Can I open a joint account for my clients?
Joint Cash Reserve accounts are available.
If your client doesn’t have an account with Betterment yet, go to your advisor dashboard to sign them up. If they already have a Betterment account, access their page from your dashboards Clients page and click “+ Add Account” to choose the Joint Taxable account type and follow the on-screen prompts to completion. During the process you’ll be able to select “Cash Reserve” from the account purpose options. Find more detailed instructions for joint account opening here. Please note that Cash Analysis and Two-Way Sweep are currently only available on individual Cash Reserve accounts.
Is a joint Cash Reserve account covered by FDIC insurance?
Yes. A joint Cash Reserve account offers up to $2,000,000† in FDIC insurance once funds are deposited into our program banks. This is separate from any cash held in an individual Cash Reserve account, which is covered up to $1,000,000† in FDIC insurance once deposited into our program banks. Read more about special considerations here.
Do your clients have more joint Cash Reserve questions?
Please share this resource with them.
Are there any fees?
Betterment Cash Reserve has no fees on the account balance. Betterment LLC only receives compensation from our program banks, and we do not charge fees on your clients account balance. Also, there is currently no option to charge fees for your advisory services on this account.
Is it backed by FDIC insurance?
Yes. Any cash in Cash Reserve is covered up to $1,000,000† in FDIC insurance once deposited into our program banks. Read more about special considerations here.
What is the interest rate on my clients’ cash?
The annual percentage yield, or APY is variable and can change. Click here to see the latest rate. Interest will automatically be paid into your clients’ accounts on the first business day of each month, unless that day is a bank holiday, then it will be paid on the following day.
What is Checking?
Our checking account and debit card help take the hassle out of traditional checking. Checking will be provided by Betterment Financial LLC, in partnership with nbkc bank. The Betterment Visa Debit Card will be issued by nbkc bank; Member FDIC. Debit cards will accompany checking accounts.
Checking is new—over time, you can expect to see additional features beyond what we are offering currently.
✓ ATM fees reimbursed worldwide
Plus, use your debit card anywhere Visa is accepted.
✓ No overdraft or other checking account fees
While we were at it, we did away with minimum balances.
✓ FDIC-insured up to $250,000
Spend with confidence, knowing your money is secure.
Are there any fees or account minimums?
Betterment does not charge any account fees on Checking, and we reimburse ATM fees worldwide, including the Visa 1% transaction fee on foreign transactions, purchases, and ATM transactions. There is no minimum balance or deposit requirement to use Checking.
Do you charge clients a fee for overdrafts?
No. Betterment does not charge any fees for account overdrafts. If clients overdraw their account, we’ll alert the vendor that there aren’t enough funds in the account to cover the transaction, and the transaction will be reversed. In other words, the transaction won’t be able to be completed, and the client won’t be charged any fees.
Is my cash FDIC insured?
Yes, Checking is covered by up to $250,000 in FDIC insurance. Our checking services are provided by nbkc bank. If a client already have cash at nbkc bank separately from what you hold through Checking, the total amount of FDIC insurance available to you through Checking will be lower as a result. All funds held at nbkc—whether held through Betterment or held directly through nbkc—will be totaled for purposes of determining FDIC insurance. This means that some of your clients funds in Checking may be left uninsured if the total amount deposited through your separate nbkc account and your Checking account exceeds $250,000.
Do your clients have more Checking questions?
Please share this resource with them.
