NEW YORK, July 23, 2019 /PRNewswire/ -- Betterment, the smart money manager, today unveiled Betterment Everyday, a savings and checking platform that helps you save effortlessly and earn more on your everyday money. This significant addition to the Betterment platform provides customers with both the tools and financial view they need to help plan for today and tomorrow's financial needs all in one place.
Betterment Everyday offerings include:
Betterment Everyday Checking: An FDIC-insured (up to $250,000) checking1 product that will have no account fees, overdraft fees, minimum balances or monthly maintenance fees. Checking also comes with the Betterment Visa Debit Card. Betterment will reimburse all ATM fees, offering users unlimited ATM access worldwide. Checking will be made available later this year, but consumers can sign up for the waitlist starting today to get early access.
Betterment Everyday Savings: Available today, an FDIC-insured (up to $1 million) savings2 vehicle with an industry-leading 2.69% APY* on the entire balance, no minimum balance and no withdrawal limits.
"The biggest challenge for Americans when it comes to their money is saving for the future, and unfortunately a majority of the traditional banks they depend on charge extra fees, encourage cash-holding and upsell unnecessary products. Right now, it's nearly impossible to find a banking solution that has its customers' best interests at heart," said Jon Stein, CEO of Betterment. "Betterment Everyday is the solution to the longstanding industry problem. No matter where you are in your financial journey, Betterment lays the path for smart investing and now secure saving everyday."
Starting today, all consumers can sign up and use Betterment Everyday Savings, as well as join the waitlist for Betterment Everyday Checking. Checking capabilities, as well as other cash management features, will be rolled out over the coming months.
About Betterment Betterment is a smart money manager that offers everyday banking services, alongside their core investing and retirement solutions. Since 2010, Betterment has had one mission: to help people make the most of their money so they can live better lives. Using cutting-edge technology, they empower their hundreds of thousands of customers to manage their money – for today, tomorrow, and someday – through personalized, expert advice; automated money management tools; and Tax Smart strategies that help keep taxes low across accounts. Learn more www.betterment.com.
1Betterment Everyday Checking is provided and issued by nbkc bank, Overland Park, Kansas, Member FDIC. Checking made available through Betterment Financial LLC.
2Betterment LLC clients may choose to participate in Betterment Everyday Savings ("Savings"), through which clients' funds are deposited into one or more banks ("Program Banks") where the funds earn a variable interest rate and are eligible for FDIC insurance. FDIC insurance is not available until deposits are received by the Program Banks. There are currently at least four Program Banks, which allows funds deposited into Savings to be eligible for up to $1,000,000 of FDIC insurance (up to $250,000 at each program bank). Clients are responsible for monitoring their total assets at each Program Bank, including existing deposits held at Program Banks outside of Savings, to ensure FDIC limits are not exceeded, which could result in some funds being uninsured. The FDIC calculates the limits based on all the accounts held at a bank, not just cash in Savings. If you elect to exclude one or more Program Banks the amount of FDIC insurance available to you through Savings may be lower. For more information on FDIC insurance please visit www.FDIC.gov. The deposits in Savings are not covered by SIPC. Cash in the Betterment Everyday Savings program ("Savings") is held at program banks and is eligible for FDIC insurance. Savings provides you with the opportunity to earn interest on cash you intend to purchase securities with through Betterment LLC and Betterment Securities. Savings should not be viewed as a long-term investment option. For more information, see the full terms and conditions.
* Betterment Everyday Savings annual percentage yield ("APY") is based on commitments from Program Banks if the program was available as of 7/10/2019. The stated APY of 2.69% is a promotional offer for individuals who sign up for the Betterment Everyday Checking waitlist and applies to cash deposited into Savings for the duration of 2019. APY is 2.43% without the promotional offer. APY is a variable rate and may change at any time. No minimum balance. $10 minimum deposit.
Neither Betterment LLC nor Betterment Financial LLC, nor any of their affiliates, is a bank. Please visit Betterment.com for more information.