Introducing the Best Way to Save Your Money - Betterment Cash Reserve
Betterment LLC offers the Betterment Cash Reserve product to its clients through their brokerage account, held at Betterment Securities. It should be noted that neither Betterment LLC nor any of its affiliates operates as a bank. Cash Reserve allows clients to earn interest on their intended cash securities purchases. Funds are then deposited into one or more banks, called “Program Banks”, where they accumulate a variable interest rate and FDIC coverage. However, it is important to remember that Cash Reserve is not designed for long-term investing.
Funds held in brokerage accounts of clients are not FDIC-insured, but they are protected by SIPC. Funds that are in transit to or from Program Banks are also not FDIC-insured, but they are protected by SIPC, except when the funds are held in a sweep account prior to a withdrawal or right after a deposit. When you join Cash Reserve, you authorize Betterment to direct Betterment Securities on the allocation of your funds in one or more Program Banks. Deposits at each Program Bank are FDIC-insured at $250,000 for each insurable capacity. Your funds, in total, are actually eligible for up to $2,000,000 (unless you have a joint account where it can reach up to $4,000,000) of FDIC coverage once they are deposited by Betterment into one or more Program Banks (although it is not guaranteed that clients will have their funds allocated adequately to allow FDIC insurance above $2,000,000). FDIC calculations for insurance limits are based on all accounts you hold in the same insurable capacity in a single bank, not just the cash in Cash Reserve. In cases where certain accounts, such as trust accounts, are eligible for additional coverage, the funds will still be allocated in a way that provides the maximum amount available. The FDIC does not provide insurance based on your status as a beneficiary for clients who maintain an individual or a joint Cash Reserve account but are beneficiaries of a Cash Reserve trust account.
It is important to note that FDIC coverage may be lowered if you choose to exclude specific Program Banks in receiving deposits. Clients must monitor their total assets in each Program Bank, including existing deposits held in Program Banks outside of Cash Reserve, to ensure that they do not exceed FDIC insurance limits, or they risk some funds being uninsured. Deposits held in Program Banks are not protected by SIPC.
Please note that investment advice is offered by Betterment LLC. Digital assets and traditional investments, like ETFs are offered through Betterment LLC, which is an SEC-registered investment adviser. The Betterment Cash Reserve product is also offered by Betterment LLC. It's important to know that Betterment LLC doesn't require clients to maintain a minimum investment account balance, but accounts below a specific balance may have certain limitations.
Marketing materials and articles are educational and not meant to provide tax or investment advice.
Betterment LLC provides all marketing related to the experience, including any associated Betterment Checking. Betterment Financial LLC is the entity responsible for marketing related to the Betterment Checking.
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