Online account · FDIC insured through partner banks
Betterment
Your money is held at 25 banks. Based in New York, NY. It opens accounts online nationwide.
Rates
No Carrot Score: scores compare banks and credit unions, and Betterment holds your money at 25 banks. Its rates are below, with what each one takes.
- Savings—4.25%at $10,000Savings rates →
Betterment isn’t a bank. Deposits are FDIC-insured through its 25 partner banks up to $4,000,000 per depositor, as Betterment states; that covers a bank failing, not Betterment. Cash not yet at a bank (up to $250,000) is covered by SIPC, not the FDIC.
About Betterment
Cash Reserve is the cash account at Betterment, an automated investing company, and is part of Betterment's Cash Sweep Program.
It's offered by Betterment LLC and requires a Betterment Securities brokerage account; Betterment isn't a bank, and cash is deposited at one or more FDIC-insured program banks.
Betterment says it has more than 1 million customers.
- Headquarters
- New York, NY
Eligibility
Who can open an account
From Betterment’s own terms and help pages. Check with Betterment before you apply.
- Must live in the U.S. with a permanent U.S. address; U.S. citizens living or working abroad can't open accounts (U.S. military abroad with a valid U.S. address are supported).
- Must have a U.S. Social Security number or an ITIN.
- Must be at least 18.
- Territories: residents of Puerto Rico and the U.S. Virgin Islands are supported; residents of Guam are not.
- Requires a Betterment Securities brokerage account (opened with Betterment).
- No subscription: Cash Reserve has no fees or minimums.