Deposit balances are not allocated equally among the participating Program Banks. This APY is variable and subject to change daily. **The annual percentage yield ("APY") on the deposit balances in Betterment Cash Reserve ("Cash Reserve") is 2.25% and represents the weighted average of the APY on deposit balances at the banks participating in Cash Reserve (the "Program Banks") and is current as of September 26th, 2022.
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For more information see the full terms and conditions and Betterment LLC's Form ADV Part II. For more information on FDIC insurance please visit held in Program Banks are not protected by SIPC. Clients are responsible for monitoring their total assets at each Program Bank, including existing deposits held at Program Banks outside of Cash Reserve, to ensure FDIC insurance limits are not exceeded, which could result in some funds being uninsured. If clients elect to exclude one or more Program Banks from receiving deposits the amount of FDIC insurance available through Cash Reserve may be lower. The FDIC calculates the insurance limits based on all accounts held in the same insurable capacity at a bank, not just cash in Cash Reserve. Even if there are more than four Program Banks, clients will not necessarily have deposits allocated in a manner that will provide FDIC insurance above $1,000,000.00 (or $2,000,000.00 for joint accounts). See Betterment Client Agreements for further details. Funds deposited into Cash Reserve are eligible for up to $1,000,000.00 (or $2,000,000.00 for joint accounts) of FDIC insurance once the funds reach one or more Program Banks (up to $250,000 for each insurable capacity-e.g., individual or joint-at up to four Program Banks). Funds in transit to or from Program Banks are generally not FDIC‐insured but are protected by SIPC, except when those funds are held in a sweep account following a deposit or prior to a withdrawal, at which time funds are eligible for FDIC insurance but are not protected by SIPC. Cash Reserve should not be viewed as a long-term investment option.įunds held in your brokerage accounts are not FDIC‐insured but are protected by SIPC. Cash Reserve provides Betterment clients with the opportunity to earn interest on cash intended to purchase securities through Betterment LLC and Betterment Securities. Through Cash Reserve, clients' funds are deposited into one or more banks ( "Program Banks") where the funds earn a variable interest rate and are eligible for FDIC insurance. Neither Betterment LLC nor any of its affiliates is a bank. Clients of Betterment LLC participate in Cash Reserve through their brokerage account held at Betterment Securities. †Betterment Cash Reserve ("Cash Reserve") is offered by Betterment LLC.
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