Betterment Checking review

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 fee	Fee details
Monthly service	$0
Opening deposit	$0
ATMs	Reimbursed worldwide
Debit card fees	None
Overdraft or nonsufficient funds	N/A
Wire transfers	N/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.

How do I deposit or withdraw my money?

Betterment doesn’t support cash deposits or wire transfers, but you can access your money by:

Betterment Checking is not currently available on Finder

Have you considered SoFi Checking and Savings?

Earn up to 4.20% APY on savings by meeting deposit requirements, and 0.50% APY on checking balances. Members without deposit requirements will earn 0.50% APY on both savings and checking balances. Turn on automatic savings or use the Roundups feature to help you reach your savings goals faster. Get up to $2M of additional FDIC insurance through a network of participating banks.

• 0.50% APY on checking balance
• Up to 4.20% APY on savings
• $0 account or overdraft fees
• Get up to a $300 bonus with direct deposits of $5,000 or more

Learn more

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