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How To Add Or Change A Funding Account

You’ll need to link your bank accounts—either manually or electronically—in order to make deposits and request withdrawals.

Articles by Betterment Editors
By the Editorial Staff Betterment Resource Center Published Sep. 01, 2018 | Updated Aug. 05, 2021
Published Sep. 01, 2018 | Updated Aug. 05, 2021
4 min read


Connecting a Funding Account

The external bank accounts you connect to your Betterment account for the purpose of transferring funds must be in your name.

We suggest that you use checking accounts rather than savings accounts, because savings accounts typically limit the number of monthly withdrawals you can make. If your bank uses the same routing and account numbers for both your checking and your savings account, our system will default to pulling from and depositing to your 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.

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

When it comes to funding your Checking account, you can only connect one external bank account at a time.

You are not able to set up multiple auto-deposits into Cash Reserve 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 connected funding source.

Instantly Connect

Connecting a bank account instantly creates a secure, read-only connection with your financial institution through our data partner, Plaid. Betterment does not store your login information and will never share, sell, rent, or trade your information without your approval.

To add a bank account instantly, 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 bank accounts you want to fund with.

If you’ve instantly connected your bank account 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 bank account instantly 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 additional 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 external bank via email, text, or telephone call.

Manually Connect

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

To add your bank account manually, log in on a web browser and select “Settings” from the menu and then select “Funding Accounts.” On the following screen below the “Connect Instantly” button, you will then see the option to “Connect manually instead.”

Connecting manually involves us sending two micro-deposits (each under $1.00) to your bank. Once received, you must then verify the deposit amounts within your Betterment account. Due to standard ACH timelines, verification deposits take 1-2 business days to process through and show up in your bank account.

Unlike Cash Reserve and Investments where customers are given the option to manually connect an account, funding accounts must be electronically connected to Betterment Checking, where your bank login credentials are used to connect the funding account. If you are unable to electronically connect the account, please see the alternative options for funding your Betterment Checking account here: How can I fund my Checking account?

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 bank accounts unless you add at least one new bank 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.

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Betterment Checking

Checking accounts and the Betterment Visa Debit Card provided by and issued by nbkc bank, Member FDIC. Funds deposited into Checking are FDIC-insured up to $250k for individual accounts and up to $250k per depositor for joint accounts. Betterment Checking made available through Betterment Financial LLC. Neither Betterment Financial LLC, nor any of their affiliates, is a bank. Betterment Financial LLC reimburses ATM fees and the Visa® 1% foreign transaction fee worldwide, everywhere Visa is accepted. Checking accounts do not earn APY (annual percentage yield). Betterment Cash Reserve and Betterment Checking are separate offerings and are not linked accounts.

Betterment Cash Reserve

Betterment Cash Reserve (“Cash Reserve”) is offered by Betterment LLC. Clients of Betterment LLC participate in Cash Reserve through their brokerage account held at Betterment Securities. Neither Betterment LLC nor any of its affiliates is a bank. 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. Cash Reserve provides Betterment clients with the opportunity to earn interest on cash intended to purchase securities through Betterment LLC and Betterment Securities. Cash Reserve should not be viewed as a long-term investment option.

Funds held in your brokerage accounts are not FDIC‐insured but are protected by SIPC. 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. 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). 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). 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. 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. 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. For more information on FDIC insurance please visit www.FDIC.gov. Deposits held in Program Banks are not protected by SIPC. For more information see the full terms and conditions and Betterment LLC’s Form ADV Part II.

This article is part of
Betterment's Customer Help Center

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