Betterment Announces High APY Offer for New Customers
Written by
Caitlyn Moorhead
Edited by
Lindsey Kloosterman
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No matter the account type, whether is a standard or high-yielding savings account or some investing involving risk, the general point is to make money on your money. Generally, this is done by earning some sort of return, interest rate or annual percentage yield, or APY. Many online platforms offer assistance and advice to help get the most out of your earnings, so if you are looking to start a new account you may want to consider one that will reward you for your efforts.Â
Read: 3 Things You Must Do When Your Savings Reach $50,000
Betterment: Quick Take
As an internet-based advisory service, Betterment provides digital investment accounts, automated portfolio management, cash reserve accounts and management services for retirement planning. It is issued by NBKC Bank, Member FDIC and is one of the leading robo-advisors and mobile apps in its field for both cash management accounts and investment brokerage services. Here are some key takeaways:
- Betterment has no minimum balance requirement or minimum investment account balance aside from the $10 to start.
- 0.25% fee for accounts $20,000 or higher, otherwise there is a $4 monthly fee.
- Betterment is currently offering a boosted APY offer for new customers which would be in addition to its APY of
Betterment Offer For New Customers
Betterment’s high APY offer right now should not be overlooked by customers looking to sign up with them for the first time. If you are a new customer, when you open an account with Betterment you get some great perks such as:
- APY is variable for new customers.
- New customers earn a boost to the current APY
- Earn a boosted APY as you get an extra 0.50% APY on your first account for the rest of the year with a qualifying deposit.
- Your earnings are FDIC-insured and protected up to $2 million.
- If base variable APY changes you still earn your extra boost.
Betterment: Pros and Cons
| Pros | Cons |
|---|---|
| Relatively low account minimums and fees | Boosted APY is only for new customers and not existing accounts |
| Customizable portfolio management options and tools | No direct indexing is available |
| Fractional shares mean all your cash is invested |
Final Take To GO: Is Betterment Worth It?Â
The bottom line is that because Betterment helps you manage your money through cash management, guided investing, and retirement planning, you want to see high returns off of investment accounts they have helped guide you through.
It has a highly rated mobile app and respected investing platform, so if you are looking to become a new customer now may be the time as you can get a hefty boost to what APY you will earn.Â
FAQ
Here are some answers to frequently asked questions about Betterment, its high APY, and offers for new customers including a boosted APY for opening a new account.- What does Betterment offer?
- Betterment is currently offering an APY boost to any new customers starting an account with a qualifying deposit. This would be in addition to its current APY of 4.40%, the the base APY is subject to change. Some other details include:
- APY is variable for new customers.
- New customers earn a boost to the current 4.40% APY.
- Earn a boosted APY as you get an extra 0.50% APY on your first account for the rest of the year with a qualifying deposit.
- Your earnings are FDIC-insured and protected up to $2 million.
- If base variable APY changes you still earn your extra boost.
- Betterment is currently offering an APY boost to any new customers starting an account with a qualifying deposit. This would be in addition to its current APY of 4.40%, the the base APY is subject to change. Some other details include:
- Is Betterment really worth it?
- Yes, Betterment can be worth it, especially if you are just starting out with opening investing accounts. Betterment helps you manage your money through cash management, guided investing, and retirement planning, and potentially can get you high returns off of investment accounts. It is a highly rated mobile app and respected investing platform, so if you are looking to become a new customer now may be the time as you can get a hefty boost to what APY you will earn.
- Does Betterment offer a referral bonus?
- As Betterment does get many new customers through the referral of friends and family that use the platform it does have a referral program with varying bonuses. For example, customers can earn free time on their entire Betterment account if they invite someone and they become a new customer.
- Why am I losing money with Betterment?
- No investment is guaranteed, and as with any investing platform, there is a chance your investment could lose value if the market drops.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Aug. 11, 2023.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
