[–]throwaway_eng_fin​[M] 0 points1 point2 points 1 year ago (0 children). What doesn't make sense is a brokerage firm paying a 20-25% premium for cash that they aren't even holding themselves. This is due to ACH transaction limitations. Discover and amex actually have lending divisions though, so they need to have funding. The TOA request triggered the sale of all ETFs and stocks I had in my Fidelity IRA, which was to be expected. But one of the key advantages of a high-yield savings account is also one of the disadvantages of a CD: liquidity. Remember these are still "Start-ups" and with capital borrowing expenses being at a near historic low, having users would be huge for a buy-out. Thursday, 11:30am PT: Receive email and push notification from Betterment that my transaction is complete. College loan payments are going to end me. They say it’s Fidelity’s fault, while Fidelity maintains that they processed it as per the TOA letter from Betterment, meanwhile this sucker is out $600. Oh i'm sure thats what they call themselves. I pretty much only use my checking account for online bill pay and local payments with a debit card. Does Betterment include the savings account when they calculate their 0.25% management fee? I will say that I recently tested taking some money out of Smart Saver since I have a wedding coming up in a year and change, and it did clear in the promised two business days. Betterment requires no minimum balance and charges a 0.25% annual fee, or about $25 per year for every $10,000 invested, for a regular digital account. I'm gonna be honest, I'm just guessing here, haha. That's probably the most reasonable answer. Their account will only pay interest if you pay an annual fee, and even then it's only 1.5%. Are savings accounts from Betterment LLC federally insured? But maybe that's just my old and curmudgeony biases showing. I had seen an option on the Betterment app to transfer my linked external Fidelity IRA to Betterment (within 60 seconds [insert lightening icon]!). [–]DoggieDoggieWatNow​ 9 points10 points11 points 1 year ago (2 children). It makes sense for a bank to offer brokerage services though. (*edit: the "guarantee" is 0.25% higher than their standard APY. After receiving much needed feedback from customers, they decided to switch over from a high yield bond fund to an FDIC insured savings account. Does it have an account or routing number? [–]Werewolfdad​ 58 points59 points60 points 1 year ago (37 children). Been waiting on theirs all summer. I read the terms before opening and closing an account though, so you have to watch out for this yourself. However, there are different ways to use this financial planning tool that can offer triple tax advantages. The risk here is that they're branching out into a brand new product. Much like gas prices. I deposited it into Betterment at 8am. [–]BradCOnReddit​ 1 point2 points3 points 1 year ago (1 child). Through the subsequent downturn and the zero interest rate environment, I had no reason to open any other savings accounts. Like you said, it's so up in the air until the rate cute comes down. They simply want more customers and faster growth. No idea when this product is expected to launch, but this promotional rate will probably only last 5 months, at best. Both Betterment and Wealthfront are automated online investment platforms, more commonly referred to as robo-advisors.Both also base your portfolio allocation on your risk tolerance, which is determined by your answers to the short questionnaires. Should I/can I/how do I initiate a charge back with my credit card? More customers and growth = higher valuation = more billions when the company goes public. Just consolidation. [–]D14DFF0B​ 34 points35 points36 points 1 year ago (9 children). It's the same reason Ally started their "Ally invest" program, and why companies like Discover and American Express offer up savings accounts. I had this account before the Great Recession as my main savings account. In many cases, you can find a 12-month CD that will accrue more interest in one year than a high-yield savings account. To be clear, I'm genuinely impressed by your ability to manage all of that. So it took one business day from initializing the transfer until I began accruing interest. InvestingBetterment unveils checking and savings platform (self.personalfinance), "Our savings and checking platform that helps you save in your sleep. Might consider moving to one of the many online-only checking accounts. Thursday, 8am PT: Money is no longer in my CU checking account, still "pending" in Betterment. So it's 2.69% - 0% = 2.69% with the promo, or 2.69% - 0.25% = 2.44% without the promo. [–]Jandrey117​ 0 points1 point2 points 1 year ago (4 children), If you keep reading, it'll say that the .25% is already deducted and the APR that they show is what you get. [–]Tyrannosaurus-WRX​ 1 point2 points3 points 1 year ago (5 children). [–]RoseRileyRaves​ 2 points3 points4 points 1 year ago (1 child). Buy apt this year or hold off until next year? The level that some people go through with CC's is a little too much for me. Which is why the term fintech is a thing. Still a lot more than the average person! The promotional rate is basically them waiving that 0.25% cut. [–]Malforus​ 1 point2 points3 points 1 year ago (0 children), I mean you aren't wrong but that doesn't change they are following the same model of "Create Giant Userbase by buying users. [–]dirty_cuban​ 1 point2 points3 points 1 year ago (0 children). [–]Werewolfdad​ 5 points6 points7 points 1 year ago (11 children). [–]400lb-hacker​ 0 points1 point2 points 1 year ago (2 children). No joint accounts. I also have a more aggressive Betterment account (90/10 stock/bond) that I'm not counting on for down payment, but which I will certainly use if the market is up when the time comes! It's the same reason Ally started their "Ally invest" program. Betterment Everyday is a cash management account that is FDIC insured up to $1,000,000 and pays a high-interest rate (0.40% APY). Worst comes to worst, if the account really is no fees I can just open it and not use it. Betterment’s phone support is non-existent, and email support response, after a lot of back and forth, was in essence, “Oh, well”. [–]RoseRileyRaves​ 4 points5 points6 points 1 year ago* (1 child). I think it's good for folks to be aware that it could potentially take that long to get your money back. It's fine to park my emergency fund but I have been on a hunt for a place to park spending cash so I can pay bills. 2.25% in a checking account, 0 fees and refunds all ATM fees worldwide. The portion we receive will be up to 0.25% Annual Percentage Rate (APR). 50, so I'm not too bothered either way :-). - obvious answer but still, is there anything else to gain? Betterment lowers high-interest savings account to 2.41% APY two weeks after debut, highlighting that online banks will reduce rates as the Fed does. The interest rate on the account today is actually 2.68%, so it's already lower than the rate they have plastered everywhere. It's rare but I occasionally do need to write an actual check. I chase the dragon in other ways (shoutout /r/churning) so no judgement from me. You Can’t Take Advantage Of Market Swings. And the ability to harvest and monetize user data. The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. TD Ameritrade’s robo-advisor portfolios, founded in 2016, are much newer than Betterment’s services, but that doesn’t push t… [–]CosmosisQ 2 points3 points4 points 1 year ago (0 children). [–]marsheazy -2 points-1 points0 points 1 year ago (0 children), [–]Whaty0urname​ 2 points3 points4 points 1 year ago (3 children). [–]DoggieDoggieWatNow​ 2 points3 points4 points 1 year ago (0 children), [–]Smarktalk​ 6 points7 points8 points 1 year ago (2 children). If they drop rate too much, I'll move again. Betterment vs. Wealthfront – Similarities. [–]rtyuuytr 0 points1 point2 points 1 year ago (3 children). The expected return is around 1.90%, but your average expense ratio will be 0.17% on top of the 0.25% management fee, which brings your … I don't understand why you wouldn't want to just put your money in a General Investing account so that you can have the freedom to withdraw before 59 1/2. "Our savings and checking platform that helps you save in your sleep. For a first time investor, which one of these makes the most sense? [–]Werewolfdad​ 7 points8 points9 points 1 year ago (5 children), They can't really invest customer money. M1 Finance and Betterment are both built for passive, long-term, buy-and-hold investing. [–][deleted] 5 points6 points7 points 1 year ago (6 children). The Betterment Cash Reserve account is a basic savings account with a modest interest rate. [–]art0rius 15 points16 points17 points 1 year ago (2 children), Regular rate is around 2.41% so still not bad, [–]L_gecko​ -5 points-4 points-3 points 1 year ago (1 child), [–]Creek0512​ 4 points5 points6 points 1 year ago* (0 children). I decided to stop using Betterment and instead of having a tax implication by selling, I initiated a transfer of my betterment balance to my Vanguard account, in kind. to this managed banking concept: https://www.cnbc.com/2019/07/24/betterment-faces-questions-from-regulator-after-launching-checking-and-savings-account.html. Unfortunately, I don't think I'll be able to approach your level until the rest of my life calms down. Betterment isn’t the only fintech going after the cash management market. [–]moblon​ 1 point2 points3 points 1 year ago (0 children). [–]marsheazy 0 points1 point2 points 1 year ago (0 children). If the Fed cuts rates, and the Fed Effective rate drops, I think it's likely we'll continue to have one of the highest (if not the highest) savings APY in market, because of the way we've structured this program. Correct me if I'm wrong but don't these companies take the money we deposit with them and invest it? I'm relatively certain my Ally online savings account is "free" so why would I have this fee associated with an online account ?? A more common comparison would be 2.1 or 2.15 (ally and Goldman) and those accounts are headed downwards (they already started decreasing). You may have better luck posting in the weekly thread at the top here, instead of a 21 day old thread: r/personalfinance/comments/cpawbj/weekday_help_and_victory_thread_for_the_week_of/, [+][deleted] 0 points1 point2 points 1 year ago (0 children), Does anyone see 2.69% anywhere on their website? [–][deleted] 6 points7 points8 points 1 year ago (12 children). [–]BlackBerryConsultant​ 0 points1 point2 points 1 year ago (0 children), https://wwws.betterment.com/app/offers/checking_waitlist_boost_q3_2019?_ga=2.131567884.2030275777.1563914209-1185237057.1563914209, [–]foodnguns​ 0 points1 point2 points 1 year ago (0 children), The rate is one thing but that worldwide reimbursement could be nice, Thier using the same method fidelity and Schwab does,use multiple banker backs to max out the 250k per bank limit, [–]I_am_MagicMike​ 0 points1 point2 points 1 year ago (1 child). [–]bkervick​ 7 points8 points9 points 1 year ago (0 children), [–]tehl3x 4 points5 points6 points 1 year ago (0 children). Betterment carries a 0.25% fee for their basic plan and a 0.40% fee for their Premium plan. New Account Options With Betterment Earn Up To 2.69% High interest saving accounts are in high demand. This Betterment vs. TD Ameritrade robo-advisor comparison brings two heavy-hitters head-to-head to help you figure out which robo-advisor is right for you. ", [–]Seref15​ 40 points41 points42 points 1 year ago* (3 children), They're using 5 banks at the moment for the Savings platform: https://www.betterment.com/legal/everyday-savings-program-banks/. Banks take your deposits and invest them. I probably average 2-3 CC's opened in a year, which is a lot less than the churning folks. I also use Betterment for investing, and just transferred my emergency fund from Barclays. Here's a link to the PF Wiki for helpful guides and information. Other than your personal headache for handling the logistics? (So 2.94 -.25= 2.69%), [–]Creek0512​ 0 points1 point2 points 1 year ago (3 children). I have a couple of mainstays that I use for cash back currently. why companies like Discover and American Express offer up savings accounts. How is everyone feeling about Betterment savings now that the rate has been lowered? The company’s newest offering, Smart Saver, is not a traditional savings account, though you could pretty effectively use it as one. I probably average 2-3 CC's opened in a year, which is a lot less than the churning folks. [–]iscurred​ 0 points1 point2 points 1 year ago (2 children). Since the standard non-promotional APY is 2.41%, that seems to suggest that the "real" APY is 2.66% and they just take the 0.25% without alerting you to the real rate. They do have some differences, however, and one of the ways they differ is in what they choose to emphasize for their clients.Betterment is a goals-based robo-advisor. There's no commitment necessary to ultimately open a Checking account; we'll simply email you to let you know when Checking is available." Wealthfront and Betterment consider themselves tech firms. [–]nbm13​ 1 point2 points3 points 1 year ago (0 children). After December, it seems like Betterment Savings will likely be a worse deal than Ally Savings when the promotional rate expires? I like the safety and guarantee of the HYSA, but having it grow more than ~2.4% is also really nice. [–]c4d4 0 points1 point2 points 1 year ago (1 child). I mean that makes sense for a tech firm, but not a brokerage/asset management firm. I regularly open and close those too. It's also the most significant independent robo advisor, managing more than $16 billion in assets as of 2019. FAQ says they might consider them eventually. More than me anyways. Married (and unmarried) people sharing accounts isn’t some weird edge case. I use my credit union for every day checking and "slush fund" savings - I keep enough in there to prevent overdraft if I time my bills wrong and to cover recurring annual stuff like car insurance. [–]SilentMaster​ 0 points1 point2 points 1 year ago (0 children). Getting started on my retirement savings with a robo-investor actually prompted me to learn more about investing than I … Earn up to 2.69% APY with Savings and get ATM fees reimbursed worldwide with Checking. Top Picks In Shopping Shopping … Isn't expected that they make well more than 2.5% year over year? That means that access to this account is slow. Right now my spending is still with Ally, I will wait and see if Wealthfront pulls the trigger soon before I make the leap. Swipe fees are paid by the merchant not the customer, although the cost is ultimately baked into the price of whatever you're buying. [–]popegope428​ 1 point2 points3 points 1 year ago (0 children). This also doesn't include my credit card accounts that I'm actively managing for points and cash back. ", https://www.betterment.com/checking-savings/. [–][deleted] 3 points4 points5 points 1 year ago (0 children). Not going to move again. [–]SoggyMcmufffinns​ -2 points-1 points0 points 1 year ago (0 children), At this day in age, I wouldn't be surprised if these firms aren't just working with banks behind the scenes anyhow. I think it's interesting but I like having my bank account separate from where I have my investments (currently with Ally) and not sure I want to try and chase .3% (non promotional difference). Hope this is helpful. use the following search parameters to narrow your results: Get your financial house in order, learn how to better manage your money, and invest for your future. Your funds will be deposited into up to four separate banks from the above list. Thanks for aggregating this here - I was missing how they were doing transfers. Betterment says they take their cut by skimming 0.25% off your yields. No matter who you are, you get everything for one low, transparent fee of 0.25% (4X lower than what you'd typically pay for advice). One thing to note is that the smallest deposit amount you can make into Betterment Everyday™ Savings† is $10. A savings account with unlimited withdrawals and no monthly fees, but only one way to access funds. Savings account can be opened already now, and there is no obligation to actually signup for the checking account, you just need to join the waitlist to be eligible for the rate boost. I've also botched it a few times and ended up paying a little over $100 in various fees. The minimum on it is only $300. Withdrew the money yesterday morning, it hit my checking account this morning. Yeah, they added that clarification after my comment. Cons: What I Don’t Like About Betterment 1. I'm not sure if I'll receive interest for yesterday or not, since the transaction was pending but the money was in the account. The company currently has about $13.5 billion in assets under management. There are some limitations with external bank transfers, but I do like that it has a transparent structure … The current 0.30% APY (as of April 23, 2020) is much … Tuesday, 8am PT: Pulled my money from Barclays to my CU (was unable to directly connect Barclays and Betterment), Wednesday, 8am PT: Money is successfully deposited into CU, immediately transfer to Betterment through the Betterment App. A tried and true bank or credit union is going to be more consistent. Yeah I saw that after reading a bit more. [–]cobaltorange​ 0 points1 point2 points 1 year ago (0 children), [–]rose-coloredcontacts​ 2 points3 points4 points 1 year ago (0 children), [–]Chaise91​ 0 points1 point2 points 1 year ago (1 child). [–][deleted] 1 point2 points3 points 1 year ago (1 child). I'm going to follow along in this thread for the rest of the day, for sure. There are swipe fees on every card transaction. 2 days if you blame Betterment for not being able to connect to Barclays and just do it directly. I guarantee you at least a few people will go open an account with betterment as a result of seeing this Reddit post. Scam alert: Ignore any private messages or chat requests. Here's a comment Betterment's CEO posted elsewhere: https://www.reddit.com/r/churning/comments/cgt89u/new_betterment_everyday_savings_243_apy_checking/eulrnz3/. finder.com’s rating: 4.6 / 5.0 ★★★★★ Betterment Everyday Cash Reserve, formerly called the Betterment Everyday Savings account, is a high-yield savings account with unlimited withdrawals and FDIC-insured funds up to $1 million. I have my emergency fund in Betterment also, but I have it in their Safety Net investment goal. I don't want to open 10 CC's in 2 weeks. And yes it is a potential headache, but someone like me may enjoy this game of cat and mouse lol. [–]Werewolfdad​ 11 points12 points13 points 1 year ago (11 children). [–]Seref15​ 3 points4 points5 points 1 year ago* (2 children). Robinhood tried this same thing but quickly backtracked. The account is insured up to $1 million through those program banks. Even though the interest rate is a promotional offer and will be below Wealthfront’s afterwards, I’m still considering making the switch (or maybe I’ll just use both who knows). Their promo material and reality of the rate now has a small discrepancy. Here, please treat others with respect, stay on-topic, and avoid self-promotion. I'm saving for a down payment right now, and kind of hoping to be ready if the Seattle market dips (HAH). Has anyone used any or all of these investment platforms? https://wwws.betterment.com/app/offers/checking_waitlist_boost_q3_2019, [–]54lzy​ 1 point2 points3 points 1 year ago (3 children). [+]Jandrey117​ 0 points1 point2 points 1 year ago (2 children), I was wondering, what did you mean by the swipe fees? I invested $20K, then it dropped by $2K. As a result, you don't have an account number or routing number. [–]agbaby 0 points1 point2 points 1 year ago (0 children). Betterment isn't a bank--this "savings account" is actually just a management platform that automatically deposits your funds into four different high yield "partner bank" accounts. [–]Devilsfan118​ 2 points3 points4 points 1 year ago (1 child). If so, it would technically be a net 2.44% and then 2.19%. Difference is Robinhood tried to use SIPC insurance, rather than FDIC. Qapital, Stash and Acorns have all launched checking and/or savings products … I reached out to both Betterment and Fidelity - they kept passing the buck to each other until they just stopped responding altogether. Always do your own research before acting on any information or advice that you read on Reddit. The Betterment offering that's most similar to Vanguard Personal Advisor Services, however, is Betterment Premium; both include unlimited access to a team of financial advisors (including by phone). 3 weeks Betterment vs Wealthfront vs M1 Finance vs Fidelity vs TD Ameritrade vs Vanguard Reddit . To each their own, though. Well that's just a lie. This makes it not worth it. [–]Seref15​ 0 points1 point2 points 1 year ago (0 children), Apparently FINRA regulators just went "wait, what?" [–]CosmosisQ 4 points5 points6 points 1 year ago (0 children). I've wanted to get into it forever, but I'm turned off by the headache of repeatedly opening and closing accounts, moving money around, etc. Even more annoying, once you sign up, everything says 2.68% instead of 2.69%. [–]Werewolfdad​ -1 points0 points1 point 1 year ago (0 children), [–]Malforus​ 7 points8 points9 points 1 year ago (2 children). So a day and a half (10.5 business hours), but it was marked as in the account yesterday so I don't know for sure when interest began accruing. Reviewers tend to applaud Betterment for this tried and true type of investing, and for choosing a variety of low-cost, liquid ETFs for users’ portfolios. Betterment includes tax-loss harvesting for all accounts and estimates a benefit of 0.77% per year in your after-tax returns. Betterment has the new home option, so I have that set up. eg: You have 10k and CU doesn't charge you if you have at least 500 in your CU account. Every credit card and every debit card. It's weird... but I don't hate it. What can I do? [–]Nesfwer 0 points1 point2 points 1 year ago (2 children), [–]rtyuuytr 0 points1 point2 points 1 year ago (1 child). So, just a bit over one business day to complete the transfer from my CU to Betterment. They don't hold your money to invest it. Betterment charges a 0.25% management fee for its basic service, which it calls Betterment Digital, or 0.40% for its Premium offering. But if there is ever a 75k or 100k card that comes along, I'll get one, make sure to swap out the purchases to hit the intro spend and bonus, and then I'll switch my purchases to my other CC's again. M1 Finance vs. Betterment – Summary and Conclusion. The Betterment Everyday Savings, meanwhile, is a cash management program that works with program banks. more funds to play with? Betterment encourages a hands-off approach to investing, which can save inexperienced investors from losing their savings betting on the market. Also, this skirts the 6-withdraw-per-month maximum somehow (for now, I can't imagine regulators would be too happy with that). Coming out of this downturn in the current climate, there are accounts offering 2.5% interest now, and my savings amount has also grown a lot since the downturn. 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Than D2C brands like Casper or Quip rtyuuytr 0 points1 point2 points 1 year ago ( 12 children ) investor... Actually have lending divisions though, so I 'm actively managing for points and back... Else to gain ( APR ) rate has been lowered write an actual check n't these companies take money. Ad-Free experience with special benefits, and directly support Reddit other goals and are... Thanks for aggregating this here - I was not able to offer $ 1 mil in FDIC --! But only one way to make an adjustment 500 in your after-tax returns earning no.. Be a Net 2.44 % and then 2.19 % deposit insurance Corporation ( FDIC ) me! To gain to worry about, not customers ( the advertised rates are after they 've lured in... Wait list for their checking account guarantee '' is 0.25 % cut Accelerate [ … ] Original review Dec.! Of all ETFs and stocks I had to go through my credit card account called Saver. So this should hopefully be innocuous yeah, they may be competitive with Phone and Cable.! 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Use this financial planning tool that can offer triple tax advantages before opening and closing an account though, they... Time and increase my monthly contributions as other goals and debts are paid off subreddit if you for. Your balance, we are receiving a small portion of earned interest in the short longer-term... Set to 50/50 stocks/bonds well more than ~2.4 % is also one of the Original.. Were doing transfers Creek0512​ 0 points1 point2 points 1 year ago ( 0 )! I do n't have a couple of mainstays that I use for cash back managing for and. Reverse the decision = higher valuation = more billions when the market account today actually! To withdraw when the market is down `` Betterment Visa debit card provided by and issued by nbkc,... First robo advisor on the wait list business day would be about a.... End of the /r/churning community deductions in a year, which was to be consistent. Have I fulfilled the terms of the rate now has a small portion earned. Once they 've lured people in with a product known as Betterment Smart Saver is transitioning! For passive, long-term, buy-and-hold investing my money into this in a year which. 2.94 -.25= 2.69 % APY with savings and checking account for online bill pay and local payments a. Investing ; plain and simple term fintech is a potential headache, but it 's $ insured! Their `` Ally invest '' program zero interest rate on the wait list '' but then do want. To leave account wait-list to get the mentality of saving up 2020-12-25 21:09:17.953644+00:00 running 6abf2be country code us... Their foray into the banking world savings vehicle rather than a typical savings account online-only... To jump ship, they ca n't imagine regulators would be about a.. Potentially coming, I 'm curious save monthly over time and increase my monthly contributions other! The feed would n't leave them, but transaction is listed as `` pending '' in transit can not tax. Credit card betterment savings reddit today is actually 2.68 %, so you can find 12-month... How long the transfer took took 20K from my 401K after 6 years later I left this promotional expires. Vehicle rather than a typical savings account might be worth it an annual fee, and even it... Triggered the sale of all ETFs and stocks I had to go through my credit.! Leave $ 500 in it and move $ 9500 into Betterment overall `` Our savings and platform... Their customers after such a short time % and then 2.19 % waiving that %... 400Lb-Hacker​ 0 points1 point2 points 1 year ago ( 5 children ) rate environment I. Insured up to 2.69 % which is a potential headache, but the savings... Started a transfer of some savings funds, I will never have to sign up for checking. My old and curmudgeony biases showing other goals and debts are paid off the fees something! For points and cash back get the 2.69 % which is set 50/50. To manage all of these investment platforms there is no fees I can just open it and not use.! Program banks % *, there are no minimum balances, no transaction fees, I. All accounts and estimates a benefit of 0.77 % per year in your sleep savings... Just transferred my emergency fund in Betterment more consistent ] fiscalgal​ 0 points1 point2 1... Betterment helps people plan their financial goals and debts are paid off reading a bit over one business to. 'M considering cahoots with banking institutions, [ – ] Tyrannosaurus-WRX​ 1 point2 points3 points year. Have I fulfilled the terms before opening and closing an account with a debit launches! Interesting design with unlimited withdrawals and no hidden costs is if you pay an annual fee, and even it. With unlimited withdrawals and no hidden costs also shared with the accounts that use! Access funds automatically transitioning to this, so it took one business day from the. Points3 points4 points 1 year ago ( 12 children ) had no reason close. Investment choices in the account today is actually 2.68 %, so I had this before... Betterment that my transfer is complete actual check technically a special savings vehicle rather than a savings... A higher rate plastered everywhere Betterment vs Wealthfront vs m1 Finance vs vs. Bank that issues the card the mentality of saving up days wait time for deposits withdraws! And leave $ 500 in it and not use it strange but interesting design will...