How can I fund my Cash Reserve account?

You can connect up to three funding accounts as a funding source for your individual or joint Cash Reserve accounts and cash goals.

Because savings accounts typically limit the amount of monthly withdrawals you can make, Betterment recommends your funding source to be a checking account.

For security reasons, we allow you to use up to three different external bank accounts to deposit and withdraw from your investing accounts and Cash Reserve every 90 days. External bank accounts associated with active auto-deposits, auto-withdrawals, or Two-Way Sweep also count toward this limit.

Please note that Two Way Sweep is not available for goals that can be held in Betterment cash or an investing portfolio strategy. This feature can only be accessed through a Cash Reserve goal.

No matter how many funding accounts you have connected, you’ll always be able to fund your goals with Checking.

Finally, you can facilitate a wire transfer into your Cash Reserve and cash goals by following the steps outlined below.

You are not able to set up multiple auto-deposits into Cash Reserve or cash goals, or any single investment goal. However, you can set up auto-deposits from one connected funding source and then separately make manual one-time deposits from another funding source.

Electronically

There are two ways to fund Cash Reserve and cash goals electronically:

  1. By instantly connecting a funding account.
  2. Through a wire transfer.

Connecting a funding account electronically creates a secure, read-only connection with your financial institution through our data partner, Plaid. Betterment will never rent or sell your information to anyone. See our privacy policy for more information.

To add a funding account electronically, log in on a web browser and select “Settings” from the menu and then select “Funding Accounts.” You will then see the option to add the funding accounts you want to fund with.

If you’ve already connected your funding account electronically in the past for tracking purposes, you’ll be able to choose that account and instantly connect it for funding purposes. If not, you will be able to search for your bank by name. If the option to connect your funding account electronically is available, you can create an instant connection by providing your username and password for that institution.

Your external bank might require you to complete two-step verification, which is an additional layer of security, before we can gain access to the account. If so, you will be prompted with verification questions or a code, which are generated after you provide your login credentials. This code is typically provided to you by your other bank via email, text, or telephone call.

To wire funds into your Cash Reserve or cash goals, click here and select the high-yield account or goal you wish to fund. From there, Betterment will generate instructions for you with the additional option to email you the instructions once you click “Email me instructions” at the bottom of the page.

Please note, we do not charge a fee for incoming wire transfers, but your bank may charge you a fee for sending one. Check with your bank to learn more about their fees for wire transfers.

Manually

If you are not presented with the option to connect electronically, or you choose not to, you can manually connect your funding account with your account and routing number.

To add your funding account manually, log in on a web browser and select “Settings” from the menu and then select “Funding Accounts.” You will then see the option to add the accounts you want to fund with. Select the “connect manually” option rather than by searching for your bank’s name.

Connecting manually involves us sending two micro-deposits (each under $1.00) to your bank, which you must then verify inside of your Betterment account. Due to standard ACH timelines, this process generally takes 1-2 business days.

Making Changes To Your Funding Accounts

Because an electronic ACH transfer is the primary way to move money to and from Betterment, you will not be able to delete all of your connected funding accounts unless you add at least one new funding account to replace them with.

On a web browser: Select “Settings” from the menu and then select “Funding Accounts.” You’ll then be able to add or change your funding accounts.

On the mobile app: After logging in, tap the three bars on the top left. Select “Settings” and then select “Funding Accounts.” You’ll then be able to add or change your funding accounts.