Finder makes money from featured partners, but editorial opinions are our own. Advertiser Disclosure

Betterment Cash Reserve review

A savings account with unlimited withdrawal but only one way to access funds.’s rating: 4.6 / 5.0


Betterment Cash Reserve, formerly called Betterment Everyday Cash Reserve, is a high-yield savings account with unlimited withdrawals. Plus, funds deposited into your Cash Reserve account are FDIC-insured up to $1 million. But there’s only one way to withdraw funds.






Minimum deposit to open


Annual percentage yield (APY)2% APY (annual percentage yield) as of 12 September 2022
Minimum deposit to open$10
Minimum balance to earn interest$0
Interest compoundingDaily
More infoGo to site

Review by

Cassidy Horton is a writer for Finder, specializing in banking and kids’ debit cards. She’s been featured on Legal Zoom, MSN, and Consolidated Credit and has a Bachelor of Science in Public Relations and a Master of Business Administration from Georgia Southern University. When not writing, you can find her exploring the Pacific Northwest and watching endless reruns of The Office.

Expert review

If you already invest with Betterment and are in the market for a savings account that has no monthly fees and up to $1 million in FDIC insurance, the Betterment Cash Reserve account may be right for you.

You can make unlimited monthly withdrawals, unlike traditional savings accounts that limit you to six transactions a month. But the only way to withdrawal money is through an ACH transfer, so you’ll need to have a checking account at another bank to access your funds.

Also, it’s worth noting that although Betterment considers Cash Reserve a high-yield savings account, the APY is closer to that of a standard savings account. By comparison, TAB Bank and Vio Bank offer high-yield savings accounts that earn 0.65% APY and 0.57% APY respectively. That’s far more interest than you’ll earn with Betterment.

How do I open a Betterment Cash Reserve account?

Open a Betterment Cash Reserve account online using the steps below:

  1. Select Apply now.
  2. From the official Betterment website, select Save from the menu.
  3. Select Get started, then Let’s do this.
  4. Enter your email address, then select Let’s do this again.
  5. Create a password and select Continue.
  6. Enter your legal first and last name, then select Continue.
  7. Enter your phone number and select Continue.
  8. Agree to the account’s terms and conditions.


You must meet the following requirements to open a Betterment Cash Reserve account:

  • At least 18 years old
  • US resident
  • Social Security number

Required information

Have the following information on hand when you open your account:

  • Government-issued ID
  • Social Security number
  • Date of birth
  • US residential address
  • $10 opening deposit

What are the benefits of a Betterment Cash Reserve account?

Betterment is a robo-advising platform, so its savings account was created with investors in mind. The Betterment Cash Reserve account has several unique perks including:

  • No withdrawal limits. Unlike traditional banks that limit savings account withdrawals to six, Betterment allows you to make unlimited withdrawals.
  • Minimal fees and no minimum balance requirement. You’ll never pay overdraft or monthly maintenance fees and you can keep as little or as much money as you’d like with this savings account.
  • FDIC-insured funds up to $1 million. Regular bank accounts are FDIC-insured up to $250,000, but individual Betterment Cash Reserve accounts are insured for up to $1 million while joint accounts are insured for up to $2 million.
  • Low opening deposit. You only need $10 to open this savings account.
  • Create separate stashes. This account lets you create separate buckets of cash for specific goals and set up auto-deposits for each one.

What should I look out for?

While the Betterment savings account has some attractive perks, there are also some drawbacks to watch out for.

  • No business accounts. You can’t set up a Betterment Cash Reserve account for your business.
  • No direct deposits. This savings account doesn’t support direct deposits, so you’ll have to link an external bank account if you want to transfer funds.
  • APY isn’t competitive. This account earns 2% APY on your balance, which isn’t competitive with the best high-yield savings accounts.

If you want to avoid deposit and withdrawal restrictions and earn a stronger APY, shop around for other high-yield accounts.

Is Betterment Cash Reserve safe?

Yes. Funds deposited into an individual Betterment Cash Reserve account are insured for up to $1 million, while funds kept in a joint account are insured for up to $2 million.

Betterment Cash Reserve account reviews and complaints

There aren’t many customer reviews of Betterment Cash Reserve online. The company isn’t accredited by the Better Business Bureau (BBB) as of April 2022, and it only has 15 customer reviews on the site. You’ll find five customer reviews on Trustpilot with an average 2.8 out of 5-star rating.

Reddit has a few threads, but most are from more than a year ago when the company was offering 2.14%+ APYs.

Compare Betterment Cash Reserve to similar accounts

We gathered a quick comparison of similar accounts to help you decide if Betterment Cash Reserve is right for you. For more options, select “Compare accounts” to compare even more savings accounts.

Betterment Cash Reserve

American Express® High Yield Savings Account


Finder rating 4.6 / 5


Finder rating 4.6 / 5

Go to site
on Betterment's secure site
Go to site
on American Express's secure site









Minimum deposit to open


Minimum deposit to open


Minimum balance to earn interest


Minimum balance to earn interest


How do I deposit or withdraw my money?

There are only two ways to deposit funds and one way to withdraw them with the Betterment Cash Reserve account.


  • ACH transfer from an external bank
  • Wire transfer


  • ACH transfer to an external bank

Frequently asked questions

How do I contact Betterment customer service?

There are two ways to chat with a Betterment customer service representative:

  • Call 718-400-6898 weekdays from 9 a.m. to 6 p.m. ET or weekends from 11 a.m. to 6 p.m. ET.
  • Email

Can I transfer money between my Betterment Cash Reserve account and my Betterment investing account?

Yes. You can fund any investing goal in your Betterment investing account using funds from your Betterment Cash Reserve account. It usually takes two business days for the funds to clear your savings account and appear in your investing account.

What is Betterment’s routing number and SWIFT code?

You can’t make wire transfers or direct deposits into a Betterment Cash Reserve account, so it doesn’t have a routing number or SWIFT code.

How do I close my account?

Email customer support at to begin the account closing process.

Savings account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.

Read the full methodology of how we rate savings accounts.

Ask an expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use and Privacy and Cookies Policy.
Go to site