For those of you out there that are interested in high interest savings accounts, you may have come across Betterment. Better is currently offering 1.83% on their savings account, which may not be the absolute highest out there, but certainly it is near the realistic, long term, top. They have just announced that they will be making a pretty competitive move.
If you’ve ever heard of the Schwab debit card, you’d know that it’s a stellar deal. All purchases and ATM fees are refunded, and this include ones from foreign banks. It looks like they aren’t the only one that is offering this though!
“We’re exited to share that, with Betterment Everyday Checking, you can now travel the world without paying to access your own money. That’s right – not only do we reimburse AM fees worldwide, but every foreign transaction fee is now reimbursed. Nice”
If you didn’t get that, they will be refunding foreign transaction fees for purchases and ATM fees! If you don’t have the Schwab account already, there are two pretty big reasons to open the Betterment account instead. The first is that there is no hard inquiry to open the account, which Schwab will do. The second is that Betterment offers a high yield savings account of up to 1.83%, whereas Schwab doesn’t offer that at all.
Personally I’m hoping Betterment starting to do this will open up other big companies like Wealthfront to do the same thing. Time will only tell, but I’m hoping it a domino effect. If not, then at some point in the future I may just move some money over to Betterment and carry their debit card around for traveling when you need to pay with cash or debit.
Do you have a Betterment account, or does this move make you want to open one? Let us know down in the comment section below!