-to-Use Mobile App

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.  

Easy Switching Between Betterment Accounts

With Betterment Checking, you can easily transfer your money to any other Betterment accounts, including Cash Reserve and brokerage accounts.

With this user-friendly 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!

Pros of Betterment Checking

  • No Fees: Betterment Checking has the main focus of eliminating unnecessary fees for customers. 
  • Unlimited ATM Reimbursements: Betterment checking provides ATM reimbursements.
  • No Account Minimums: There are no account minimums or maintenance fees.
  • Contactless Visa Debit Card: You can request a Visa Debit Card to transact with your Betterment Checking account. 
  • Computerized Locking System: You can lock down your account with the click of a button from the mobile app.

Cons of Betterment Checking

  • Daily Transaction Limits: Betterment checking has a $2,000 daily limit for debit transactions and a $500 daily limit for ATM withdrawals in addition to $1,000 daily limit for mobile deposits.
  • No Joint Accounts Betterment does yet offer joint checking accounts. However, this is soon on the way!
  • 1 Account Only: Betterment does not allow you to have more than one checking account under your name at one time.
  • No Business Accounts: It does not offer any sort of company or LLC account at the moment.
  • No Wire Transfer Funding: Betterment Checking does not receive funds via wire transfer.
  • Cannot Deposit: Paper checks and cash deposits are currently not accepted at Betterment reimbursed ATMs.

betterment keeping money secure

Betterment Checking: Closing Thoughts

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.

Best Bank Account Offers

BankPromotionLink
Robinhood LogoEarn 0.30% APYOpen Account
Betterment Robo AdvisorEarn 0.40% APYOpen Account
M1 Finance Robo Advisor1% Cash Back Debit CardOpen Account
betterment review
Article written by Ed Canty, CFP®
Ed is a CERTIFIED FINANCIAL PLANNER™. At his day job, Ed helps clients plan for retirement, manage their investments, and navigate their tax situation. In his free time, Ed enjoys golfing, traveling, fishing, and wrenching on his old car.

Latest Posts

Power Your Investing

Choosing the right product and service is essential for your investing. Here are some of the tools and services to help your portfolio grow.
Robinhood
Robinhood provides an easy-to-use free trading platform for beginner investors. Robinhood has $0 account minimums. Get a free stock when you open an account below.
Try Robinhood
M1 Finance
M1 Finance offers a free investing platform where users can build portfolios of stocks and ETFs. Users can also choose from a variety of pre-built portfolios offered for free.
Try M1 Finance
Fundrise
Passively invest in private real estate deals with as little as $500. Fundrise allows you to own residential and commercial real estate across the U.S. starting at a 1% annual fee.
Try Fundrise
© Copyright 2018 - 2020 Investing Simple LLC. All Rights Reserved. Investing Simple is a financial publisher that does not offer any personal financial advice or advocate the purchase or sale of any security or investment for any specific individual. Members should be aware that investment markets have inherent risks, and past performance does not assure future results. Investing Simple has advertising relationships with some of the offers listed on this website. The information on Investing Simple could be different from what you find when visiting a third-party website. All products are presented without warranty. For more information, please read our full disclaimer.
Developed by Stallion Cognitive
magnifiermenucross-circlechevron-down-circle
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram
Copy link
Powered by Social Snap