Referral Receiver Cash Reserve Rate 2024 Offer Terms and Conditions

Terms and Conditions

If you are a new Betterment client (i.e., you do not have an existing Betterment account), to qualify for an APY boost on your funds held in Betterment Cash Reserve, you must fulfill the referral offer by clicking the special designated link from your invitation, opening an individual or joint Cash Reserve account, and then completing a deposit into the Cash Reserve account within 7 days of opening it (a “qualifying deposit”), inclusive of the required settlement time (typically 2-3 business days).

If you make a qualifying deposit, your Cash Reserve rate will be increased by 0.50% on top of the current standard Cash Reserve rate (“APY Boost”) for 92 days starting from the date of your initial deposit to your Cash Reserve account (the “promotional period”). The Cash Reserve Rate is currently 5.00% but is subject to change, including 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 or Cash Reserve goals, not investments. 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 participating Program Banks, Betterment is unable to guarantee you will receive the promotional rate regardless of whether you have made a qualifying deposit. Betterment is not responsible for incorrect entry or other failure on the part of you or your referring friend to meet the standards of a qualifying deposit.

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 and fund within 7 days of opening a Betterment Cash Reserve account, Betterment will (1) if your friend is eligible for an additional offer, apply the promotional rate on your referring friend's Cash Reserve account with the highest balance for a period of 92 days, with such period determined by Betterment LLC (a “referral promotion”), or (2) waive its investment management fees that would otherwise apply to up to $5,000 of your referring friend's investment account balance for a period of 365 days, with such period determined by Betterment LLC (a "fee waiver"). Your referring friend will not receive (1) a fee waiver if they have already referred five other friends to Betterment LLC and will not receive more than one fee waiver through this program if you open multiple Betterment accounts, and (2) more than one APY Boost. Even if your friend is not eligible for a fee waiver or APY Boost, you can still receive one.

This promotion is not valid with any other offers, and it is non-transferable. Offer available to U.S. Residents only. Accounts advised through the Betterment for Advisors platform and balances held in 401(k) plans managed by Betterment at Work are excluded from this offer.

Betterment reserves the right to terminate this offer at any time, to limit account bonuses you are eligible to receive, and to refuse or recover any promotion award if Betterment determines that it was 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. Betterment also reserves the right to offer the promotional rate at its discretion to customers who have not made a qualifying deposit.

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. If you participate in Cash Reserve, you authorize Betterment, on a discretionary basis, to direct Betterment Securities as to the allocation of your funds among one or more Program Banks. Deposits at each Program Bank are insured by the FDIC up to $250,000 for each insurable capacity (e.g. individual or joint).

In aggregate, funds deposited into Cash Reserve are eligible for up to $2,000,000 (or $4,000,000 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 eight Program Banks). Even if there are more than eight Program Banks, clients will not necessarily have deposits allocated in a manner that will provide FDIC insurance above $2,000,000 (or $4,000,000 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. Although certain types of accounts, such as trust accounts may be eligible for additional FDIC insurance based on the number of beneficiaries, funds will be allocated to each Program Bank in such a way that provides up to $250,000 of FDIC insurance for individual accounts, $500,000 of FDIC insurance for joint accounts, and $250,000 of FDIC insurance for trust and other corporate account types, in each case per Program Bank. In the event you maintain an individual or joint Cash Reserve account and are a beneficiary of a Cash Reserve trust account, Betterment does not provide FDIC insurance based on your status as a beneficiary.

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.

For Cash Reserve (“CR”), Betterment LLC only receives compensation from our program banks; Betterment LLC and Betterment Securities do not charge fees on your CR balance.

*The annual percentage yield ("APY") on the deposit balances in Betterment Cash Reserve ("Cash Reserve") is 5.00% and represents the weighted average of the APY on deposit balances at the banks participating in Cash Reserve (the "Program Banks") and is current as of May 2nd, 2024. This APY is variable and subject to change daily. Deposit balances are not allocated equally among the participating Program Banks. A minimum deposit of $10 is required, but there is no minimum balance required to be maintained. The APY available to a customer may be lower if that customer designates a bank or banks as ineligible to receive deposits. APY applies only to Cash Reserve and does not apply to checking accounts held through Betterment Checking. Cash Reserve and Betterment Checking are separate offerings and are not linked accounts.

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