Where Betterment Everyday falls short:
- Checking features aren’t yet available (but are expected before the end of 2019)
- No branches
- No check deposit or writing
- Limited human phone support hours and no chat support
The bottom line
Like most cash management account providers, Betterment is not a bank. It’s an online nonbank financial service provider that helps customers invest their money. The Betterment Everyday product sweeps customers’ funds into accounts at program banks, where it benefits from FDIC insurance. The Betterment Everyday product has two accounts that work together: Betterment Everyday Savings account, which is available now, and Betterment Everyday Checking account, which is meant to be available by the end of 2019.
» What is a cash management account? Check out NerdWallet’s guide to this financial product
Betterment Everyday Savings offers a high annual percentage yield with no fees and no minimum balance requirement. It currently takes 1-2 business days to withdraw cash.
Betterment Everyday Checking will have a debit card available and it will reimburse ATM fees worldwide, according to the company. This account will also have no monthly fees or minimum balance requirement.
Checking and savings features
High APY. The APY on Betterment Everyday Savings is currently a high 2.38% for customers who join the Betterment Everyday Checking waitlist. Customers who don’t join the waitlist earn 2.13%. While not a bank account itself, this account has a rate that’s higher than most online savings and traditional brick-and-mortar bank accounts.
No monthly fees or minimum balance. Both the Betterment Everyday Savings and Betterment Everyday Checking products will have no monthly fees or minimum balances.
Customers will be able to withdraw cash, and ATM fees will be reimbursed. Betterment says it will reimburse all ATM fees incurred worldwide on its Betterment Everyday Checking account.
Debit cards will be available. When Betterment Everyday Checking becomes available later in 2019, customers will be able to use a Betterment Visa debit card to access their funds in Checking, the company says.
Cash currently takes 1-2 days to withdraw. The Betterment Everyday Savings account doesn’t provide a debit card, so the cash currently has to be transferred to a linked checking account at a bank in order to be withdrawn, which can take 1-2 business days. There is no limit on the number of withdrawals that can be made from Betterment Everyday Savings, unlike with traditional bank savings accounts, which have a federal limit of six free withdrawals a month.
No check deposits or check writing. With Betterment Everyday Savings, the only way to deposit and withdraw funds is through online transfer to or from a linked checking account.
APY can fluctuate without notice. The program banks that Betterment partners with are subject to the changing federal funds rate, which is the set rate at which banks can loan money to one another. This means that the APY that Betterment offers customers moves up and down in conjunction with the rates of its program banks. Essentially, the APY you open your account with is not guaranteed.
- Looking for more information about Betterment? Check out NerdWallet’s review of its investment services
High-quality website. The Betterment website is well-designed, and information on its different products is easy to find. There is also a robust Frequently Asked Questions section on the site that provides additional information on how Betterment’s products work.
High app store ratings. The Betterment mobile app is highly rated in both the Apple App Store and the Google Play store.
Twitter support available. Betterment provides Twitter support to its customers on its @BettermentHelp channel.
No branches. Betterment is an online-only service provider, so customers can receive help only through remote means of communication like phone, mail, email and Twitter support.
Limited human phone support hours and no chat support. Phone support and email is available Monday through Friday, 9 a.m. to 6 p.m. ET, but only email is available on weekends. The site has no online chat support.