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

Betterment Checking review

A free mobile checking account with unlimited ATM reimbursements and cashback rewards.

No reviews yet. Write a review
Hide

Betterment Checking

Learn more and sign up on Betterment's secure site

Our verdict

The Betterment Checking account charges no monthly fee, has no minimum deposit requirement and offers unlimited ATM reimbursements worldwide. Plus, it earns anywhere from 3% to 20% cash back at participating retailers when you use your Betterment debit card. But the account is missing a few key banking features, such as the ability to write checks, perform wire transfers, or deposit cash.

Best for: Those looking for a free checking account with unlimited ATM reimbursements and cashback rewards.

Pros
  • No monthly fee
  • Up to 20% in cash back rewards
  • No minimum opening deposit
  • Unlimited ATM reimbursements worldwide
Cons
  • No check writing, wire transfers or cash deposits
  • $510 ATM withdrawal limit
  • $2,000 debit card and bank transfer limit
3.8

★★★★★

Finder rating

Learn more

Fee

$0 per month

Minimum deposit to open

$0

Who is Betterment Checking best for?

Given the lack of traditional banking features, Betterment Checking is best for those who want a digital banking app that allows for basic spending and debit card usage, while also allowing for cash back at select retailers. It also proves useful for frequent travelers: Betterment refunds all fees associated with ATM usage worldwide, including the conversion fee. This is a relatively rare find on a debit card as most banks typically charge this fee. Plus, it has a low 1% foreign transaction fee.

What makes Betterment Checking shine

The Betterment Checking account’s biggest asset is its overall lack of fees and requirements. There are no monthly fees, no minimum opening deposit requirements, and all ATM fees are reimbursed no matter where you’re using your debit card. Plus, there are also no overdraft fees. If you make a purchase with insufficient funds, Betterment alerts the vendor and the transaction is denied.

Cash back rewards

On top of a lack of fees, Betterment offers anywhere from 3% to 20% in cashback rewards through its debit card. You’ll earn anywhere from 3% to 20% cash back a when you use your debit card at any of its participating retailers. This cash back is deposited into your checking account between 1 and 90 days after purchase depending on the retailer. Valid offers are visible in the Earn rewards section of your Betterment account. In store offers are applied automatically. However, there are also online offers available on the Betterment app which you’ll need to activate to redeem and purchase through the app.

Where Betterment Checking falls short

The Betterment Checking account lacks a number of typical banking features, including the ability to write checks, offer cashier’s checks or money orders, perform wire transfers of any kind, and deposit cash at an ATM. The account is also saddled with rather low withdrawal limits: $510 limit on ATM withdrawals and a $2,000 limit for debit card and bank transfer transactions.

If you’re after an interest-bearing checking account with more ways to make deposits and withdrawals, compare other checking accounts before you decide.

Betterment Checking customer experience

Betterment has few customer reviews online. It isn’t accredited by the Better Business Bureau (BBB), and it only has a handful of customer reviews on that organization’s website. On Trustpilot, Betterment has an average rating of 3.4 out of 5 stars based on one review.

There have been a few discussions about Betterment on Reddit, with several customers noting the checking account is simple but effective at what it sets out to accomplish.

Email support@betterment.com or 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 to speak with Betterment customer support.

Compare Betterment Checking with other checking accounts

Narrow down top checking accounts by fees, minimum opening deposits and more to find the best account for your financial goals. Select Compare for up to four products to see their benefits side by side.

Name Product Fee Minimum deposit to open Annual Percentage Yield (APY) Offer
Chime Checking account
Finder Rating: 4.7 / 5: ★★★★★
Chime Checking account
$0 per month
$0
1.50%
Get rid of monthly fees with this financial app offering consumer-friendly accounts. Chime can also help you save easily and access your paycheck up to 2 days early with direct deposit.
Axos Bank Essential Checking
Finder Rating: 5 / 5: ★★★★★
Axos Bank Essential Checking
$0 per month
$0
N/A
Pay $0 monthly and overdraft fees, and get reimbursed for domestic ATM fees. No opening deposit or minimum balance requirement. Get your paycheck up to 2 days early with direct deposit.
SoFi Checking and Savings
Finder Rating: 4.6 / 5: ★★★★★
Bonus
SoFi Checking and Savings
$0 per month
$0
3.75% on balances of $0+
2.50% on balances of $0 to
Get up to $250 when you open a new account or switch your direct deposit to SoFi checking and savings. In order to qualify for the $250 bonus, you must have $5,000+ in qualifying direct deposits within a month, and to qualify for $50, you must deposit $1,000 to $4,999.99. This offer is available until Jan 31, 2023
Earn 3.75% APY, which is 14X the national average. Get your paycheck up to 2 days early, and earn up to 15% cash back. When you open Sofi, you also get its high-interest savings account that earns APY.
Current
Finder Rating: 4.6 / 5: ★★★★★
Bonus
Current
$0 per month
$0
4.00% on balances of $0.01 to $2,000
You and your friend will receive $50 bonuses once they open a Current Account through your invite link, or applies your referral code, and receives a qualifying direct deposit of at least $200 within 45 days of account opening.
Earn 4% APY on the first $2,000 in each savings pods. Also get budgeting tools, early direct deposit and up to 15x cashback points. All with no monthly fee or opening deposit requirement.
Varo
Finder Rating: 4.7 / 5: ★★★★★
Bonus
Varo
$0 per month
$0
5.00% on balances of $0 to $5,000
3.00% on balances of $5,000+
Earn $30 bonuses every time a friend signs up for an account and spends at least $20 within 30 days
A digital account with a $0 monthly fee, access to 55,000+ free Allpoint ATMs and no minimum balance required. This account gives you access to an optional savings account with yields as high as 5% APY.
loading

Compare up to 4 providers

How do I deposit or withdraw my money?

Betterment doesn’t support cash deposits or wire transfers, but you can access your money by:

Deposits

  • Direct deposit
  • Transfer from an external bank
  • Mobile deposits for paper checks

Withdrawals

  • ATM using your debit card
  • Transfer to an external bank
  • Cashback at a retailer

Checking account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.

Read the full methodology of how we rate checking accounts.

More guides on Finder

Ask an Expert

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and finder.com Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site