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- Betterment, the online investing adviser, debuted a high-yield savings account in July.
- Betterment joined fellow robo-adviser Wealthfront in the high-yield savings space, which debuted its Cash Account earlier this year.
- It's difficult, if not impossible, to declare an outright winner between the two robo-advisers' high-yield accounts.
- Both Betterment's and Wealthfront's high-yield accounts are fee-free, allow unlimited transfers, and offer insurance coverage on up to $1 million.
- As the Fed has cut interest rates since the accounts were launched, the APY for both accounts has steadily fallen. However, there are benefits to opening a high-yield savings account when interest rates are low.
- Read more personal finance coverage.
Betterment and Wealthfront are online investing advisers at their core, but they're making a clear play for ordinary savers.
Betterment joined fellow robo-adviser Wealthfront this summer in the high-yield savings space — a niche more commonly occupied by online banks and large financial institutions — with the debut of its Everyday Savings account. The account initially offered an eye-popping annual percentage yield (APY) of up to 2.69%, besting Wealthfront's 2.57% APY.
See the rest of the story at Business Insider
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See Also:
- Ally vs. Marcus vs. Wealthfront: How 3 of the most popular high-yield savings accounts stack up
- 4 things to do with your money now, while interest rates are low
- I've only had my high-yield cash account for 4 months, but I've already earned over $111 in interest
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