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Betterment Everyday Checking review

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Offers no monthly fees and unlimited ATM reimbursements, but it’s missing key banking features.

The Betterment checking 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

Fee

N/A

APY

$10

Minimum deposit to open

Details

Fee$0 per month
Minimum deposit to open$10
ATMsNo access to ATMs
ATM fee rebatesUnlimited ATM reimbursements
Foreign transaction fee1%

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’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.

How do I open a Betterment Everyday Checking account?

Open an Everyday checking account in five steps:

  1. Go to the provider’s site and follow the steps to apply.
  2. Form the Betterment’s website, click Spend from the navigation menu.
  3. Then click Get Checking.
  4. Enter your email address and click Continue.
  5. Enter a password and clickContinue.
  6. Enter your personal information like your full name and address. Then follow the prompts to open your account.

Eligibility

You must meet the following requirements to open a Betterment Everyday Checking account:

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

Required information

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

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 that you can lock if lost or stole, 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.
  • Cellphone insurance protection. Betterment partnered with insurance company Sure, to provide coverage for cellphone theft or damages — as long as you pay your monthly cellphone bill with your Betterment debit card.

What should I look out for?

The Betterment Everyday Checking account misses the mark on some key banking features:

  • 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 or cash at an ATM. But you can deposit paper checks through the mobile app.
  • 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

Name Product Minimum deposit to open ATMs Out-of-network ATM fee
HSBC Premier Checking
$1
Free to use at all ATMs in the US
$0
Get a 3% cash bonus, up to $600 (max. $100 per month) during first six months after account opening. Must open HSBC Premier checking account through offer page by September 30, 2020, and set up qualifying direct deposits into the new account. Conditions apply. Deposit products are offered in the US by HSBC Bank USA, N.A. Member FDIC.
BBVA Online Checking
$25
No ATM fees nationwide at more than 64,000 AllPoint, participating 7-Eleven and BBVA USA ATMs
$3
A full-service account with convenient, surcharge-free access to two massive ATM networks.
Axos Bank Essential Checking
$0
ATM fees reimbursed at any ATM nationwide
No fees. Unlimited domestic ATM fee reimbursements.
Axos Bank Rewards Checking
$50
ATM fees reimbursed at any ATM nationwide
$0
Earn up to 1.25% APY while enjoying a suite of digital tools for smarter money management.
Aspiration Spend & Save Account
$10
55,000 free in-network ATMs
$0
Deposits are fossil fuel-free. A spend and save combo account with unlimited cash back rewards and deposits insured by the FDIC.
N26
N26
$0
Fee-free ATM withdrawals at Allpoint ATMs
$0
A digital bank account with no hidden fees, no minimum account balance and no maintenance charges.
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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:

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

What other checking options does Betterment offer?

Betterment doesn’t have any other checking accounts besides Everyday Checking.

Frequently asked questions

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