Betterment Checking Account 4x3

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Betterment just launched the Betterment Joint Checking Account. Until now, the investment and banking platform had joint brokerage accounts and joint cash reserve accounts (which are essentially high-yield savings accounts), but its checking account was only available to individuals.

With joint brokerage, savings, and checking accounts, Betterment has become a stronger option for couples or family members who want to do all their banking with the platform.

Should you open a joint account with Betterment?

You might like Betterment if you … 
You might not like Betterment if you … 

Are comfortable banking digitally
Want to keep your investments, savings, and checking all with the same company
Travel frequently
Use ATMs often
Want to earn cash back rewards with your checking account

Prefer in-person banking
Need to use mobile check deposit, but don’t qualify under Betterment’s terms
Need to deposit a check of more than $1,500
Need to deposit cash

The bottom line: Betterment Joint Checking Account is best if you mainly use direct deposits; it could be a good fit if you deposit paper checks, depending on whether you’re eligible and how much you need to deposit.

This is a good no-fee checking account, with the same features as the Betterment Checking Account. Betterment reimburses all foreign transaction and ATM fees worldwide, so it’s especially useful for travelers. You’ll also earn cash back rewards at companies like Walmart, Adidas, and Dunkin’ Donuts.

There’s no way to deposit cash, though, and not everyone has access to mobile check deposits. You can deposit checks if you’ve used Betterment for at least 30 days, and if you’ve received at least $500 in direct deposits into checking over the past month. You can also only deposit up to $1,500 per day with paper checks.

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Betterment Joint Checking AccountHow to open a Betterment Joint Checking Account

You can open a Betterment Joint Checking Account with anyone who is already a Betterment customer.

Each Betterment customer can have up to two checking accounts. If you already have an individual Betterment Checking Account, you may simply open a separate joint account so you have one for your own expenses and one for shared expenses. Or you can convert your individual account into a joint one on the Betterment website.

Betterment still only provides one debit card per person. If you have two checking accounts, you’ll link both to the same debit card.

Within your Betterment account, you’ll select which account your debit card will draw from the next time you use it. You’ll need to wait about an hour before swiping your card once you switch accounts. If you’re unsure which account is currently attached to your debit card, you can check in your Betterment app.

Laura Grace Tarpley is the editor of banking and mortgages at Personal Finance Insider, covering mortgages, refinancing, bank accounts, and bank reviews. She is also a Certified Educator in Personal Finance (CEPF). Over her four years of covering …read more

Source:: Business Insider


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