Claim and Contribute to your 401(k) to receive a $100 Incentive in Betterment Cash Reserve

Published October 4, 2024

Terms and Conditions

If you are a Qualifying Participant (defined below) in a Betterment at Work employer-sponsored 401(k) plan (“Plan”), you may be eligible to receive a $100 incentive from Betterment at Work through a Betterment LLC (“Betterment”) Cash Reserve account when you fulfill this offer by: (i) claiming, setting a contribution rate, and funding your 401(k) participant account with at least $50 through at least one completed payroll contribution effective on or before December 31, 2024 (the funding must be settled in your participant account on or before January 14, 2025), and (ii) opening or using an existing individual Betterment Cash Reserve account by December 31, 2024. A “Qualifying Participant” is defined as  an active employee who is: (A) as of September 9, 2024, able to contribute to their employer's Plan (i.e., the employee is enrolled in their employer’s Plan, even if they have not yet claimed, and they are eligible to make contributions, in each case as set forth in their Plan documents), and (B) as of October 8, 2024, has not previously funded their 401(k) account (i.e., the employee has not made an election to contribute to their 401(k) prior to the start of this offer). Qualifying Participants must have at least $50 in their 401(k) account (or pending settlement) and continue to be an active employee in their Plan on December 31, 2024 in order to receive the offer.

If you are a Qualifying Participant and take the required offer fulfillment actions, you will receive a $100 deposit from Betterment at Work, which will be delivered to your Betterment Cash Reserve account on or around February 3, 2025. Note that the Cash Reserve rate is currently 4.25% variable APY* but is subject to change including during the promotional period. Please note that the Cash Reserve APY is variable and only applies to Cash Reserve accounts or goals set to hold cash, not investments. 

Neither Betterment LLC nor Betterment Financial LLC, nor any of their affiliates, is a bank. In connection with opening a Cash Reserve account, you are agreeing to be bound by the Cash Reserve Terms and Conditions. Please review them carefully. In aggregate, your funds deposited into Cash Reserve are eligible for at least $2,000,000 of FDIC insurance (or $4,000,000 for joint accounts) at up to eight Program Banks. See our FDIC disclosures for more information on FDIC deposit insurance and SIPC insurance. You may initiate withdrawals of funds from your Cash Reserve account at any time, subject to the Cash Reserve Terms and Conditions.

This offer is not a benefit, right, or feature of your plan. It is being offered by Betterment and is not compensation paid for by the Plan or the Plan sponsor. This offer or award may be subject to U.S. tax withholding and reporting. You should consult a tax advisor for any tax implications.    

As a service provider for your Plan, Betterment stands to benefit financially when you fund your Plan 401(k) account through the investment management fees (and recordkeeping fees, if your employer allocates them to participants of your Plan) it receives on Plan assets. Betterment also stands to benefit financially when you open a Betterment Cash Reserve account, in the form of payments we receive from participating program banks based on deposits held in Cash Reserve. For these reasons, this offer presents a conflict of interest.

This offer is available to U.S. residents only, is non-transferable, limited to only one incentive, and can be revoked by Betterment at any time. This offer is only available to the participant account associated with the Plan to which Betterment has currently extended the offer and that has been invited to participate, and does not apply to any other account(s) opened or held through Betterment.

Betterment reserves the right to limit offers you are eligible to receive, and to refuse or recover any offers if Betterment determines in its sole discretion that they were obtained under wrongful or fraudulent circumstances, that inaccurate or incomplete information was provided in opening the account, or that any terms of the Betterment account agreements have been violated.