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Betterment is primarily known as an online investment platform, but it also has a Betterment Joint Checking Account and Betterment Cash Reserve Account.

Betterment; Insider

The bottom line: Betterment has strong checking and cash reserve accounts. But it won’t be a good fit if you need to deposit cash, or need to deposit checks but don’t qualify.

Overall bank rating

Feature
Insider rating (out of 5)

Checking
4.25

Cash reserve
4.25

Trustworthiness 
4

Total
4.25

Pros and cons

Pros
Cons

Can bank and invest with the same company

Reimburses foreign transaction fees

Reimburses ATM fees

Offers a cash-back checking account

Has a high-yield savings account

Automatic savings tools and savings buckets

Cannot bank in person
Can’t deposit cash
Need to qualify to use mobile check deposit
$2,000 paper check deposit limit

Betterment Checking Account

Betterment Checking Account is a good account for travelers because it reimburses 100% of foreign transaction fees and ATM fees.

You can also earn cash back with thousands of retailers. The percentage you’ll earn will depend on a) which business you shop at, and b) whether there are any new cash back promotions — but you can typically expect to earn 2% to 20% cash back.

Betterment Cash Reserve Account

Betterment Cash Reserve Account is essentially a high-yield savings account. But unlike most savings accounts, it doesn’t limit how many transactions you can make each month.

Betterment Cash Reserve Account pays a high interest rate. You can also create buckets to save for different goals, such as “Travel Account” or “Emergency Fund.”

Compare today’s checking accounts

How Betterment works

Betterment is primarily known as an online investment platform, but it also has a Betterment Joint Checking Account and …read more

Source:: Businessinsider