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Betterment Everyday Cash Reserve review

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Offers unlimited withdrawals and no monthly fees — but there's only one way to access funds.’s rating: 4.6 / 5.0


Betterment Everyday Cash Reserve, formerly called the Betterment Everyday Savings account, is a high-yield savings account with unlimited withdrawals and FDIC-insured funds up to $1 million. But there’s only one way to deposit and withdraw funds.






Minimum deposit to open


Minimum deposit to open$10
Minimum balance to earn interest$0
Interest compoundingDaily
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Expert review

Cassidy Horton

Review by

Cassidy Horton is a writer for Finder, specializing in banking and investments. She has a Bachelor of Science in Public Relations and a Master of Business Administration from Georgia Southern University. Cassidy enjoys educating people about financial services, 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 high-yield savings account that has no monthly fees and up to $1 million in FDIC insurance, the Betterment Everyday 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 deposit and withdrawal money is through an ACH transfer, so you’ll need to have a checking account at another bank to access your funds.

What are the benefits of a savings account with Betterment?

Betterment is a robo-advising platform, so its savings account was created with investors in mind. The Betterment Everyday 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.
  • No fees or minimum balance. 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 the Betterment Everyday Cash Reserve account is insured up to $1 million.
  • Competitive rates. Earn 0.4% APY on your total account balance, which is higher than traditional banks that usually offer rates around 0.1%.
  • Low opening deposit. You’ll only need $10 to open this savings account.

What should I look out for?

While the Betterment Everyday Cash Reserve account has some attractive perks, there are also some drawbacks to watch out for:

  • No joint accounts. You can’t add anyone else to this savings account.
  • No business accounts. You can’t set up a Betterment Everyday 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.
  • No wire transfers. You can’t receive wires or transfers from an unlinked account.

But if you find its lack of deposit and withdrawal methods restricting, shop around for other high-yield accounts.

Compare with other savings accounts

Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned
American Express® High Yield Savings
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
Axos Bank High Yield Savings
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
Aspiration Spend & Save Account

1.00% on $0 to $10,000 but you’ll need to be enrolled in Aspiration Plus and make at least $1,000 in debit card purchases a month
$0 per month or $7 per month for Aspiration Plus ($5.75 per month if you pay annually)
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.
CIT Bank Money Market
A savings account with a higher-than-average rate and minimal fees.
SoFi Money
SoFi Money® is a cash management account that charges no account fees to save, spend, and earn cash back rewards when you spend on brands you love.
Chase Savings
$5 per month
(can be waived)
A simple savings account with low, waivable monthly fees and a $150 signup bonus when you meet deposit and balance requirements.

Compare up to 4 providers

How do I open an account?

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

  1. Go to the official Betterment website and click Cash from the menu.
  2. Click Start saving, then Continue.
  3. Select whether or not you’d like to join the waiting list for the Betterment Everyday Checking account and click Continue.
  4. Enter your email, create your password and click Continue.
  5. Fill out your name, address and phone number and click Continue.
  6. Enter your personal information including your Social Security number and date of birth and click Continue.
  7. Continue filling out your personal and financial information, verify your application and make your opening deposit.


You must meet the following requirements to open a Betterment Everyday 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

How do I deposit or withdraw my money?

There’s only one way to deposit or withdraw funds with the Betterment Everyday Cash Reserve account.


  • ACH transfer from an external bank


  • ACH transfer to an external bank

What other savings options does Betterment offer?

Betterment’s only savings account is the Betterment Everyday Cash Reserve account.

Frequently asked questions

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