You can change your funding account, manage deposits, set up Two-Way Sweep and do transfers all on the go with our mobile apps.
Change Funding Account
Because an electronic ACH transfer is the primary way to move money to and from Betterment, you will not be able to delete the link to your checking account unless you add a new one to replace it with.
On the mobile app: After logging in, tap the three bars on the top left. Select “Settings” and then select “Funding Accounts.” Click on the three dots to the right of the account you want to change and you’ll see the option to change your funding account.
Deposit and manage recurring deposits
To make a one-time deposit or set up an auto-deposit, click Deposit on the lower-right corner of the home screen. Within a goal, click Deposit on the Overview tab.
To edit an auto-deposit, select the goal where the auto-deposit is occurring. Go to Betterment Accounts → select the auto-deposit → Recurring deposits: auto-deposit to get to the auto-deposit settings. You can edit the method and amount, or turn off auto-deposits completely.
Please note that funds deposited from your bank account are generally invested in the market within one business day. Deposits made after 11PM EST are generally invested within two business days.
Once in your mobile app, choose the goal you would like to withdraw funds from and select Withdrawal from the Overview tab.
Withdrawals generally take about 4-5 business days to process. Your investments will automatically be sold and the proceeds will be sent to your linked bank account. Tax Impact Preview will show you an estimate of the taxes you may owe before making a withdrawal.
Set up Two-Way Sweep
You can set up Two-Way Sweep for Cash Reserve, which is a high-yield cash account. Select your Cash Reserve goal then choose See analysis. We’ll determine the average balance and range for your bank account, so that sweeps will occur to and from your bank account as needed. Learn more about Two-Way Sweep.
To transfer between taxable non-IRA goals within your account, open your app and select the goal that you would like to transfer from, then click Transfer. You’ll see an option that says Transfer to another goal.
You won’t be able to transfer between a taxable account and an IRA. Due to IRS rules, contributions to an IRA account must be made in cash. Here at Betterment, we do not have any cash accounts or cash holding options. Therefore, transferring funds from a taxable goal into a Betterment IRA must be completed by initiating a withdrawal to your linked bank account, so that we can sell your investments and deposit the proceeds in your bank account within 4 to 5 business days. Then, you can initiate a deposit into your IRA.