Betterment customers can now open a joint checking account

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  • Betterment now has a joint checking account along with its joint cash reserve and brokerage accounts.
  • Betterment Joint Checking reimburses all ATM and foreign transaction fees worldwide.
  • The account is good for people who receive direct deposits, but you may not qualify to deposit checks.
  • See Insider’s picks for the best checking accounts »

Betterment just launched the Betterment Joint Checking Account. Until now, the investment and banking platform had joint brokerage accounts and joint cash reserve accounts (which are essentially high-yield savings accounts), but its checking account was only available to individuals.

With joint brokerage, savings, and checking accounts, Betterment has become a stronger option for couples or family members who want to do all their banking with the platform.

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Should you open a joint account with Betterment?

You might like Betterment if you … You might not like Betterment if you … 
  • Are comfortable banking digitally
  • Want to keep your investments, savings, and checking all with the same company
  • Travel frequently
  • Use ATMs often
  • Want to earn cash back rewards with your checking account
  • Prefer in-person banking
  • Need to use mobile check deposit, but don’t qualify under Betterment’s terms
  • Need to deposit a check of more than $1,500
  • Need to deposit cash

The bottom line: Betterment Joint Checking is best if you mainly use direct deposits; it could be a good fit if you deposit paper checks, depending on whether you’re eligible and how much you need to deposit.

This is a good no-fee checking account, with the same features as the Betterment Checking Account. Betterment reimburses all foreign transaction and ATM fees worldwide, so it’s especially useful for travelers. You’ll also earn cash back rewards at companies like Walmart, Adidas, and Dunkin’ Donuts.

There’s no way to deposit cash, though, and not everyone has access to mobile check deposits. You can deposit checks if you’ve used Betterment for at least 30 days, and if you’ve received at least $500 in direct deposits into checking over the past month. You can also only deposit up to $1,500 per day with paper checks.

Betterment Joint Checking Account

Betterment Betterment Joint Checking Account

APY
Min Deposit
Featured Reward
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  • 4.25 out of 5 Stars
    Editor’s Rating
    APY

    None

    Min Deposit

    None

    Featured Reward

    NoneA five pointed star

  • A five pointed star
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  • 4.25 out of 5 Stars
    Editor’s Rating
  • Pros & Cons
  • Details
  • Pros
    • No minimum opening deposit
    • No monthly service fees
    • Reimburses all ATM fees
    • Reimburses all foreign transaction fees
    • No overdraft fees
    • Earn cash back rewards
    Cons
    • No physical branch locations
    • You won’t earn interest without a Cash Reserve account
    • Mobile check deposit is limited to certain customers
    • You can only deposit $1,500 in paper checks per day
    • No way to deposit cash
    • No ATM network, but all ATM and foreign transaction fees are reimbursed
    • By linking to a Betterment Cash Reserve Account (Member FDIC), you can set up the “two-way sweep,” which helps you earn more interest and set up overdraft protection
    • Earn cash back rewards, powered by Dosh
    • You can use mobile check deposit if a) you’ve been a Betterment customer for at least 30 days, and b) you have received at least $500 in direct deposits in the last month
    • FDIC insured through NBKC Bank

    How to open a Betterment Joint Checking Account

    You can open a Betterment Joint Checking Account with anyone who is already a Betterment customer.

    Each Betterment customer can have up to two checking accounts. If you already have an individual Betterment Checking Account, you may simply open a separate joint account so you have one for your own expenses and one for shared expenses. Or you can convert your individual account into a joint one on the Betterment website.

    Betterment still only provides one debit card per person. If you have two checking accounts, you’ll link both to the same debit card.

    Within your Betterment account, you’ll select which account your debit card will draw from the next time you use it. You’ll need to wait about an hour before swiping your card once you switch accounts. If you’re unsure which account is currently attached to your debit card, you can check in your Betterment app.

    Laura Grace Tarpley is the editor of banking and mortgages at Personal Finance Insider, covering mortgages, refinancing, bank accounts, and bank reviews. She is also a Certified Educator in Personal Finance (CEPF). Over her four years of covering personal finance, she has written extensively about ways to save, invest, and navigate loans.

    Disclosure: This post is brought to you by the Personal Finance Insider team. We occasionally highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team.

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