Now hop on to SmartDeposit, the new feature from Betterment that offers an automated investing solution for excess cash in your bank account. You can now stop fretting about finding time for the right investment options. Betterment, the investing solution service, is launching its SmartDeposit feature to help members control their money.
The service will keep a tab on an account holder’s bank account and invest cash which is just idling there. Earlier, getting cash to Betterment had been a cumbersome process. With SmartDeposit, Betterment makes it easier for its users by automating the process. Users can now set a predetermined threshold on their bank account balance. The feature is designed to detect the excess amount of money in the account, which is not being used and moves it to Betterment, which then invests it. SmartDeposits is one of the more interesting products from Betterment’s stables.
Starting as an investing solution, Betterment is a tool for those who need to start saving for the future as soon as possible. The tool works on optimizing for solid returns for various levels of risk. The service asks a user’s age and investment goals to help calculate the suitable risk level. The company, which currently claims to have 98,000 accounts, launched in 2010 at the TechCrunch Disrupt NY in 2010. It received $105 million in funding through its various rounds. Betterment has been applauded for being ideal for people who have old, orphaned 401 (k) s at disposal, which deserves to be aptly invested. The service handles IRAs exclusively with the option for a user to roll over old 401 (k) s from other employers to Betterment or open a new traditional or Roth IRA with the company and use it to save for one’s retirement or any future financial target.
With little or no paperwork or overhead, Betterment strives to be as hassle-free as possible for its users. It is also putting to practice a welcome approach for rookie investors who don’t understand the nitty-gritty of investing, as well as seasoned hands with dedicated customer service. Betterment also offers more sophisticated tools for fine-tuning and specific asset allocation over its close rival Vanguard. It provides advanced portfolio customization features for members who have $100,000 invested. But, its service charge, though not very high, is more than Vanguard and others in the segment and manual options. According to sources, Betterment charges between 0.15 to 0.35%. The underlying funds it buys, called ETFs, cost 0.19% on average. However, that compared to many mutual funds with expense ratios of around 1% is good. This can help save money in the long run, and one can end up with more cash at retirement by transferring from a high-cost fund to a service like Betterment.
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