To contribute money to your accounts you need to link a funding source account. Below we have outlined the steps to connect a funding source account. The external bank accounts you connect to your Betterment account for the purpose of transferring funds must be in your name.
We suggest that you use checking accounts rather than savings accounts because savings accounts typically limit the number of monthly withdrawals you can make. If your bank uses the same routing and account numbers for both your checking and your savings account, our system will default to pulling from and depositing to your checking account.
You have two options to link a funding source in Betterment.
Option 1: Instantly Connect
Connecting a bank account instantly creates a secure, read-only connection with your financial institution through our data partner, Plaid. Betterment does not store your login information and will never share, sell, rent, or trade your information without your approval.
To add a bank account instantly, log in and select “Settings” from the menu, and then select “Funding Accounts.” You will then see the option to add the bank accounts you want to fund with.
If you’ve instantly connected your bank account in the past for tracking purposes, you’ll be able to choose that account and instantly connect it for funding purposes. If not, you will be able to search for your bank by name. If the option to connect your bank account instantly is available, you can create an instant connection by providing your username and password for that institution.
Your external bank might require you to complete additional two-step verification, which is an additional layer of security before we can gain access to the account. If so, you will be prompted with verification questions or a code, which are generated after you provide your login credentials. This code is typically provided to you by your external bank via email, text, or telephone call.
Options 2: Manually Connect
If you are not presented with the option to connect instantly, or you choose not to, you can manually connect your bank account with your account and routing number.
To add your bank account manually, log in on a web browser and select “Settings” from the menu and then select “Funding Accounts.” On the following screen below the "Connect Instantly" button, you will then see the option to "Connect manually instead."
Connecting manually involves us sending two micro-deposits (each under $1.00) to your bank. Once received, you must then verify the deposit amounts within your Betterment account. Due to standard ACH timelines, verification deposits take 1-2 business days to process through and show up in your bank account.