Betterment Cash Reserve: who holds your money
Betterment Cash Reserve is not a bank. Betterment Cash Reserve says customer money is held at Apple Bank, Bank Hapoalim B.M., Barclays Bank Delaware, CIBC Bank USA, Cross River Bank and 20 more program banks, with insurance reaching customers as pass-through FDIC insurance at the partner bank, subject to the app's recordkeeping. We read this information in the app's own public disclosure on September 5, 2026, and this page quotes that disclosure below. You can check each partner bank's own page on this site.
Betterment Cash Reserve is not a bank, and customer money sits across a network of 25 partner banks. Deposit insurance reaches each customer through the partner banks, provided Betterment Cash Reserve keeps records identifying each customer. The stated limit is $250,000 per depositor, per insured bank, for each account ownership category. Betterment Cash Reserve’s disclosure describing this arrangement was read as of September 5, 2026.
Partner banks
- Apple BankFDIC #16068 · sweep network21.0%above the insured limitD9.5
- Bank Hapoalim B.M.FDIC #33686 · sweep networkno grade yet
- Barclays Bank DelawareFDIC #57203 · sweep network7.2%above the insured limitA95.2
- CIBC Bank USAFDIC #33306 · sweep network65.9%above the insured limitB53.2
- Cross River BankFDIC #58410 · sweep network33.3%above the insured limitC47.2
- Encore BankFDIC #34562 · sweep network39.8%above the insured limitC25.2
- First Internet Bank of IndianaFDIC #34607 · sweep network36.9%above the insured limitF0.2
- First Merchants BankFDIC #4365 · sweep network45.4%above the insured limitD7.1
- First Western Trust BankFDIC #57607 · sweep network40.1%above the insured limitF1.0
- Forbright BankFDIC #57614 · sweep network14.0%above the insured limitB73.2
- HSBC Bank USA, National AssociationFDIC #57890 · sweep network68.1%above the insured limitB54.8
- Lake Forest Bank & Trust Company, National AssociationFDIC #27589 · sweep network48.7%above the insured limitC20.0
- Morgan Stanley Bank, National AssociationFDIC #32992 · sweep network42.4%above the insured limitA80.6
- Morgan Stanley Private Bank, National AssociationFDIC #34221 · sweep network19.5%above the insured limitC38.7
- NexBankFDIC #29209 · sweep network13.0%above the insured limitB69.0
- Northbrook Bank and Trust Company, National AssociationFDIC #57082 · sweep network39.7%above the insured limitD11.2
- Northern Bank & Trust CompanyFDIC #18266 · sweep network33.0%above the insured limitB72.7
- State Bank of the Lakes, National AssociationFDIC #5744 · sweep network20.5%above the insured limitC49.5
- State Street Bank and Trust CompanyFDIC #14 · sweep network75.9%above the insured limitD6.5
- The Bancorp Bank, National AssociationFDIC #35444 · sweep network2.8%above the insured limitB70.9
- Truist BankFDIC #9846 · sweep network44.9%above the insured limitC29.0
- Wells Fargo Bank, National AssociationFDIC #3511 · sweep network50.3%above the insured limitF1.6
- Western Alliance BankFDIC #57512 · sweep network38.1%above the insured limitD13.5
- Wheaton Bank & Trust, National AssociationFDIC #33803 · sweep network39.7%above the insured limitD12.5
- First Carolina BankFDIC #35530 · sweep network17.7%above the insured limitC48.5
The figure is the share of total bank deposits above the $250,000 federal insurance limit, reported quarterly to the FDIC. High shares are normal for banks holding large app program balances. They do not mean your balance is uninsured: pass-through insurance usually covers customers individually at the partner bank. Across US banks in 2022 to 2026, those above roughly 36% saw large quarterly total deposit declines more often than those below. Most banks above that level saw no such fall. This measures deposit movement and does not predict trouble for any bank.
Disclosure
As part of this program, clients authorize Betterment Securities to automatically move, or “sweep,” available cash into one or more banks insured by the Federal Deposit Insurance Corporation (each, a “Program Bank”).
www.betterment.com · as of September 5, 2026
Program bank list read from the same page (Betterment is not a bank; Cash Reserve sweeps cash to these banks). Webster Bank listed by Betterment as 'a division of Santander Bank, N.A.' is omitted because the FDIC record does not match that description.