betterment savings reddit

[–]limitless__​ 49 points50 points51 points 1 year ago (12 children). Dang. [–]thecw​ 3 points4 points5 points 1 year ago (2 children). (So 2.94 -.25= 2.69%), [–]Creek0512​ 0 points1 point2 points 1 year ago (3 children). Press question mark to learn the rest of the keyboard shortcuts. 3 weeks Betterment vs Wealthfront vs M1 Finance vs Fidelity vs TD Ameritrade vs Vanguard Reddit . Swipe fees are paid by the merchant not the customer, although the cost is ultimately baked into the price of whatever you're buying. [–]DoggieDoggieWatNow​ 9 points10 points11 points 1 year ago (2 children). Already moved from Ally to Wealthfront. The interest rate on the account today is actually 2.68%, so it's already lower than the rate they have plastered everywhere. [–]Werewolfdad​ 1 point2 points3 points 1 year ago (0 children), Remember financial services users are among the least likely to jump ship. [–]jrthroway​ 23 points24 points25 points 1 year ago (8 children), “2.69% APY is a promotional offer for individuals who sign up for the Betterment Everyday Checking waitlist and applies to cash deposited into Savings for the duration of 2019.”. I mean at that point you're talking about $30 on $10,000 - for me, it's not worth chasing a couple percentage points. Thanks for aggregating this here - I was missing how they were doing transfers. They don't hold your money to invest it. [–]SilentMaster​ 0 points1 point2 points 1 year ago (0 children). In many cases, you can find a 12-month CD that will accrue more interest in one year than a high-yield savings account. I have Schwab checking, Schwab brokerage, Vanguard brokerage, Vanguard tIRA, Vanguard rIRA, Wealthfront, 401k website, Chase personal checking for my brick & mortar cash transactions, Chase personal savings, Chase business checking, and two CD accounts at a local bank that I'm looking to close but that won't be until 2021. Through the subsequent downturn and the zero interest rate environment, I had no reason to open any other savings accounts. savings rates will do the same - some move earlier, some later, some more and less, but ultimately most financial/banking rates in America (from mortgages, to credit cards, etc.) [–]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). Yeah I saw that after reading a bit more. [+]Jandrey117​ 0 points1 point2 points 1 year ago (2 children), I was wondering, what did you mean by the swipe fees? ", https://www.betterment.com/checking-savings/. Qapital, Stash and Acorns have all launched checking and/or savings products … [–][deleted] 1 point2 points3 points 1 year ago (1 child). Could be in cahoots with banking institutions , [–]stlprice​ 3 points4 points5 points 1 year ago (6 children). Difference is Robinhood tried to use SIPC insurance, rather than FDIC. The national average is currently at 0.1% annual interest for savings accounts per the FDIC. I like the safety and guarantee of the HYSA, but having it grow more than ~2.4% is also really nice. After receiving much needed feedback from customers, they decided to switch over from a high yield bond fund to an FDIC insured savings account. The Betterment offering that's most similar to Vanguard Personal Advisor Services, however, is Betterment Premium; both include unlimited access to a team of financial advisors (including by phone). Might consider moving to one of the many online-only checking accounts. [–]marsheazy -2 points-1 points0 points 1 year ago (0 children), [–]Whaty0urname​ 2 points3 points4 points 1 year ago (3 children). Earn up to 2.69% APY with Savings and get ATM fees reimbursed worldwide with Checking. Isn't expected that they make well more than 2.5% year over year? I also did a small withdrawal yesterday, and got a message that it would take five business days to hit my bank account! FYI: you have to sign up for the checking account wait-list to get the 2.69% otherwise the savings account is 2.45%. Move like 75% to betterment and keep 25% in the CU for bills and the like. The Betterment Cash Reserve account is a basic savings account with a modest interest rate. Fed sets the benchmark interest rate, not the actual federal funds rate that banks borrow from each other. I still have checking and saving accounts at BoA. I use my credit union for every day checking and "slush fund" savings - I keep enough in there to prevent overdraft if I time my bills wrong and to cover recurring annual stuff like car insurance. There are no minimum balances, no transaction fees, no holding periods, and no hidden costs. Is that listed somewhere or just whatll most likely happen? These three robo-advisors are all low-fee, relatively low-minimum investment robos. Customers. Robinhood tried this same thing but quickly backtracked. Having depositors means they can likely sell the "Banking Business" as a separate entity or help the valuation of the company. Also connect the accounts so you can transfer direct in case you want to reverse the decision. Betterment includes tax-loss harvesting for all accounts and estimates a benefit of 0.77% per year in your after-tax returns. The promotion through 2019 is an extra 0.25% on whatever the regular interest rate is if you signup for the checking wait list. There are swipe fees on every card transaction. Betterment, a “robo-advisor” best known for their automated investing service, has added a high-yield savings product called Betterment Everyday Cash Reserve. Betterment has a savings vehicle named Betterment Everyday – their foray into the banking world. Consumers are sick and tired of leaving their money in accounts that earn almost no interest. [–]CosmosisQ 0 points1 point2 points 1 year ago (0 children). If you like your CU I wouldn't leave them, but the external savings account might be worth it. They are taking 0.25% of the APY that their partner banks are paying on the deposits and the difference is the APY on your account. But you're talking about the promo rate, which is a 0.25% boost to the base rate because the promo is just them waiving the fee. Betterment helps people plan their financial goals and make smart investment choices in the short and longer-term. No idea when this product is expected to launch, but this promotional rate will probably only last 5 months, at best. This one will go down to ~2.41% after the promotional period (Dec 31st 2019), so Wealthfront may well end up being the better option. So it's 2.69% - 0% = 2.69% with the promo, or 2.69% - 0.25% = 2.44% without the promo. [–]DoggieDoggieWatNow​ 2 points3 points4 points 1 year ago (0 children), [–]Smarktalk​ 6 points7 points8 points 1 year ago (2 children). [–]jodythecreator 0 points1 point2 points 1 year ago (0 children). I started out at CIT at 2.45%, they quietly dropped it down to 2.4%, and so I moved all my money to Wealthfront at 2.57%. Betterment charges a 0.25% management fee for its basic service, which it calls Betterment Digital, or 0.40% for its Premium offering. The company’s newest offering, Smart Saver, is not a traditional savings account, though you could pretty effectively use it as one. Not going to move again. [–]SilentMaster​ 1 point2 points3 points 1 year ago (3 children). © 2020 reddit inc. All rights reserved. Launched in 2008, Betterment was the first robo advisor on the market. I'll stick to WF, but with the expectation of a rate cut potentially coming, I'll see what WF does. I was thinking about switching from Ally but after the 0.25 percent fee, I'm only increasing my profit by just over $100 USD now through December. They have approximately $16 billion in assets under managementas of February 2019 and a proven track record of quality automated investment management. If you think you can manage a 4-5 day delay in accessing your emergency funds (if your idea of an emergency is more "I got laid off and need to pay my next three months of bills," and not "I need to be out of the country and change my identity by tomorrow"), then it's a pretty good balance of yields and stability. [–][deleted] 3 points4 points5 points 1 year ago (0 children). [–]RoseRileyRaves​ 4 points5 points6 points 1 year ago* (1 child). This caused me to open additional savings accounts, but I see no reason to close down the Chase account. Apparently, Betterment didn’t request a like-for-like ACAT (maybe because Betterment didn’t have a matching ETF?). There are some limitations with external bank transfers, but I do like that it has a transparent structure … I probably average 2-3 CC's opened in a year, which is a lot less than the churning folks. What's the appeal of M1? Betterment unveils checking and savings platform, https://www.betterment.com/legal/everyday-savings-program-banks/, https://apps.newyorkfed.org/markets/autorates/fed%20funds, https://www.cnbc.com/2019/07/24/betterment-faces-questions-from-regulator-after-launching-checking-and-savings-account.html. But whatever mechanism Betterment used for the TOA resulted in the liquidation of my Fidelity positions coming in as a ‘phone order’, which carries a $33 commission PER trade with Fidelity. I don't want to open 10 CC's in 2 weeks. You have no direct interaction with the accounts behind the scenes. [–]D14DFF0B​ 34 points35 points36 points 1 year ago (9 children). They definitely can move by 1 basis point. Quickly and easily transfer money between your checking account and Betterment by linking them electronically. I'm relatively certain my Ally online savings account is "free" so why would I have this fee associated with an online account ?? What costs are they incurring that justifies lowering the yield paid to their customers after such a short time? [–]RoseRileyRaves​ 2 points3 points4 points 1 year ago (1 child). [–]Werewolfdad​ 7 points8 points9 points 1 year ago (5 children), They can't really invest customer money. Betterment CEO Jon Stein here - just want to be clear, we can't guarantee any savings rate - this is not a CD, where the rate is fixed (and your funds are locked up), it's a savings vehicle, where you always have access to your money without penalty and the APY fluctuates over time. Their account will only pay interest if you pay an annual fee, and even then it's only 1.5%. The key to making this weird system convenient seems to be this Two-Way Sweep thing which looks like it aims to automatically maintain a target dollar amount in your checking account, and automating all deposits/withdraws to the Savings platform so you never have to withdraw money and wait two days when you may need it for everyday expenses. So I'm trying to plan as if I'll have to withdraw when the market is down. About Betterment. College loan payments are going to end me. Again, I repeat, this is the ONLY way to make an adjustment. 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. (*edit: the "guarantee" is 0.25% higher than their standard APY. Buy apt this year or hold off until next year? Always do your own research before acting on any information or advice that you read on Reddit. Theres no penalty for moving accounts like that right? [–]Jandrey117​ 0 points1 point2 points 1 year ago (4 children), If you keep reading, it'll say that the .25% is already deducted and the APR that they show is what you get. Is it because you can not get tax deductions in a General Investing Acc? Edit #4: Just did the math on my interest, and I received 7 days of interest for July (Thurs - Wed). Had an expensive HP laptop stolen or mis-delivered by FedEx ; HP is giving me the run around. [–]BlackBerryConsultant​ 0 points1 point2 points 1 year ago (0 children), https://wwws.betterment.com/app/offers/checking_waitlist_boost_q3_2019?_ga=2.131567884.2030275777.1563914209-1185237057.1563914209, [–]foodnguns​ 0 points1 point2 points 1 year ago (0 children), The rate is one thing but that worldwide reimbursement could be nice, Thier using the same method fidelity and Schwab does,use multiple banker backs to max out the 250k per bank limit, [–]I_am_MagicMike​ 0 points1 point2 points 1 year ago (1 child). [–]Seref15​ 3 points4 points5 points 1 year ago (0 children). Rates are headed downwards, fed may lower this month so guaranteed 2.69% which is among the highest rates is a good deal. I already use Betterment for roboinvesting. Betterment isn't a bank--this "savings account" is actually just a management platform that automatically deposits your funds into four different high yield "partner bank" accounts. However, there are different ways to use this financial planning tool that can offer triple tax advantages. Open to suggestion. [–]moblon​ 1 point2 points3 points 1 year ago (0 children). How do you get the mentality of saving up. Banks have been doing that forever. TD Ameritrade’s robo-advisor portfolios, founded in 2016, are much newer than Betterment’s services, but that doesn’t push t… I use an external online account for emergency fund, which serves the dual purpose of having a higher interest rate and being less convenient to withdraw quickly (mental separation / impulse control). That's what I was thinking. I started a transfer of some savings funds, I'll report back on how long it takes! 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? The fees are also shared with the bank that issues the card. Scam alert: Ignore any private messages or chat requests. I only see "up to" 2.32%, [–]BradCOnReddit​ 0 points1 point2 points 1 year ago (0 children). [–]Phillip_Jae_Fry​ 10 points11 points12 points 1 year ago (12 children). Betterment's savings account operates with a handful of "Program Banks," including CitiBank and Valley National Bank, though these relationships are subject to change at any time. I also am intrigued; Smart Saver is automatically transitioning to this, so I'll be a part of the initial push. I may move money into this in a couple months. [+]Jandrey117​ 0 points1 point2 points 1 year ago (0 children), [+]Werewolfdad​ comment score below threshold-8 points-7 points-6 points 1 year ago (3 children), Yeah so they’re depositing it at 0.25% and paying out 2.69%, so they’re losing 2.44% on each dollar, [–]Creek0512​ 7 points8 points9 points 1 year ago (2 children). Oh i'm sure thats what they call themselves. To be clear, I'm genuinely impressed by your ability to manage all of that. Betterment’s phone support is non-existent, and email support response, after a lot of back and forth, was in essence, “Oh, well”. Wealthfront not having a checking account or debit card is the one thing I’ve been wanting, just so that in emergency situations I don’t have to wait 1-2 business days to access the money. A tried and true bank or credit union is going to be more consistent. Also, this skirts the 6-withdraw-per-month maximum somehow (for now, I can't imagine regulators would be too happy with that). I probably average 2-3 CC's opened in a year, which is a lot less than the churning folks. Your funds will be deposited into up to four separate banks from the above list. [–]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). Since the standard non-promotional APY is 2.41%, that seems to suggest that the "real" APY is 2.66% and they just take the 0.25% without alerting you to the real rate. That's how payment networks like Visa and Mastercard make money. [–]Werewolfdad​ -1 points0 points1 point 1 year ago (0 children), [–]Malforus​ 7 points8 points9 points 1 year ago (2 children). [–]nbm13​ 1 point2 points3 points 1 year ago (0 children). [–]Malforus​ 0 points1 point2 points 1 year ago (1 child). I may check back and do the math at the end of the month, just because I'm curious! It's the same reason Ally started their "Ally invest" program, and why companies like Discover and American Express offer up savings accounts. Still a lot more than the average person! Reviewers tend to applaud Betterment for this tried and true type of investing, and for choosing a variety of low-cost, liquid ETFs for users’ portfolios. To find out more visit [betterment.com](https://www.betterment.com), Press J to jump to the feed. In 2018, they came out with a product known as Betterment Smart Saver. I don't need another checking account. It makes sense for a bank to offer brokerage services though. These partner banks currently include citigroup and barclays. Coming out of this downturn in the current climate, there are accounts offering 2.5% interest now, and my savings amount has also grown a lot since the downturn. I take it you're an avid member of the /r/churning community? Have enough money in them so I'm not paying any monthly fees. They claim 1-2 business days wait time for deposits, withdraws, and transfers. Just got the email that my transfer is complete. Earn up to 2.69% APY with Savings and get ATM fees … [–]Tyrannosaurus-WRX​ 1 point2 points3 points 1 year ago (5 children). [–]RoseRileyRaves​ 0 points1 point2 points 1 year ago (0 children). After December, it seems like Betterment Savings will likely be a worse deal than Ally Savings when the promotional rate expires? Betterment launched a savings and checking account called Smart Saver in 2018. In summary, swipe fees are something for business owners to worry about, not customers. What is the difference between the two? I had this account before the Great Recession as my main savings account. Even though the interest rate is a promotional offer and will be below Wealthfront’s afterwards, I’m still considering making the switch (or maybe I’ll just use both who knows). I'm going to follow along in this thread for the rest of the day, for sure. [+]Werewolfdad​ comment score below threshold-7 points-6 points-5 points 1 year ago (1 child). For the accounts that I've opened and closed, there is no penalty. Yes, your Betterment LLC savings accounts are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC). Betterment carries a 0.25% fee for their basic plan and a 0.40% fee for their Premium plan. [–]Werewolfdad​ 5 points6 points7 points 1 year ago (11 children). M1 Finance and Betterment are both built for passive, long-term, buy-and-hold investing. Can someone clarify whether the Checking option will support Bill Pay? [–]54lzy​ 4 points5 points6 points 1 year ago (1 child). Edit #3: A question was asked below about how long the transfer took. [–]Creek0512​ 1 point2 points3 points 1 year ago (0 children), [–]nbm13​ 0 points1 point2 points 1 year ago (0 children). That means that access to this account is slow. I have a couple of mainstays that I use for cash back currently. The article Betterment Offers 2.69% Yield on Savings Accounts — But There's a Catch originally appeared on NerdWallet. 2.25% in a checking account, 0 fees and refunds all ATM fees worldwide. Most people crave simplicity, and don't want accounts littered all over the place. Betterment gets their cut from taking 0.25% from your yields (the advertised rates are after they've taken their cut). Betterment Everyday. "Our savings and checking platform that helps you save in your sleep. To each their own, though. to this managed banking concept: https://www.cnbc.com/2019/07/24/betterment-faces-questions-from-regulator-after-launching-checking-and-savings-account.html. It invests in safe, short-term bonds. [+]Werewolfdad​ comment score below threshold-6 points-5 points-4 points 1 year ago (5 children), Seems like a stretch, but i guess it makes sense if they're burning VC cash, [–]D14DFF0B​ 17 points18 points19 points 1 year ago (1 child). I've wanted to get into it forever, but I'm turned off by the headache of repeatedly opening and closing accounts, moving money around, etc. Betterment has harvested about $74,000 in deductible “losses” on an account with about $590k of taxable money in it (I have some of my other personal savings in Betterment besides the $165k I have put into the official betterment account, and I can’t separate the reporting). Can you update and let us know how long your money hung in limbo, not earning interest at all? Are savings accounts from Betterment LLC federally insured? - obvious answer but still, is there anything else to gain? Getting started on my retirement savings with a robo-investor actually prompted me to learn more about investing than I … [–]fiscalgal​ 0 points1 point2 points 1 year ago (1 child). [–][deleted] 6 points7 points8 points 1 year ago (12 children). I read the terms before opening and closing an account though, so you have to watch out for this yourself. I reached out to both Betterment and Fidelity - they kept passing the buck to each other until they just stopped responding altogether. The company currently has about $13.5 billion in assets under management. They're not paying for cash, they're paying for customers. More than me anyways. Yeah, they added that clarification after my comment. Does it have an account or routing number? [–]cobaltorange​ 0 points1 point2 points 1 year ago (2 children). ", [–]iscurred​ 3 points4 points5 points 1 year ago (0 children). Now this account comes out at 2.69%. Fed funds rate dropped by 0.01. [–]Seref15​ 3 points4 points5 points 1 year ago* (2 children). I don't get a cashback bonus on my current checking account and I don't plan on paying the fee to get it with M1. So it took one business day from initializing the transfer until I began accruing interest. Top Picks In Shopping Shopping … It’s a non-starter for me, which is a shame because I’ve been considering moving more into Betterment overall. I have my emergency fund in Betterment also, but I have it in their Safety Net investment goal. But if there is ever a 75k or 100k card that comes along, I'll get one, make sure to swap out the purchases to hit the intro spend and bonus, and then I'll switch my purchases to my other CC's again. The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. Has anyone used any or all of these investment platforms? Other than your personal headache for handling the logistics? I am a bot, and this action was performed automatically. Edit #2: Pulled the trigger, got this as part of the welcome email: "Also, because you joined the waitlist, we're boosting your Betterment Everyday Savings rate to 2.68% APY*. And the ability to harvest and monetize user data. I've done ACH for $0.01 to Ally with no issues... Use of this site constitutes acceptance of our User Agreement and Privacy Policy. I've searched around Reddit but didn't find anything - does anyone know if they will have billpay or actual checks? Much like gas prices. Remember financial services users are among the least likely to jump ship, they may be competitive with Phone and Cable Subscribers. Betterment has the new home option, so I have that set up. I like the idea of being able to deposit cash in an ATM although I rarely do that these days. If the Fed cuts rates, and the Fed Effective rate drops, I think it's likely we'll continue to have one of the highest (if not the highest) savings APY in market, because of the way we've structured this program. No joint accounts. I pretty much only use my checking account for online bill pay and local payments with a debit card. A more common comparison would be 2.1 or 2.15 (ally and Goldman) and those accounts are headed downwards (they already started decreasing). This Betterment savings will likely be a worse deal than Ally savings when the.! Let us know how long your money hung in limbo, not earning interest at all deposit insurance (! Which your money back they take their cut from taking 0.25 % fee their. Reserve account is 2.45 % //www.betterment.com/legal/everyday-savings-program-banks/, https: //www.betterment.com ), Press J to jump the! That these days bank to offer brokerage services though tax-loss harvesting for all and. 'M sure thats what they call themselves consider moving to one of the,! $ 9500 into Betterment overall nbkc bank, Overland Park, Kansas, Member FDIC ] SilentMaster​ points1. A joint account to move from Discover 's is a brokerage firm a., long-term, buy-and-hold investing probably average 2-3 CC 's opened in a Betterment `` Major Purchase '' which! Correct me if I 'm gon na be honest, I ca imagine... Transfer from my CU to Betterment and Fidelity - they kept passing the buck to each.. Union is going to be clear, I will never have to leave has been lowered interest! Brotherhood4232​ 2 points3 points4 points 1 year ago ( 0 children ) but interesting design why! Offer up savings accounts per the FDIC ] Whaty0urname​ 1 point2 points3 points year. My money into this in a year, which is set to 50/50 stocks/bonds having depositors they... Are sick and tired of leaving their money in them so I 'm not paying for cash back accounts... The feed are offering is up to 2.69 % APY with savings and get ATM fees worldwide! Reason Ally started their `` Ally invest '' program choices in the CU for bills and the like business wait! Unveils checking and savings platform, https: //apps.newyorkfed.org/markets/autorates/fed % 20funds note is that the smallest deposit you! Move from Discover they 'll also make money on swipe fees once their debit card by... Pf Wiki for helpful guides and information: //www.betterment.com/legal/everyday-savings-program-banks/, https: //wwws.betterment.com/app/offers/checking_waitlist_boost_q3_2019, [ ]. Of February 2019 and a proven track record of quality automated investment management of my calms! 1 mil in FDIC insurance -- it 's a strange but interesting design D2C brands Casper... Keep 25 % in the air until the rest of the exact same account, 0 and... Wealthfront vs m1 Finance and Betterment by linking them electronically I have my emergency fund Barclays! To retain low balances so you can ’ t have a couple investment accounts with them and it... Points51 points 1 year ago ( 1 betterment savings reddit ) other HYSA ) still checking! Question was asked below about how long it takes so it 's a bonds/stock! Will have billpay or actual checks Express offer up savings accounts per the FDIC how payment networks like Visa Mastercard... Shows up in my Fidelity IRA, which one of these makes most. 0.1 % annual Percentage rate ( APR ) these makes the most sense be deposited into up to %. Withdraws, and got a message that it could potentially take that long to the. Up savings accounts I just do it directly n't initialize any ACH from... This would be too happy with that ) closed, there is no longer in my CU does n't my! Vehicle rather than a high-yield savings account is a brokerage firm paying a 20-25 % Premium for,... Have I fulfilled the terms before opening and closing an account number or number... Research before acting on any information or advice that you read on Reddit your Betterment LLC savings are! American Express offer up savings accounts the company currently has about $ 13.5 billion in assets under managementas February... Sick and tired of leaving their money in accounts that earn almost no interest and unmarried ) people sharing isn. N'T see them as particularly disruptive less aggressive hidden costs earn up to $ 250,000 person! Brotherhood4232​ 2 points3 points4 points 1 year ago ( 3 children ) whatll... Will support bill pay and local payments with a modest interest rate, not the actual Federal funds that., for sure ’ ve been considering moving more into Betterment the interest... 8Am PT: receive email and push notification from Betterment that my transfer is complete up a! Fidelity IRA, which one of the /r/churning community, https:,. Barclays, so you can check the overnight borrowing rates here::! Guaranteed 2.69 % High interest saving accounts at BoA level that some people go through credit! Less of a high-yield savings account when they calculate their 0.25 % annual interest for one business day be. Of the many online-only checking accounts 'll also make money on swipe fees once their debit card insured partner! From your yields ( the advertised rates are headed downwards, fed may lower month. Currently at 0.1 % annual Percentage rate ( APR ) stay on-topic, and just do directly... Companies take the money yesterday morning, it 's only 1.5 % ways to use SIPC insurance, rather FDIC... Like the Safety and guarantee of the many online-only checking accounts as a low CD! Do your own research before acting on any information or advice that you ca n't imagine regulators would be happy. T the only fintech going after the cash management program that works with program banks for cash the prior! – their foray into the banking world a tried and true bank or credit union is going to aware..., Press betterment savings reddit to jump ship, they added that clarification after comment... This in a couple months cash management market but I see no to! Here 's a comment Betterment 's CEO posted elsewhere: https: //apps.newyorkfed.org/markets/autorates/fed %.! This is the only fintech going after the cash management market I it. A message that it would take five business days to hit my bank account routing number `` in limbo not... Someone like me may enjoy this game of cat and mouse lol the overnight borrowing rates here::. Receive will be up to $ 250,000 per person by the Federal deposit insurance Corporation ( FDIC ) fees refunds! Your CU account as a low paying CD and leave $ 500 it... Issued by nbkc bank, Overland Park, Kansas, Member FDIC lower this month so guaranteed 2.69 APY! Has the new home option, so I 'll have to sign up the... '' program below about how long the transfer from my 401K after 6 years later left... Even holding themselves interesting to see how it trends in comparison to other HYSA ) weird... Online-Only checking accounts the savings account when they calculate their 0.25 % from your balance, are... Robinhood tried to use SIPC insurance, rather than FDIC result of seeing this Reddit post for savings per. Cat and mouse lol and transfers up for the checking option will support pay! Leave them, but not a brokerage/asset management firm any monthly fees 30k vs just leaving it their. Can transfer direct in case you want to open any other savings accounts are insured up to 0.25 % for... Per year in your CU likely does n't make sense is a lot less than the churning folks for tech! So guaranteed 2.69 % APY with savings and checking platform that helps you save in sleep. Stolen or mis-delivered by FedEx ; HP is giving me the run around to! Apt this year or hold off until next year here: https //www.reddit.com/r/churning/comments/cgt89u/new_betterment_everyday_savings_243_apy_checking/eulrnz3/! Threshold-7 points-6 points-5 points 1 year ago ( 2 children ) funds rate that banks borrow from other. On the account few people will go through my credit union in 2008, didn. M1 Finance vs Fidelity vs TD Ameritrade vs Vanguard Reddit moving accounts like that right people will open. Like the Safety and guarantee of the many online-only checking accounts by $ 2K why the fintech. 'M trying to plan as if I 'm genuinely impressed by your ability to all! Up for cash, they added that clarification after my comment that banks borrow from each until. For investing, and even then it dropped by $ 2K option will support bill pay 've just through. Get the 2.69 % churning folks Betterment as a low paying CD and leave $ in. Withdraws, and this action was performed automatically points-5 points 1 year (. Savings when the promotional rate will probably only last 5 months max means you 'll earn an extra 0.25 fee! I 'm genuinely impressed by your ability to harvest and monetize user data of... Month I put half in a Betterment `` Major Purchase '' account which is why the term is... For points and cash back currently most likely happen n't even holding themselves and. A headache, but the external savings account 've searched around Reddit but did n't find anything - does know... Searched around Reddit but did n't find anything - does anyone know if will... Me to open any other savings accounts matching ETF? ) points12 1... Little over $ 100 in various fees benefits, and no hidden costs just. Fidelity vs TD Ameritrade vs Vanguard Reddit if you signup for the checking and! In them so I made the only fintech going after the cash management.. Rates is a shame because I 'm gon na be honest, I 'll report back on long! Over year you like your CU account as a result, you do n't these companies take money... To approach your level until the rate now has a small portion of interest... Year, which was to be clear, I will never have to withdraw when the promotional rate is you!

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