Verification of improvement and review of the improvement cash reserve

NerdWallet Rating

Like most cash management account providers, Betterment is not a bank. It is an online financial service provider that helps clients invest their money. Betterment transfers client funds to program bank accounts, where it benefits from FDIC insurance. Betterment has two complementary accounts, formerly known as Betterment Everyday: Betterment Cash Reserve and Betterment Checking.

Betterment Cash Reserve offers a solid annual percentage return with no fees or minimum balance required.

Betterment Checking has a debit card and reimburses ATM fees worldwide. This account also has no monthly fees or minimum balance requirement.

Where improvement fails

  • Solid 0.30% APY on the improvement cash reserve

  • No monthly fees or minimum balance

  • ATM fees refunded worldwide on Checking

  • FDIC insured by a third-party bank

  • Offers debit cards for Betterment Checking account

  • No check deposit or writing, although these features are coming soon

  • Limited human phone support hours and no chat support

Verification and savings features

5.0 / 5.0

Benefits :

Good APY for the cash reserve. The APY on Betterment Cash Reserve is currently above average 0.30%. Although it is not a bank account itself, this account has a higher rate than most traditional bank accounts. However, it lags behind the best rates of some online banks.

No monthly fees or minimum balance. Betterment Cash Reserve and Betterment Checking products do not have monthly fees or minimum balances.

Customers can withdraw cash and ATM fees are refunded. Betterment reimburses all ATM fees incurred worldwide to its Betterment Checking account.

Debit cards are available. Customers can use a Betterment Visa debit card to access their funds in Betterment Checking.

No limit on the number of savings withdrawals. There is no limit on the number of withdrawals that can be made from Betterment Cash Reserve, unlike traditional bank savings accounts, which have a federal limit of six free withdrawals per month.


Currently, no check deposit or check writing. With Betterment Cash Reserve, the only way to deposit and withdraw funds is through an online transfer to or from a linked checking account. Betterment Checking plans to make mobile check deposits and check writing available in the near future.

Things to consider:

APY may fluctuate without notice. As with other cash management products, the banks in the program that Betterment partners with are subject to changes in the Federal Funds Rate, which is the fixed rate at which banks lend money to each other. . This means that the APY that Betterment offers to customers varies according to the rates of its program banks. Essentially, as with savings accounts at regular banks, the APY you open your account with is not guaranteed.

Client experience

4.0 / 5.0

Benefits :

High quality website. Betterment’s website is well designed and information on its various products is easy to find. There is also a solid Frequently Asked Questions section on the site that provides additional information on how Betterment’s products work.

High ratings on the App Store. The Betterment mobile app is highly rated in the Apple App Store and the Google Play Store.

Twitter support available. Betterment provides Twitter support to its clients on its @BettermentHelp channel.


NerdWallet Rating

No branches. Betterment is an online-only service provider, so customers can only receive help through remote means of communication such as phone, mail, email, and Twitter support.

Limited human phone support hours and no chat support. Phone support and email are available Monday through Friday, 9 a.m. to 6 p.m. ET, but only email is available on weekends. The site does not have live chat support.

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