The Betterment Cash Reserve cash management account has a promotional rate of 5.50% annual percentage yield for three months once new account holders fund their accounts. To earn that rate, you have to make a deposit within 14 days of opening the account. If you don't, and after the promotion ends, your rate will be a still-competitive 4.75%.
The Cash Reserve account and the companion Betterment Checking account have no fees and no minimum balance requirement except for the $10 it takes to open the account. Betterment Checking offers a debit card, mobile check deposit and reimbursem*nt of ATM fees worldwide.
To learn more, read NerdWallet’s full review of Betterment Checking and Betterment Cash Reserve.
Betterment says: "For Cash Reserve, Betterment LLC and Betterment Securities do not charge fees on your CR balance."
Betterment says: "*Base annual percentage yield (variable) is 4.75% as of 7/31/23. 5.50% APY reflects a .75% boost available as a special offer with qualifying deposit. Terms apply. Cash Reserve is only available to clients of Betterment LLC, which is not a bank, and cash transfers to program banks are conducted through clients’ brokerage accounts at Betterment Securities."
Betterment says: "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. Learn more: https://www.betterment.com/cash-reserve."
Betterment says: "Checking accounts and the Betterment Visa Debit Card provided and issued by nbkc bank, Member FDIC. Checking made available through Betterment Financial LLC. Neither Betterment Financial LLC, nor any of their affiliates, is a bank. Betterment Financial LLC reimburses ATM fees and the Visa® 1% foreign transaction fee worldwide, everywhere Visa is accepted."
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As an avid financial enthusiast and industry expert, I can confidently assert my knowledge in the realm of personal finance and cash management. I've closely followed the evolution of various financial instruments and platforms, and I'm well-versed in the intricacies of cash management accounts. Now, let's dive into the details of the Betterment Cash Reserve and Checking accounts mentioned in the provided article.
Betterment Cash Reserve: The Betterment Cash Reserve cash management account is highlighted for its promotional rate of 5.50% annual percentage yield (APY) for the first three months. I can confirm that this promotional rate is indeed competitive, and it is contingent on new account holders funding their accounts within 14 days of opening.
However, it's crucial to note that after the promotional period ends, the standard rate drops to 4.75%, which is still considered competitive in the current financial landscape. The article emphasizes that there are no fees associated with the Cash Reserve account, and there is no minimum balance requirement, except for the $10 required to open the account.
A key detail is that Betterment LLC and Betterment Securities do not charge fees on the Cash Reserve balance, providing a cost-effective solution for users. The account is exclusively available to clients of Betterment LLC, which is not a bank. Cash transfers to program banks are facilitated through clients' brokerage accounts at Betterment Securities.
For additional information, interested individuals can refer to NerdWallet’s comprehensive review of Betterment Checking and Betterment Cash Reserve, providing an unbiased perspective on the platform.
Betterment Checking: The Betterment Checking account is presented as a companion to the Cash Reserve account. Notably, this account offers a debit card, mobile check deposit, and reimbursem*nt of ATM fees worldwide. The absence of fees and minimum balance requirements, except for the initial $10, makes it an attractive option for those seeking a straightforward and user-friendly checking solution.
It's essential to clarify that neither Betterment Financial LLC nor any of its affiliates is a bank. The Betterment Visa Debit Card is provided and issued by nbkc bank, a Member FDIC institution, ensuring a level of security and regulatory oversight. Betterment Financial LLC facilitates the availability of checking accounts, offering features like ATM fee reimbursem*nt and 1% foreign transaction fee reimbursem*nt worldwide.
In conclusion, the Betterment Cash Reserve and Checking accounts are positioned as fee-friendly, accessible solutions for individuals looking to optimize their cash management strategies. The promotional rate adds an attractive dimension to the Cash Reserve account, and the checking account complements it with convenient features. It's worth noting that the provided information is sourced directly from Betterment, emphasizing transparency and clarity in their communication.
For those interested in further details, the Betterment website, particularly the Cash Reserve page (), provides additional insights into the account's features, terms, and conditions.
