
Sign up & start saving!
Get our weekly newsletter for the latest in money news, credit card offers + more ways to save
finder.com’s rating: 4.6 / 5.0
★★★★★
Betterment Cash Reserve, formerly called Betterment Everyday Cash Reserve, is a high-yield savings account with unlimited withdrawals and FDIC-insured funds up to $1 million. But there’s only one way to withdraw funds with your Betterment Cash Reserve account.
0.40%
APY
$0
Fee
$10
Minimum deposit to open
APY | 0.40% |
---|---|
Fee | $0 |
Minimum deposit to open | $10 |
Minimum balance to earn interest | $0 |
Interest compounding | Daily |
Go to site More Info |
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.
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 withdrawal money is through an ACH transfer, so you’ll need to have a checking account at another bank to access your funds.
Open a Betterment Everyday Cash Reserve account online using the steps below:
You must meet the following requirements to open a Betterment Everyday Cash Reserve account:
Have the following information on hand when you open your account:
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:
While the Betterment savings account has some attractive perks, there are also some drawbacks to watch out for.
But if you find its lack of deposit and withdrawal methods restricting, shop around for other high-yield accounts.
Yes. Funds deposited into an individual Betterment Everyday Cash Reserve account are insured for up to $1 million, while funds kept in a joint account are insured for up to $2 million.
There aren’t many customer reviews of Betterment Cash Reserve online. The company isn’t accredited with the Better Business Bureau (BBB) as of March 2021, and it only has eight customer reviews on the site. You’ll find one customer review on Trustpilot with an average 3.4 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. Users liked the competitive APYs but noted that rates had already started to drop even back before COVID started.
We gathered a quick comparison of similar accounts to help you decide if Betterment Everyday Cash Reserve is right for you. For more options, select “Compare accounts” to compare even more savings accounts.
Betterment Everyday Cash Reserve
★★★★★
Go to site |
---|
Fee $0 |
APY 0.40% |
Minimum deposit to open $10 |
Minimum balance to earn interest $0 |
American Express® High Yield Savings
★★★★★
Go to site |
---|
Fee $0 |
APY 0.50% |
Minimum deposit to open $0 |
Minimum balance to earn interest $1 |
Aspiration Spend & Save Account
★★★★★
Go to site |
---|
Fee $0 per month or $15 per month for Aspiration Plus ($12.50 per month if you pay annually) |
APY
|
Minimum deposit to open $10 |
Minimum balance to earn interest $0 |
Compare even more savings accounts
There are only two ways to deposit funds and one way to withdraw them with the Betterment Everyday Cash Reserve account.
★★★★★ — 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.