Refer a Friend Recipient Offer Terms and Conditions

Sign up today and make a deposit within 30 days to earn a $150 investing bonus and/or a 0.75% APY boost on Cash Reserve for 92 days.

Terms and Conditions

If you are a new Betterment client (i.e., you do not have an existing Betterment account), to qualify for a RAF Investing Bonus (as defined below) and or RAF APY Boost (as defined below and together with the RAF Investing Bonus, the “RAF Rewards”), you must click the special designated link from your invitation or use your friend’s referral code and complete the minimum required deposit into an eligible new Betterment account (a “Qualifying Deposit”) within 30 days of signing up for a new Betterment account, inclusive of the required settlement time (typically 2-3 business days) (the “Referral Period”).

Your RAF Reward depends on which qualifying account types you open and complete a Qualifying Deposit into, and not on which account type your referring friend has open. This means that if you complete a Qualifying Deposit into each of a Cash Reserve account and an automated investing account, you will earn both RAF Rewards.

RAF Investing Bonus

To qualify for the RAF Investing Bonus, you must (1) open a Betterment individual automated investing account (an “New Investing Account”), and (2) complete a Qualifying Deposit of at least $100 into your New Investing Account within the Referral Period. If you successfully complete a Qualifying Deposit into a New Investing Account, Betterment will provide a $150 investing bonus into that account (the “RAF Investing Bonus”) approximately 30 days after the date of your Qualifying Deposit (the “Reward Date”), provided that your New Investing Account maintains a balance of at least $100 during that period. Deposits into a self-directed investing account, health savings account, 401(k) account, joint or trust automated investing account, Cash Reserve account, or Betterment Checking account are not Qualifying Deposits for purposes of the RAF Investing Bonus. In addition, this offer is not available to Betterment Advisor Solutions advised clients or clients receiving Premium Services.

There are certain limitations on the RAF Investing Bonus that you should be aware of:

• A non-taxable fee will apply to your New Investing Account as payment for services from Betterment if, for any reason, you transfer or distribute some or all of the funds in your New Investing Account such that the balance falls below $250 (i.e., the $100 minimum Qualifying Deposit plus the $150 RAF Investing Bonus), including internal transfers to another Betterment investing account or a Betterment Cash Reserve account, at any time prior to the end of three (3) years after the Reward Date (the “Holding Period” and such fee, the “Early Removal Fee”).

• The Early Removal Fee is separate from and in addition to any ACATs fees and investment management fees to which your account is subject. The Early Removal Fee will equal the amount by which the withdrawal or transfer reduces your account balance below $250, taking into account any subsequent deposits, inbound transfers, and market gains after the Reward Date; provided that, for any single withdrawal or transfer, the Early Removal Fee will not exceed 80% of the amount withdrawn or transferred, and across all withdrawals or transfers during the Holding Period, the aggregate amount of the Early Removal Fee will not exceed $150.

  • For example, if you make a Qualifying Deposit of $100, receive a $150 Receiver Investing Bonus, and then withdraw $200 during the Holding Period, your remaining account balance would be $50, and you would be charged the full $150 Early Removal Fee.

  • Alternatively, if you withdraw $151 during the Holding Period, your remaining account balance would be $99. Because the Early Removal Fee may not exceed 80% of the amount withdrawn, the Early Removal Fee would be $120.80.

• If you make multiple withdrawals or transfers out of your New Investing Account Account during the Holding Period, each withdrawal may be subject to an Early Removal Fee, subject to the conditions described above.

• Any distributions from your New Investing Account will potentially implicate the Early Removal Fee, including distributions that may be required by law such as required minimum distributions.

• Transferring between goals in an Eligible Account prior to the end of the Holding Period will not result in an Early Removal Fee.

• In no event will the aggregate amount of the Early Removal Fee exceed the amount of the Betterment Investing Reward received.

Betterment processes and treats the RAF Investing Bonus as interest earned by the receiving account for tax reporting purposes. The interest amount is based on a percentage of deposits made into the account. The interest earned by a receiving account that is an IRA will not be subject to, or impact, the maximum annual dollar contribution limit or the maximum annual deductible amount. Please note that the RAF Investing Bonus may be taxable income if you convert a Traditional IRA contribution to a Roth IRA and may be reflected on your tax forms as such. Betterment does not provide tax advice. Please consult a tax advisor.

RAF APY Boost

To qualify for the RAF APY Boost, you must (1) open an individual Cash Reserve account, and (2) complete a Qualifying Deposit of at least $10 within the Referral Period.

If you fulfill the RAF APY Boost offer, your Cash Reserve rate will be increased by 0.75% on top of the current standard Cash Reserve rate (the “RAF APY Boost”) on up to $1,000,000 of your total balance in your Cash Reserve account for 92 days starting from the date of your Qualifying Deposit (the “Promotional Period”).

The Cash Reserve Rate is currently 3.25% but is subject to change, including the boosted rate during the Promotional Period. For example, if the standard Cash Reserve Rate decreases during the promotional period, your promotional rate will also decrease. Please note that the Cash Reserve APY is variable and only applies to Cash Reserve accounts, not investments or other cash held through Betterment’s Cash Sweep Program. At the end of the Promotional Period, your interest rate will return to the standard Cash Reserve rate at that time. If you elect to exclude Cash Reserve deposits from one or more of the participating Program Banks, Betterment is unable to guarantee you will receive the promotional rate regardless of whether your friend made a Qualifying Deposit. Accounts advised through the Betterment Advisor Solutions platform are not eligible for the RAF APY Boost, and if you become advised through the Betterment Advisor Solutions platform during the promotional period, Betterment will not apply the RAF APY Boost following such date.

The RAF APY Boost will apply as follows:

• If you have more than one cash goal within your individual Cash Reserve account, the promotional rate will be applied proportionally across the balances of those goals, based on their relative balance during the promotional period, up to a combined total balance of $1,000,000. Cash goals do not have separate balance caps; rather the $1,000,000 limit applies across all cash goals held within the same account type (i.e. individual, joint, trust).

  • For example, if you have an individual Cash Reserve account with $1,000,000 in cash goal A and $1,000,000 in cash goal B, goal A would receive the promotional rate on $500,000 of its balance, and goal B would receive the promotional rate on $500,000 of its balance.

• If the balance in your applicable Cash Reserve account exceeds $1,000,000, the APY you receive on that Cash Reserve account will be reflected on your statements as a blended rate that combines the promotional rate on $1,000,000 of your balance and the current base rate on balances above $1,000,000.

• Joint and trust Cash Reserve accounts are ineligible for the RAF APY Boost. This means that if you make a qualifying deposit into an individual Cash Reserve account and later open a joint Cash Reserve account during the promotional period, the joint account will receive the Cash Reserve base rate and not the RAF APY Boost.

Additional terms

The referring friend who sent you this invitation is a Betterment client and has done so through the Refer a Friend program offered by Betterment LLC ("Betterment"). Your referring friend has informed you that they are a client of Betterment and, if you fund a new account, they receive compensation for this referral. You can see what others say about Betterment in reviews in the App Store and Google Play Store. The referring friend is a promoter who is incentivized to recommend Betterment pursuant to the terms and conditions herein, which is a conflict of interest. If you, using the specially designated link in your invitation, open a new Betterment account and complete a Qualifying Deposit within 30 days, Betterment will (1) if your friend is eligible for an additional offer, apply the promotional rate on your referring friend's Cash Reserve account for a period of 92 days and/or (2) provide an investing bonus of $150 into their automated investing account (each, a “Referral Reward”). Your referring friend will not receive (1) a Referral Reward if they have already referred five other friends to Betterment LLC this calendar year and (2) will not receive more than one APY Boost if you open multiple Cash Reserve accounts or more than one investing bonus if you open multiple Betterment investing accounts. Even if your friend is not eligible for a Referral Reward, you can still receive one.

The Refer a Friend Program is not a recommendation of any investment or investment strategy, not a recommendation to buy or sell any security, and not a recommendation that you or your referred friend open, rollover, transfer, or fund any Betterment account. By participating in the Refer a Friend Program, you represent that neither Betterment nor any Betterment affiliate has made a recommendation that you or your referred friend invest in or open any particular Betterment account, purchase or sell any security, or rollover or transfer assets to Betterment.

The RAF Rewards are not valid with any other new customer offers (and, for the avoidance of doubt, the RAF APY Boost may not overlap with any other Cash Reserve promotional rate offers) and are non-transferrable. The Refer a Friend Program is available to U.S. residents only. Betterment reserves the right to terminate the Refer a Friend Program and RAF Rewards at any time for any reason, to limit the amount of account bonuses you are eligible to receive, and to refuse or recover any RAF Reward if Betterment determines that it was obtained under wrongful or fraudulent circumstances, that inaccurate or incomplete information was provided in opening the account, that any rules or regulations would be violated, or that any terms of the Betterment Account Agreements have been violated. Betterment also reserves the right to offer RAF Rewards at its discretion to customers who have not made a Qualifying Deposit.

See Betterment's Form ADV Part II for additional information, including details of the deposit allocation methodology.