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Betterment Checking
3.8
★★★★★
Finder score
Fee
$0 per month
Minimum deposit to open
$0

Our verdict

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

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

In this guide

  • Our verdict
  • Your reviews
  • Ask a question

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 0% 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.

Cashback rewards

On top of a lack of fees, Betterment offers anywhere from 3% to 20% in cashback rewards when you use its debit card at any of its participating retailers. Rewards are deposited into your checking account up to 90 days after you’ve made a purchase. Valid offers are visible in the Earn rewards section of your Betterment account. In-store offers are applied automatically. But if you make an online purchase, you need to activate the offer on the Betterment app.

This rewards program is provided through Dosh, which works with more than 10,000 retailers to offer cash back opportunities. A few merchants that participate include:

  • Walmart
  • Asos
  • Instacart
  • Pizza Hut
  • Proactiv
  • Disney Plus
  • Dunkin’
  • GNC
  • Backcountry
  • Philosophy
  • Ollie
  • Sephora
  • World Market
  • The Honest Co.
  • Thrive Market
  • Finish Line

Each retailer and offer may have different limits on cash back earned, so carefully read the terms of each offer before making your purchase.

Where it 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 fees and access

Type of feeFee details
Monthly service$0
Opening deposit$0
ATMsReimbursed worldwide
Debit card feesNone
Overdraft or nonsufficient fundsN/A
Wire transfersN/A

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.

1 - 5 of 26
Name Product Fee Minimum deposit to open Annual Percentage Yield (APY) Offer
SoFi Checking and Savings
Finder Score: 4.5 / 5: ★★★★★
Bonus
SoFi Checking and Savings
$0 per month
$0
4.60% on balances of $0+
0.50% on balances of $0+
1.20% on balances of $0+
Get up to $300 cash bonus with qualifying direct deposit. Terms apply. This offer is available until December 31, 2024.
Upgrade Rewards Checking Plus
Finder Score: 4.3 / 5: ★★★★★
Upgrade Rewards Checking Plus
$0 per month
$0
N/A
Primis Perks Checking
Finder Score: 4.8 / 5: ★★★★★
Primis Perks Checking
$0 per month
$1
N/A
Earn 50 cents for every debit card swipe except for ATM transactions
Cash Card by Cash App
Finder Score: 4.4 / 5: ★★★★★
Cash Card by Cash App
$0 per month
$0
N/A
Step Black Card
Finder Score: 4.3 / 5: ★★★★★
Step Black Card
From $0 per month
$0
5.00% on balances of $0 to $1,000,000
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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.

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