Yes, funds deposited in Betterment Everyday™ Cash Reserve are FDIC insured, up to $1,000,000† at program banks.
Can my client opt out of holding cash in a specific bank?
Yes, your client may opt out of holding cash at a specific bank. To opt out of a specific bank, please have your client email us.
If your client already has cash at one of our program banks, they can choose to opt out of that specific bank. The total amount of FDIC insurance available to them through Betterment Everyday™ Cash Reserve will be lower as a result. However, if they have funds deposited already at a program bank and don’t opt out, all funds held in that specific program bank will be totaled for purposes of determining FDIC insurance. This means that some of their funds at that specific program bank may be left uninsured, if the total amount deposited at that bank between accounts they open separately and their Betterment Everyday™ Cash Reserve exceeds $250,000.