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Betterment Checking Review: No-Fee Account With All ATM Fees and Foreign Fees Automatically Reimbursed

Review Updated
David Chang, ChFC®, CLU®
Author: David Chang, ChFC®, CLU®
David Chang, ChFC®, CLU®
David Chang, ChFC®, CLU®
Writer, Consultant

David S. Chang, ChFC®, CLU® is an award-winning entrepreneur, keynote speaker, author, and consultant. He has over two decades of experience in the wealth management space and has been featured in dozens of news, radio, and podcast programs nationwide. He currently works as Head of IoT for the West Region of a Fortune 200 company. He is a graduate of the United States Military Academy at West Point and currently a Lieutenant Colonel in the California Army National Guard. He is an East-West Graduate Degree Fellow and has an MBA from the UCLA Anderson School of Management.

See Full Bio

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

As a part of its suite of financial products, the popular robo-advisor Betterment offers Betterment Checking, a mobile checking account. Betterment Checking is an online bank account that offers traditional banking features like a Visa® Debit Card, direct deposits, cash back rewards, and FDIC insurance. Read our full review to see if it is right for you.

Ratings Methodology
Rates as of Dec 20, 2024

Betterment Checking

Member FDIC.
Rating image, 3.50 out of 5 stars.
3.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 3.50 out of 5 stars.
3.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
APY
0%
Min. To Earn APY
$0
  • No monthly fees, ATM and foreign transaction fees reimbursed
  • Cash back rewards
  • Robust mobile app
  • Wide range of financial services
  • No APY
  • No physical locations

Betterment Checking is a no-fee account, with generous debit card cash back rewards, and 100% of foreign transaction and ATM fees are reimbursed. It also offers a robust mobile app to help you manage your finances and take advantage of its popular robo-advisor platform. However, it may not be a good fit for those who want to speak to someone face to face and have the need to deposit cash.

Compare checking accounts

We recommend comparing checking accounts to make sure you're getting the best fit for you. Here's a list of our favorite accounts.

Account APY Promotion Next Steps
0%
Min. to earn: N/A
Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
Open Account for Discover® Cashback Debit

On Discover Bank's Secure Website.

up to 1.10%
Min. to earn: $1
High APY when you complete 10 or more qualifying debit card purchases each month

Full Betterment Checking review

Top perks

Both the Betterment Checking account and the Betterment Visa® Debit Card are issued by NBKC bank. While checking accounts are made available through Betterment Financial LLC, it is not a bank.

No monthly fees, ATM and foreign transaction fees reimbursed: There are no fees with Betterment Checking, including overdraft fees. In addition Betterment reimburses 100% of foreign transaction fees and ATM fees, making it ideal for frequent travelers. There are also no minimum balance or deposit requirements with the account.

Cash back rewards: Debit cards are not known for their rewards, but Betterment Checking allows you to earn cash back when using the Betterment Visa® Debit Card. There are thousands of retailers where you can get automatic cash back rewards, such as Costco, Adidas, and Aeropostale. The rewards are deposited back into your Betterment Checking account, in as little as one day after making the qualifying purchase.

Robust mobile app: With the mobile app you can lock your card, change your PIN, get balance information, and more. The app offers investing and cash management tools, and you can easily transfer funds between accounts.

Wide range of financial services: Betterment was founded in 2010 and now has close to 800,000 customers, with over $34 billion assets under management. It is a popular robo-advisor with automated investing technology. Customers can easily transfer between their investment accounts and its Betterment Cash Reserve account, which is Betterment's version of a high-yield savings account. The Cash Reserve is now FDIC insured for up to $2 million ($4 million for joint accounts) once funds are in its program banks. Betterment Cash Reserve also has an APY of 4.25%, one of the highest available.

What could be improved

No APY: Currently, the Betterment Checking account offers no APY.

No physical locations: Betterment is an online-only financial institution with no physical branches, so you can't talk to anyone face to face. You can use Betterment's virtual assistant 24/7; however, customer representatives are only available Monday through Friday between 9 a.m. and 6 p.m. ET. If talking to a bank representative in person is important to you, or you need personalized assistance 24/7, this account may not be a fit.

Fees

Betterment Checking Monthly Maintenance ATM Withdrawal Overdraft Stop Payment Insufficient Funds
Fees $0 $0 $0 $0 $0
Data source: Betterment.com

How to access your money

You can easily set up and fund your Betterment Checking account. It only takes a few minutes to open an account online. If you already have a Betterment investing or Cash Reserve account, you can create a Betterment Checking account by signing into your account.

Deposit options

These are your options for depositing money into your Betterment Checking account:

  • Connect a bank account to use as the funding account
  • Transfer directly from another bank account
  • Transfer from another Betterment account
  • Direct deposit
  • Deposit paper checks with your mobile device

Right now, Betterment does not currently support the following account funding options:

  • Depositing via a wire transfer
  • Depositing cash through an ATM
  • Depositing paper checks through an ATM

Withdrawal options

You can withdraw your funds from your Betterment Checking account in any of these ways:

  • Withdrawals to a connected funding account
  • Withdraw cash from an ATM
  • Use your debit card to make a purchase from a merchant
  • Transfer to another Betterment account

Electronic transfers and mailed checks may take a few days to get to you, so plan accordingly and initiate the withdrawal before you need the funds.

Betterment Checking is right for you if:

Betterment Checking is ideal for international and frequent travelers, as they can get 100% of their foreign transaction fees and ATM fees reimbursed. It is also good for beginning investors who want to use the Betterment investment platform, or those who want a robust mobile app and to earn rewards for using their debit cards.

If Betterment Checking isn't right for you, check out our full list of Best Checking Accounts.

Keep reading about Betterment

Our checking account methodology

At Motley Fool Money, we rate checking accounts on a five-star scale (1 = poor, 5 = best). We evaluate all checking accounts across four main criteria: brand and reputation, APY and rewards, fees and minimum requirements, and perks.

Our scores are weighted as:

  • Brand and reputation: 40%
  • APY and rewards: 30%
  • Fees and minimums: 15%
  • Other perks: 15%

Learn more about how Motley Fool Money rates bank accounts.