Betterment is the latest company to offer checking and savings products.
The online investing and financial advisory platform is rolling out a new savings and checking product called Betterment Everyday. Here’s what it will offer:
While the savings accounts are available as of today, the checking accounts are not yet active. Consumers can sign up for a waiting list to receive an account. The checking accounts will not pay out any interest however. Many other companies have adopted this model over the past year. In April, T-Mobile TMUS, +0.62% announced a nationwide mobile-banking service called T-Mobile Money.
The checking accounts will offer an annual percentage yield of 4% for balances up to $3,000. Balances in excess of that amount will earn 1% APY. The accounts are insured by the Federal Deposit Insurance Corp. ‘Banks figured out a long time ago that customers are a lot stickier if they connect direct deposit, a debit card and online bill payment to a checking account.’ —Greg McBride, chief financial analyst with personal-finance website Bankrate “Sticky” implies that it’s difficult for customers to switch to a rival company. A 2017 study from Bankrate and Money Magazine MDP, +2.41% found that the average U.S.
Betterment, meanwhile, may simply be attempting to keep up with the Joneses as competitors like Wealthfront have already come to market with their own cash management accounts.
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