Cash Reserve

Yes, any cash in Cash Reserve is covered up to $2 million in FDIC insurance once deposited into our program banks†. Although certain types of accounts, such as trust accounts may be eligible for additional FDIC insurance based on the number of beneficiaries, funds will be allocated to each program bank in such a way that provides up to $250,000 of FDIC insurance ($500,000 for joint accounts) per program bank. In the event you maintain an individual or joint Cash Reserve account and are a ...

Yes. Any cash in Cash Reserve is covered up to $2,000,000† in FDIC insurance once deposited into our program banks. Read more about special considerations here.

Yes. A joint Cash Reserve account offers up to $4,000,000† in FDIC insurance once funds are deposited into our program banks. This is separate from any cash held in an individual Cash Reserve account, which offers up to $2,000,000† in FDIC insurance once deposited into our program banks. Learn more about special considerations.

Generally, the program banks that participate in Betterment Cash Reserve pay interest rates that are tied to the federal funds rate, which is the rate at which banks can loan money to each other, and is set by the Federal Reserve. The interest rate you receive on Cash Reserve will typically change as a result of the Federal Reserve changing its target federal funds rate. When the federal funds target rate increases or decreases, the rate we can offer through Cash Reserve can also fluctuate with ...

Your annual percentage yield, or APY, is variable and can change. As of April 2, 2024, the APY we are offering for Cash Reserve is 5.00%*. Interest will be paid into your account by the first business day of each month, unless that day is a bank holiday, then it will be paid by the following business day. Cash Reserve is only available to clients of Betterment LLC, which is not a bank, and cash transfers to program banks are conducted through the clients’ brokerage accounts at Betterment ...

No matter where you bank, the prevailing interest rate environment will have an impact on your interest rate. The amount banks are willing to pay on deposits is heavily influenced by the Federal Reserve, which sets the rate at which banks can loan money to each other. This is known as the Federal Funds Rate. It’s the rising tide that raises all rates, and the receding tide that can also bring them all down. The Federal Reserve sets a target range for the Federal Funds Rate, rather than aiming ...

Cash goals and investing portfolios are available for business or LLC accounts. What if I already have a business or LLC account account set up with Betterment? If you already have a Betterment business or LLC account, you can open a new cash goal in the account by logging in and clicking “Add New” on the home page. If you’re choosing to invest, you’ll next be able to select your portfolio. Go on to finish setting up your goal, and once that's all set, you'll be able to make your initial ...

Trust cash goals are available. If you don’t have an account with Betterment yet, sign up now. Our team of trust specialists will provide you with instructions for opening a trust account. For more details, please email our trust team at trusts@betterment.com If you already have a Betterment trust account, you can open a new cash goal in your trust account by logging in and clicking “Add New” on the home page. Read more

You must reside in the U.S. full-time to use Betterment’s services. You must also be 18 years old, as we are not able to provide services to minors.

A joint Cash Reserve account can be created with any other Betterment customer, as permitted under your state’s laws. If you want to create a joint Cash Reserve account with someone who is not a Betterment customer, they must first open an individual Betterment account (but there is no obligation that the individual account be funded if they only wish to use the joint Cash Reserve account).

No. Credit checks are not required in order to use our cash management products. However, we will collect your personal information upon signup. We are mandated to collect your personal information by our regulators and the IRS, so there is no way around this requirement.

No. We know that everyone’s needs are different, and we want to provide you with the flexibility to make your own decision on which of our cash management and investing products serve you best.

Cash Reserve is our newest way to help you save. As part of our cash management suite, Cash Reserve is a cash account that is available now, and you can use it alone or alongside other investment goals you already have with Betterment. Benefits: Earn a variable rate of 5.00% APY* FDIC insurance covering up to $2 million at our program banks† Access your cash in 1-2 business days No limits on withdrawals No minimum balance No fees on your balance Cash Reserve is only available to clients of ...

Two customers with a joint Cash Reserve account have equal ownership of the assets in the account. Each owner can transfer, deposit, and withdraw money. Upon the death of one of the joint Cash Reserve account owners, the entire interest in the account is transferred to the surviving account owner. On the other hand, a beneficiary does not have access, control, or ownership over the account while the account owner is alive. Upon the death of both of the joint account holders, the assets are ...

Betterment provides you with cash management solutions that helps you spend and save confidently. Cash Reserve: A Cash Account A cash account Earn a variable rate of 5.00% APY* For individual Cash Reserve: FDIC insurance covers up to $2 million at our program banks† For joint Cash Reserve: FDIC insurance covers up to $4 million at our program banks† Access your cash in 1-2 business days No limits on withdrawals No minimum balance No fees on your balance Cash Reserve is only available to clients ...

Ready to save? If you don’t have an account with Betterment yet, sign up now. If you already have a Betterment investing account, log in now.

There are no minimum balance requirements to use Cash Reserve or Checking. This means that the minimum balance is $0. You can have as little or as much cash in Cash Reserve and Checking as you want—we won’t judge. One thing to note is that the smallest deposit amount you can make into Cash Reserve is $10. This is due to ACH transaction limitations.

The account holder who opened the joint account is designated as the primary account holder. To see who the primary account holder is, log in and navigate to Settings > Accounts. We aren’t able to transfer primary ownership of a joint account once it’s been created. However, remember that a joint account is legally owned by both parties associated with the account. The IRS requires only the primary account holder be listed on tax statements. The primary account holder, which is the person ...

Cash Reserve is only available to clients of Betterment LLC, which is not a bank, and cash transfers to program banks are conducted through the clients’ brokerage accounts at Betterment Securities. Checking accounts and the Betterment Visa® Debit Card provided and issued by nbkc bank, Member FDIC.

Joint Cash Reserve accounts and joint cash goals are available. If you don’t have an account with Betterment yet, sign up now. If you already have a Betterment investing account, log in now. The sign up flow will prompt you to determine whether you will be the only person using Cash Reserve, or whether you would like a joint account.

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.

Betterment now enables you to hold funds for specific goals in cash held in Cash Reserve. By creating separate buckets of cash for your financial goals, you can see all of your money in one place and save purposefully.

You can transfer between your joint and individual Cash Reserve accounts up to 5 times per day. Your funds are generally available same-day, but sometimes may take longer, particularly if you have recently deposited funds into your Cash Reserve account. Note that bank holidays do not count as business days. You can see a list of bank holidays here. Transaction Timeline Table To transfer between Cash Reserve accounts: Web browser: Log into Betterment. Click “Transfer or Rollover” in the upper ...

In most cases, actions do not require consent from both account owners. These include closing the account, deposits, withdrawals, most types of transfers, changes to the connected checking account, and beneficiary changes.

Betterment automatically uploads monthly statements in PDF format, typically by the end of the second full week of the month for the previous month. To download your monthly statements: Web browser: Log in to your account. Select "Documents" from the menu to download monthly account statements. Mobile app: Log in to the app. Tap the three lines in the upper left-hand corner to open the menu. Tap "Documents". Tap "Statements". Custom Account Statements If you require a custom account summary for ...

You can connect up to three funding accounts as a funding source for your individual or joint Cash Reserve accounts or joint cash goals. However, we recommend that you connect checking accounts as funding sources rather than savings accounts, because savings accounts typically limit the number of monthly withdrawals you can make. No matter how many funding accounts you have connected, you’ll always be able to fund your goals with Checking.

Either joint account holder can close the joint account. Log in and navigate to Settings > Accounts. Click the three dots towards the right of the account you are looking to close, and select “Close Account”. There are no trading fees or penalties for closing accounts.

There is no overall limit to how much you can deposit in a joint Cash Reserve account. However, please note that the largest deposit you can make per day via ACH is $300,000.

Yes, you may opt out of holding cash at a specific bank. To opt out of a specific bank, please email us. If you already have cash at one of our program banks, you can still choose to opt out of that specific bank. Regardless of the number of program banks participating, the total amount of FDIC insurance available to you through Cash Reserve will be lower by $250,000 for each bank you opt out from. If you have non-Betterment funds deposited at a program bank already and elect not to opt out, ...

Yes, we will provide you with a 1099-INT tax form by January 31st of each year if you earned $10 or more in interest during the previous calendar year. You’ll be able to download it directly within your account, and we’ll email you to let you know when it’s available.

You can transfer between an investment goal and your individual or joint Cash Reserve, or vice versa, up to 5 times per day. These transactions generally take 1-2 business days to complete. Transaction Timeline Table. Within accounts held at Betterment, we generally only allow transfers involving individual or joint investing accounts if you are listed as married to the account owner. Note: This requirement does not apply if you created the joint account and are the primary account owner. ...

Unlike transfers from a savings account at a typical bank, Cash Reserve and cash goals have no transfer limits on how many times you can move money from your connected funding accounts. Please note, Betterment only supports connections to bank accounts that are in the account owner's name.

Unlike withdrawals from a savings account at a typical bank, Cash Reserve and cash goals have no withdrawal limits on how many times you can move money from your account. When you withdraw from your Cash Reserve or cash goals, the cash will be transferred to your connected funding account generally within 1 to 2 business days, depending on when you put in your request. Betterment only supports connections to bank accounts that are in the account owner's name. If the withdrawal request is placed ...

You can transfer your individual or joint cash or invested assets to your trust Cash Reserve by reaching out to our team at trusts@betterment.com.

Cash transfers between your Cash Reserve accounts, or between your cash goals within your individual, joint or trust account, can generally be completed on the same day. However, please note that some transfers may take longer, particularly if you have recently deposited funds into your Cash Reserve account.

You can connect up to three funding accounts as a funding source for your individual, joint or trust cash goals. Because savings accounts typically limit the amount of monthly withdrawals you can make, Betterment recommends your funding source to be a checking account. For security reasons, we allow you to use up to three different external bank accounts to deposit and withdraw from your investing accounts and Cash Reserve every 90 days. External bank accounts associated with active ...

Deposits into Cash Reserve and cash goals from your connected checking account generally take 1 to 3 business days to complete. Transactions can be subject to processing delays in certain circumstances. Note that bank holidays do not count as business days. You can see a list of bank holidays here. Transaction Timeline Table

Betterment’s cash offerings are not like a savings account that you can obtain at a traditional bank in that it will not have its own routing and account number. We are not offering direct deposits of your paycheck to Cash Reserve at this time. However, you are still able to wire or transfer funds directly from another connected funding account, or connect a funding account within your Betterment account in order to initiate a transfer into your Cash Reserve or cash goal. Read more about how to ...

We allow our customers to generate wire transfer instructions directly from within their Betterment account. To wire funds into your Cash Reserve or cash goal, click here and select your cash account or goal. From there, we’ll generate instructions for you and if you’d like, we can even email you the instructions once you click “Email me instructions” at the bottom of the page. Please note, we do not charge a fee for incoming wire transfers, but your bank may charge you a fee for sending one. ...

Smart Saver was a low-risk investment account that was designed to earn a higher yield than a typical savings account through the use of short-term treasury bonds. We’ve replaced this offering with our cash offering, Cash Reserve. If you had “free time” on your Smart Saver account, that free time won’t correspond to Cash Reserve. We know that it might not seem ideal to you to lose the free time, but our hope is that our new cash management tools will fit your needs by helping you spend and save ...

We’ll provide a Betterment Visa Debit Card to you if you open Checking, which will allow you to access funds in Checking. You will not be able to access your Cash Reserve with the debit card. Cash Reserve is only available to clients of Betterment LLC, which is not a bank, and cash transfers to program banks are conducted through the clients’ brokerage accounts at Betterment Securities. Checking accounts and the Betterment Visa® Debit Card provided and issued by nbkc bank, Member FDIC.