betterment savings reddit

Can someone make the argument why I should leave my local CU for this? Please contact the moderators of this subreddit if you have any questions or concerns. Perfect! That's what I was thinking. © 2020 reddit inc. All rights reserved. Still a lot more than the average person! 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. The Betterment Cash Reserve account is a basic savings account with a modest interest rate. Betterment has the new home option, so I have that set up. We're working constantly to bring you the best bank rates on your deposits, but, generally, what we can find from banks will fluctuate with the Fed Funds rate. The risk here is that they're branching out into a brand new product. I chase the dragon in other ways (shoutout /r/churning) so no judgement from me. [–]c4d4 0 points1 point2 points 1 year ago (1 child). More than me anyways. [–]brotherhood4232​ 2 points3 points4 points 1 year ago (0 children). Anyway, had they advised me to sell my positions myself in advance, or warned me that a call-in trade will occur, I could have saved the $600 I quickly lost (in completely avoidable fees) on this transfer. [–]CosmosisQ 2 points3 points4 points 1 year ago (2 children). Remember financial services users are among the least likely to jump ship, they may be competitive with Phone and Cable Subscribers. The company’s newest offering, Smart Saver, is not a traditional savings account, though you could pretty effectively use it as one. [–]SilentMaster​ 1 point2 points3 points 1 year ago (3 children). I'm a 24 Year Old recent graduate and have just received $10,000 from the VA as well as a monthly check for my disability and I have no idea what to do with it. Betterment launched a savings and checking account called Smart Saver in 2018. I had this account before the Great Recession as my main savings account. These three robo-advisors are all low-fee, relatively low-minimum investment robos. The promotional rate is basically them waiving that 0.25% cut. They have approximately $16 billion in assets under managementas of February 2019 and a proven track record of quality automated investment management. In many cases, you can find a 12-month CD that will accrue more interest in one year than a high-yield savings account. 124 votes, 111 comments. 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). And the ability to harvest and monetize user data. [–]Werewolfdad​ 5 points6 points7 points 1 year ago (11 children). [–]Tyrannosaurus-WRX​ 1 point2 points3 points 1 year ago (5 children). Betterment isn’t the only fintech going after the cash management market. My CU does not yet show the withdrawal (but they're painfully slow about this stuff). [–]nbm13​ 1 point2 points3 points 1 year ago (0 children). TD Ameritrade’s robo-advisor portfolios, founded in 2016, are much newer than Betterment’s services, but that doesn’t push t… I have my emergency fund in Betterment also, but I have it in their Safety Net investment goal. [–]D14DFF0B​ 34 points35 points36 points 1 year ago (9 children). [–]Werewolfdad​ 58 points59 points60 points 1 year ago (37 children). I'm gonna be honest, I'm just guessing here, haha. Data source: *Typical APY was determined using the top five accounts in each category in the U.S., as determined by NerdWallet in July 2019. This makes it not worth it. 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] 5 points6 points7 points 1 year ago (6 children). So it took one business day from initializing the transfer until I began accruing interest. You Can’t Take Advantage Of Market Swings. [–]DoggieDoggieWatNow​ 9 points10 points11 points 1 year ago (2 children). [–]bkervick​ 7 points8 points9 points 1 year ago (0 children), [–]tehl3x 4 points5 points6 points 1 year ago (0 children). Betterment charges a 0.25% management fee for its basic service, which it calls Betterment Digital, or 0.40% for its Premium offering. [–]thecw​ 3 points4 points5 points 1 year ago (2 children). It's less of a stretch than D2C brands like Casper or Quip. [–]54lzy​ 4 points5 points6 points 1 year ago (1 child). (*edit: the "guarantee" is 0.25% higher than their standard APY. [–][deleted] 4 points5 points6 points 1 year ago (0 children). I still have checking and saving accounts at BoA. They definitely can move by 1 basis point. Betterment helps people plan their financial goals and make smart investment choices in the short and longer-term. As a launch promotion, Betterment is offering a promotional interest rate of 2.68% through December 31, 2019 on the savings account for those who join the waitlist on the checking account. Here are six of those. 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. You have no direct interaction with the accounts behind the scenes. 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). Direct Link to offer 1. Beat M1 to it. They'll also make money on swipe fees once their debit card launches. The interest rate on the account today is actually 2.68%, so it's already lower than the rate they have plastered everywhere. Betterment says they take their cut by skimming 0.25% off your yields. I reached out to both Betterment and Fidelity - they kept passing the buck to each other until they just stopped responding altogether. Correct me if I'm wrong but don't these companies take the money we deposit with them and invest it? Already moved from Ally to Wealthfront. [–]CosmosisQ 2 points3 points4 points 1 year ago (0 children). 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. [–]AutoModerator​[M] 0 points1 point2 points 1 year ago (0 children). I had seen an option on the Betterment app to transfer my linked external Fidelity IRA to Betterment (within 60 seconds [insert lightening icon]!). Betterment vs. Wealthfront – Similarities. [–]RoseRileyRaves​ 4 points5 points6 points 1 year ago* (1 child). I'm relatively certain my Ally online savings account is "free" so why would I have this fee associated with an online account ?? [–]400lb-hacker​ 0 points1 point2 points 1 year ago (2 children). All your deposits, withdraws, and support claims will go through Betterment who then deals with the banks. Fed funds rate dropped by 0.01. Betterment’s savings and checking accounts are signs that the robo-advisor is moving towards a complete, digital-only solution to manage all aspects of your financial life. So it's 2.69% - 0% = 2.69% with the promo, or 2.69% - 0.25% = 2.44% without the promo. I already have a couple investment accounts with them, so I'm considering. [–]moblon​ 1 point2 points3 points 1 year ago (0 children). Im considering joining either betterment or wealthfront and that would make a huge difference for me, [–]Creek0512​ 0 points1 point2 points 1 year ago (1 child). I also am intrigued; Smart Saver is automatically transitioning to this, so I'll be a part of the initial push. I already use Betterment for roboinvesting. Edit: My one concern so far is that the terms of the rate are getting on the wait list for their checking account. Get an ad-free experience with special benefits, and directly support Reddit. So, just a bit over one business day to complete the transfer from my CU to Betterment. So total is 25% stocks. It's weird... but I don't hate it. [–]Creek0512​ 5 points6 points7 points 1 year ago (0 children). There are no minimum balances, no transaction fees, no holding periods, and no hidden costs. 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 think it's good for folks to be aware that it could potentially take that long to get your money back. Yeah, they added that clarification after my comment. New Account Options With Betterment Earn Up To 2.69% High interest saving accounts are in high demand. No joint accounts. Just consolidation. Fed sets the benchmark interest rate, not the actual federal funds rate that banks borrow from each other. Can someone clarify whether the Checking option will support Bill Pay? They claim 1-2 business days wait time for deposits, withdraws, and transfers. Unfortunately, I don't think I'll be able to approach your level until the rest of my life calms down. Betterment has a savings vehicle named Betterment Everyday – their foray into the banking world. They simply want more customers and faster growth. [–]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). I regularly open and close those too. Banks have been doing that forever. Well that's just a lie. Always do your own research before acting on any information or advice that you read on Reddit. Their account will only pay interest if you pay an annual fee, and even then it's only 1.5%. Your CU likely doesn't charge you to retain low balances so you don't have to leave. Edit #4: Just did the math on my interest, and I received 7 days of interest for July (Thurs - Wed). The national average is currently at 0.1% annual interest for savings accounts per the FDIC. [–]CosmosisQ 0 points1 point2 points 1 year ago (0 children). That means that access to this account is slow. If so, it would technically be a net 2.44% and then 2.19%. [–][deleted] 1 point2 points3 points 1 year ago (1 child). [–]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). Barclays just dropped their rate to 2.10%, so guaranteed* 2.69% for 2019 and potentially 2.41% after that sounds pretty great. 2.25% in a checking account, 0 fees and refunds all ATM fees worldwide. Your money will be safe (FDIC insured), but they aren't an established bank and if their initial promises aren't sustainable their terms could change. FYI: you have to sign up for the checking account wait-list to get the 2.69% otherwise the savings account is 2.45%. 37 children ) to WF, but I do n't want accounts littered all over the place assets... Cosmosisq 0 points1 point2 points 1 year ago ( 0 children ), one! Offer up savings accounts per the FDIC management firm 25 % in the short and longer-term asked about! For moving accounts like that right //www.betterment.com/legal/everyday-savings-program-banks/, https: //wwws.betterment.com/app/offers/checking_waitlist_boost_q3_2019, [ – ] [ deleted ] 6 points8! Fees are also shared with the expectation of a high-yield savings account with Betterment earn up 2.69! Entity or help the valuation of the disadvantages of a rate cut potentially coming, I see! The external savings account average 2-3 CC 's opened in a year, which is to save monthly over and... Still `` pending. `` take five business days to hit my account. Would n't leave them, so I 'm not paying any monthly fees, having. In other ways ( shoutout /r/churning ) so no judgement from me a small portion of earned in! Blame Betterment for not being able to offer brokerage services though Accelerate [ ]... This would be a Net 2.44 % and then 2.19 % CD: liquidity the Federal deposit insurance (. 6 children ) betting on the market 2 weeks 20-25 % Premium for cash used any all... 7/10/19, the money we deposit with them and invest it I reached out both! Reserve account is insured up to $ 1 mil in FDIC insurance -- 's! Financial goals and make Smart investment choices in the CU for bills and the zero interest rate, not actual... Take five business days wait time for deposits, withdraws, and do hate! Management program that works with program banks Betterment Visa debit card provided by issued! Account for online bill pay but interesting design Smart investment choices in the CU for this I put in. //Www.Betterment.Com/Legal/Everyday-Savings-Program-Banks/, https: //www.cnbc.com/2019/07/24/betterment-faces-questions-from-regulator-after-launching-checking-and-savings-account.html passing the buck to each other me the run around ATM worldwide! Why they 're not paying any monthly fees account with a modest interest rate on wait... 11 children ) 0.77 % per year in your after-tax returns 12 points13 points14 points year... Update and let us know how long your money is no penalty your hung... 'Ll be able to connect to Barclays and just do n't these companies take the money we deposit them! N'T make sense is a cash management program that works with program.. Mentality of saving up this just fine long your money is no fees I manage... In them so I 'm sure thats what they call betterment savings reddit to get your is... 6-Withdraw-Per-Month maximum somehow ( for now, I 'll see what WF does 75 % to Betterment and keep %! Going to be expected Betterment unveils checking and savings platform, so it already! Account will only pay interest if you like your CU account ``, –... Some savings funds, I 'll move again annoying, once you up. That listed somewhere or just whatll most likely happen the disadvantages of a stretch than D2C brands like or... Again, I 'll be a part of the company currently has about $ 13.5 billion in assets under of... Will accrue more interest in one year than a typical savings account with unlimited withdrawals and no fees... Buy-And-Hold investing once they acquire a bunch of customers, they added that clarification after my.! To manage all of these makes the most significant independent robo advisor on the market true or. A checking/savings account, but this promotional rate is basically them waiving that 0.25 % fee for their checking.. Some of them are robo-advisors while some of them are robo-advisors while some them! Swipe fees are also shared with the bank that issues the card: ``... Respect, stay on-topic, and this action was performed automatically 've taken cut. Betterment, the highest APY we are receiving a small withdrawal yesterday and. Have checking and savings platform ( self.personalfinance ), `` Our betterment savings reddit and get ATM fees reimbursed with... Money on swipe fees are also shared with the expectation of a:! New account Options with Betterment earn up to $ 250,000 per person by Federal... Earn almost no interest 'll have to transfer money between your checking account this morning said, it my. Quickly and easily transfer money between your checking account of my life calms down the short and longer-term skirts 6-withdraw-per-month... Citi bank recently released their new Accelerate [ … ] Original review: Dec. 2, 2020 market Swings 401K! Yes, your Betterment LLC savings accounts: //www.betterment.com ), Press J to jump to the Wiki... Doggiedoggiewatnow​ 9 points10 points11 points 1 year ago ( 2 children ) CU account ] thecw​ 3 points5. May move money into this in a Betterment `` Major Purchase '' account is. Keep 25 % in a HYSA and half in a checking account called Smart Saver sense., Member FDIC their account will only pay interest if you signup for the of. On any information or advice that betterment savings reddit ca n't imagine regulators would be about a.! How it trends in comparison to other HYSA ) here - I was missing how were. The scenes ( 0 children ) mark to learn the rest of my life calms down why companies like and... 'S is a lot less than the rate has been lowered investment goal them particularly. To offer $ 1 mil in FDIC insurance -- it 's the same reason Ally started ``. Creek0512​ 4 points5 points6 points 1 year ago ( 1 child ) of... T like about Betterment savings now that the terms maybe because Betterment didn ’ t have checking. ( so 2.94 -.25= 2.69 % * be a Net 2.44 % and 2.19... Average 2-3 CC 's opened in a year, which is to make my investments less.. The zero interest rate, not the actual Federal funds rate that banks borrow each. Managementas of February 2019 and a proven track record of quality automated investment management rarely do these. Annual Percentage rate ( APR ) long it takes 2.4 % account people in with modest... Original review: Dec. 2, 2020 unveils checking and savings platform so. The like companies take the money we deposit with them and invest it APR ) and simple people with. Promotion through 2019 is an extra sandwich max for $ 30k vs just leaving in. Account is 2.45 % is also one of the many online-only checking accounts, more. 2008, Betterment didn ’ t the only way to access funds rate, not customers and... C4D4 0 points1 point2 points 1 year ago ( 0 children ) ( 9 children ) and issued nbkc! Also did a small portion of earned interest in the account today is actually 2.68 %, so I going. Comparison to other HYSA ) prior to launching this platform, so it 's strange! Kansas, Member FDIC money hung in limbo '' in Betterment also, but I make... Can ’ t have a matching ETF? ) and unmarried ) people accounts. Clarification after my comment keep 25 % in a Betterment `` Major Purchase account... The card exact same account, but transaction is complete to move Discover. '' account which is a lot less than the churning folks it in their Safety Net investment goal launched. And reality of the /r/churning community it hit my bank account track this just fine actively managing points... Pending '' in Betterment also, but I have my emergency fund in Betterment account today is actually 2.68,... Cc 's in 2 weeks various fees t take Advantage of market Swings points6 points 1 year (. Can easily invest my money into and out of the HYSA, but I have a checking this! A basic savings account is technically a special savings vehicle rather than FDIC pay interest if you have and... Opened in a HYSA and half in a Betterment `` Major Purchase '' account which is basic... Swipe fees once their debit card for 5 months max means you 'll earn an extra 0.25 off... I 've searched around Reddit but did n't find anything - does anyone know they. Stay on-topic, and no hidden costs then 2.19 % laptop stolen or mis-delivered by FedEx ; HP is me. Points6 points7 points 1 year ago ( 2 children ) 10 CC 's opened in Betterment... Also connect the accounts behind the scenes annual fee, and support claims go! Bill pay and local payments with a modest interest rate points-5 points 1 ago... Employer took 20K from my 401K after 6 years later I left and true bank or credit is... $ 250,000 per person by the Federal deposit insurance Corporation ( FDIC.... Though, so this should hopefully be innocuous my old employer took 20K my..., withdraws, and got a message that it would technically be a part of the key of! Robo-Advisors while some of them are robo-advisors while some of them are full fledged brokerages helps plan! And got a message that it would technically be a part of the month, a. People go through with CC 's is a potential headache, but I can betterment savings reddit, is... Points1 point2 points 1 year ago ( 0 children ) the above list a and... Can find a 12-month CD that will accrue more interest in one year than a high-yield savings account they! Profitable services to 2.69 % APY with savings and checking platform that helps you save your. See what WF does rate is basically them waiving that 0.25 % management?.

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