Betterment Everyday Checking review
Offers no monthly fees and unlimited ATM reimbursements, but it’s missing key banking features.
Betterment started rolling out its Everyday Checking account on October 30, 2019 to those who signed up for the waitlist in July. The account offers unlimited ATM reimbursements, no fees and no minimum balance. But it misses the mark on common banking features — you can’t deposit cash or paper checks, make wire transfers or open a joint account.
$0 per month
Minimum deposit to open
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’re looking to open a free checking account with a major robo-advisor, the Betterment Everyday Checking account may be for you. It has no fees or minimum balance and comes with unlimited national and international ATM reimbursements.
But despite these attractive perks, it still falls short in some areas. You can’t deposit cash or paper checks, send wire transfers or open a joint account. Plus, there’s a low $500 daily limit on ATM transactions.
Depending on your banking needs, these cons may or may not be dealbreakers for you.
What are the benefits of a checking account with Betterment Everyday Checking?
The Betterment Everyday Checking account features FDIC-insured deposits, a Betterment Visa debit card and other perks like:
- Unlimited ATM reimbursements. Betterment reimburses all ATM operator fees within 24 hours, including international travel fees.
- No fees. Betterment never charges monthly maintenance, overdraft or ATM fees.
- No minimum balance. Don’t worry about keeping a set amount of money in your account at all times.
- Comes with a Betterment Cash Reserve account. When you open a checking account, Betterment automatically opens a savings account for you. You can close the savings account at any time.
- Digitally lock your debit card. If your debit card is lost or stolen, instantly lock it through your mobile app or web browser.
What should I look out for?
The Betterment Everyday Checking account misses the mark on some key banking features:
- Currently waitlisted. Betterment is rolling this checking account over time, so you’ll have to join the waitlist to snag your spot in line.
- No joint accounts. Betterment doesn’t offer joint accounts on any of its banking products.
- No checks. Betterment doesn’t offer physical checks or checkbooks.
- Doesn’t support wire transfers. You can’t receive funds via wire transfers.
- Can’t deposit checks or cash. As of January 2020, you can’t deposit paper checks through the mobile app or at an ATM, and you can’t deposit cash.
- Low daily withdrawal limits. There’s a $500 limit for ATM withdrawals and a $2,000 limit for debit card and bank transfer transactions.
But 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’s ATM network and fees
Betterment doesn’t have any in-network ATMs. Instead, it reimburses you for all ATM fees you accrue. Reimbursements are expected to hit your checking account within a day.
Betterment doesn’t charge any international travel fees, but international travelers are subject to Visa’s 1% transaction fee, which Betterment won’t reimburse.
Compare with other checking accounts
How do I open an Everyday Checking account?
The Betterment Everyday Checking account hasn’t been released yet, but you can add yourself to the waitlist using the steps below:
- Go to the official Betterment website and click Cash from the home menu.
- Click on the box that says Checking (coming soon).
- Enter your email address and click Join.
You’ll get an email with a sign up link once your spot opens up for a Betterment Everyday Checking account.
You must meet the following requirements to open a Betterment Everyday Checking account:
- At least 18 years old
- US resident
- Social Security number
When you’re ready to apply, make sure you have the following information ready:
- Government-issued ID
- Social Security number
- Date of birth
- US residential address
- $10 opening deposit
How do I deposit or withdraw my money?
Betterment doesn’t support paper check or cash deposits or wire transfers, but you can access your money by:
- Direct deposit
- Transfer from an external bank
- ATM using your debit card
- Transfer to an external bank
- Cashback at a retailer
What other checking options does Betterment offer?
Betterment doesn’t have any other checking accounts besides Everyday Checking.