Betterment Introduces FDIC Insured Joint Checking Account for Purchasers Seeking to Successfully Handle Shared Recurring Bills

Betterment, the biggest unbiased on-line monetary advisor, just lately launched an FDIC-insured Joint Checking account with a number of new options designed that will help you and your accomplice “benefit from your cash.”

As talked about in a observe shared with CI, Betterment’s Joint Checking account is “for married and single {couples}, households, roommates, and different teams who wish to make shared recurring bills simpler to handle.”

As famous within the replace, some key options embrace:

• No charges. Betterment “reimburses ATM and international transaction charges worldwide and cuts out overdraft charges and minimal balances.”
• FDIC Insured. Betterment’s Joint Checking account is FDIC insured “as much as $250,000 for particular person accounts and $500,000 for joint accounts via nbkc financial institution, Member FDIC.”
• Money Again. Joint Checking account holders can “benefit from their shared cash and earn quick, automated money again rewards at 1000’s of manufacturers when both accomplice makes use of the cardboard.”
• Common Debit Card. Prospects can “entry each particular person and joint accounts with the identical Betterment Visa® Debit Card.”

In keeping with Betterment, that is fairly well timed as a result of the marriage increase is “proper across the nook.”

As defined within the replace:

“Marriage charges all the time improve after scary, traumatic occasions, and the pandemic isn’t any completely different: based on a current survey of 4,000 engaged {couples}, 82% stated that the pandemic made them extra desperate to get married than ever earlier than. Joint Checking will give these {couples} a hassle-free cash administration platform.(In keeping with Betterment’s survey of Joint Checking seekers who’re experiencing a big life second, 92% are quickly to be married!)”

The observe from Betterment additional revealed that roommate households are “on the rise.” Nearly a 3rd or over 30% of American adults “dwell in a shared family (a 29% improve since 1995),” the replace added whereas noting that in case you are bored with Venmo-ing your roommates your a part of the hire, Joint Checking “may very well be for you.”

The Betterment group additionally shared some key knowledge and stats:

Why do {couples} need Joint Checking?

• 29% of Joint Checking seekers are “searching for one thing to make managing their on a regular basis bills simpler”
• 18% of Joint Checking seekers are “experiencing a life occasion that prompted them to search for a brand new account”
• 92% of these “experiencing a life occasion state that getting married is what prompted them to search for a Joint Checking account”

How do {couples} use Joint Checking?

• 81% use Joint Checking for “recurring shared bills (e.g., invoice funds)”
• 74% use Joint Checking for “main shared bills (e.g., new automobile, house renovation)”
• 69% use Joint Checking for “shared on a regular basis bills (e.g., groceries)”