Referral Sender Cash Reserve Rate 2024 Offer Terms and Conditions

Terms and Conditions

Invite your friends to join Betterment

Through the Betterment Refer a Friend Program you can invite friends to sign up for a Betterment account by sending them an invitation via the Betterment interface.

Please send invites only to people you know personally who will be glad to get them. Betterment will send one invite and up to two reminders to each friend you invite: (1) in your name; and/or (2) with your name. The reminders may be different from the original invite and can be canceled by emailing support@betterment.com. At the time of referring a friend, you are required to include the following Disclosure: “FYI - I'm a client of Betterment and, if you fund a new account, I receive compensation for this referral. You can see what others say about Betterment in reviews in the App Store and Google Play Store.”

Terms & Conditions

Services

This agreement is entered into between Betterment LLC (“Betterment”), an SEC registered investment adviser, and client (“you” or “promoter”). You are contracting with Betterment to participate in Betterment's Refer a Friend Program. By referring friends to open a new Betterment account (a “Referral”), you are acting on behalf of Betterment. You agree to make Referrals consistent with and subject to the terms and conditions of this agreement.

Client Status and Disclosures

You represent and warrant that you are a client of Betterment, and that you will make the required Disclosure (as set forth above) clearly and prominently with any Referral (at the time the Referral is made). You should consider yourself a client for this purpose if you have a funded Betterment account at the time of the Referral.

Conflict of Interest

You represent and warrant that you have informed Betterment, in writing, of any conflicts of interest between you and Betterment (e.g., you are an employee of Betterment or you own shares of Betterment Holdings) as of the date of the Referral (the “Referral Date”). If a conflict between you and Betterment subsequently arises, you must notify Betterment in writing to support@betterment.com within 5 business days.

Rules and Regulations

You understand that any Referrals sent as a part of the Refer a Friend program are testimonial advertisements subject to the Investment Advisers Act of 1940 (the “Advisers Act”) Rule 206(4)-1 (the “Marketing Rule”).

Disqualification.

By making a Referral, you represent and warrant that you are not an “ineligible person” as defined in the Marketing Rule, 17 CFR § 275.206(4)-1. This means that you have not been subject to a disqualifying action by the SEC or a Disqualifying Event (defined below) in the last 10 years. Betterment conducts periodic reviews to ensure you had no Disqualification Events, and you acknowledge and agree to such reviews as a condition of your participation in the Refer a Friend program.

“Disqualification Events” are:

a. Making false or misleading registration statements to the SEC

b. Convictions of felony or misdemeanor crimes (A) involving securities, false oaths, false reports, bribery, perjury, burglary, or conspiracy to commit any of those offenses, (B) arising out of conduct of the business of a broker-dealer, securities dealer, investment adviser, bank, insurance company, or fiduciary (among other securities-related businesses), (C) involving larceny, theft, robbery, extortion, embezzlement, forgery, counterfeiting, fraud, misappropriation of funds or securities, (D) violations of the federal securities laws, (E) punishable by imprisonment for 1 or more years, or (F) substantially equivalent crimes by foreign courts.

c. Permanent or temporary injunctions from acting as an investment adviser, broker-dealer, underwriter, or similar function

d. Wilful violations of the Securities Act of 1933, including wilfully aiding, abetting, counseling, or inducing another person to violate the Securities Act of 1933

e. Subject to any order of the SEC barring or suspending your rights to be associated with an investment adviser

f. Being found by a foreign financial regulatory authority to have engaged in any of the above conduct

g. Being found by a final order of any State securities commission (or agency performing similar functions) to have engaged in any of the above conduct

You must notify Betterment within five (5) business days if you become aware of a Disqualification Event on your part.

Promotion

If a friend you have referred to Betterment consistent with the requirements described above makes a "Qualifying Deposit” (as defined below), Betterment will increase the Cash Reserve rate by 0.50% on top of the current standard Cash Reserve rate (“APY Boost”) of your Cash Reserve account with the highest balance at the time of the Qualifying Deposit for 92 days. Betterment will also apply the APY Boost on your referee friend’s Cash Reserve balance for a period of 92 days, both such periods beginning on the date of the completed Qualifying Deposit (the “Promotional Period”).

There are certain limitations on this APY Boost offer that you should be aware of:

- If you close your Cash Reserve account(s) during the Promotional Period, your Promotional Period will continue to run and will not be extended.

- Only one APY Boost can be earned for each successful Referral.

- While there is no limit to the number of eligible friends that can earn an APY Boosts through Referrals, only one APY Boost can be applied to increase your Cash Reserve rate on your highest balance account at any one time (i.e., your Cash Reserve interest rate can never exceed the current standard rate plus 0.50%, regardless of how many Referrals you have made).

- APY Boosts earned for any additional successful Referrals will be applied consecutively, following the end of your then applicable Promotional Period, subject to a “Maximum Aggregate Duration”.

- Beginning on 6/4/2024, the Maximum Aggregate Duration of APY Boosts that you (as referrer) are eligible to earn at any one time across all promotions and all Cash Reserve accounts is 6 months (184 days).

- This means if you make two successful Referrals that complete Qualifying Deposits on the same day, you will receive an APY Boost for 6 months (184 days) on your Cash Reserve account with the highest balance at the time of the Qualifying Deposits.

- However, if you make three or more successful Referrals that complete Qualifying Deposits on the same day, you will only receive an APY Boost for 6 months (184 days) on your Cash Reserve account with the highest balance at the time of the Qualifying Deposits, and do not receive additional time beyond 6 months for the third successful Referral.

- Alternatively, if you made two successful Referrals that completed Qualifying Deposits on the same day, and then one month later, made a third successful Referral, at the time of the third Qualifying Deposit you will receive an additional APY Boost for one month on your Cash Reserve account with the highest balance at the time of the Qualifying Deposits. This would increase the boost period back to the maximum of 6 months (184 days) from the date of the third Qualifying Deposit, but would result in the fulfillment of only one month of APY Boost for that particular third Referral.

- In sum, to receive a full 3 month Promotional Period for any third or later successful Referrals, you must have 3 months or fewer remaining on your current Promotional Period.

- If you have multiple Cash Reserve accounts (i.e. individual, joint, or trust accounts) and make multiple successful Referrals that complete Qualifying Deposits, your APY Boost will apply consecutively to the Cash Reserve account with the highest balance at the time of the applicable Qualifying Deposit, subject to the Maximum Aggregate Duration.

- This means if the Cash Reserve account with the highest balance changes while one Promotional Period is running (e.g. individual to joint), and an additional successful Referral completes a Qualifying Deposit, the additional APY Boost will be applied successively to the updated Cash Reserve account with the highest balance after the current Promotional Period for the prior APY Boost completes.

- For example, if you have one successful Referral complete a Qualifying Deposit and your individual Cash Reserve account has the highest balance at the time, your individual Cash Reserve account will receive an APY Boost for 3 months (92 days). If after two months, your joint Cash Reserve account balance increases so that the joint account is now your highest balance Cash Reserve account and you have a second successful Referral complete a Qualifying Deposit, your individual Cash Reserve account would remain boosted for the one remaining month of the original APY Boost. After that, your joint Cash Reserve account would receive the additional APY Boost for the second Referral for 3 months (92 days). And all APY Boosts would be subject to the Maximum Aggregate Duration.

The APY Boost only applies if you do not participate in Betterment’s premium investing offering. The offer is valid only for Referrals of friends of new Betterment investing accounts and is not eligible for Betterment Checking or Betterment Crypto accounts.

Accounts advised through the Betterment Advisor Solutions platform are also not eligible, and if you become advised through the Betterment Advisor Solutions platform during the promotional period, Betterment will not apply the APY Boost following such date.

This Promotion is separate from Betterment’s refer a friend fee waiver offer. The promotional offer applicable to your Referral (APY Boost or fee waiver) will be disclosed in your online account interface when you send a Referral.

You will not receive more than five Referral promotional offers. Once you have successfully filled 5 Referrals, you do not become eligible for additional Referral promotional offers under the fee waiver program or APY Boost program. Even when you are not eligible to receive additional APY Boost increases or fee waivers, you will be permitted to send Referrals and your friends will be eligible to receive promotional offers through the Betterment Refer a Friend Program.

Subject to the limitations above, a "Qualifying Deposit" is when a new Betterment client that does not have any pre-existing Betterment accounts opens a new Betterment Cash Reserve account. To be a Qualifying Deposit, the account must also be opened by your referee friend using the special designated link from your invitation and must be funded with an initial deposit within 7 days of your referee friend’s signup, inclusive of the required settlement time (typically 2-3 business days). Betterment is not responsible for incorrect entry or other failure on the part of your referee to meet the standards of a Qualifying Deposit.

This Promotion is not valid with any other offers and is non-transferrable. The Promotion is available to U.S. residents only. Betterment reserves the right to terminate this Promotion at any time for any reason, to limit the amount of 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, that any rules or regulations would be violated (including any provisions of the Marketing Rule), or that any terms of the Betterment Account Agreements have been violated.

In making Referrals to friends to open a Betterment account you are acting on behalf of Betterment and under the supervision and control of Betterment. You agree to limit the information you provide in connection with the Referral to the Referral web page and email provided by Betterment and further agree that you will not provide individuals with recommendations regarding their specific needs or investment decisions. You agree that your participation in the Betterment Refer a Friend Program will conform to the terms contained herein as well as the provisions of the Investment Advisers Act of 1940, 15 U.S.C. § 80b-1, the Employment Retirement Income Security Act of 1974, 29 U.S.C. ch. 18, and the rules thereunder.

The annual percentage yield ("APY") on the deposit balances in Betterment Cash Reserve ("Cash Reserve") is 4.00% 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 9th, 2025. 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.