воскресенье, 6 ноября 2016 г.

Betterment Just Made Investing Easier with SmartDeposit

Betterment Just Made Investing Easier with SmartDeposit

Betterment Just Made Investing Easier with SmartDeposit

Are you holding too much cash in your checking or savings account? Do you know what to do with it? How about putting it to work for you?

I’m a huge fan of the robo-advisor service, Betterment. I’ve been a customer since 2012 and recommend it to anyone. It’s one of my recommended resources and for good reason. They make investing so easy for the average person. I have my Roth IRA with them along with an individual investor account which has a little more aggressive goals than my Roth. Check out my Betterment review for more information on the service.

Betterment Introduces SmartDeposit

I got an email today, which told me about a new feature Betterment is releasing. They call it SmartDeposit and I already love the concept. Why? It puts you in control of your extra cash. Let me explain.

Their new feature allows you to put your excess cash to work. Many of us don’t save enough money and we know it. We hold onto cash and would put it under out mattresses if we didn’t think people would look at us funny. SmartDeposit fixes this issue for you.

If you have $10,000 in your checking account, but you only use $3,000 per month, then that’s too much money to be sitting in there. You’re likely earning nothing or less than 1% on that money. It’s time to use it to earn more.

How Does SmartDeposit Work

This is basically an advanced algorithm, similar to what Digit does, which gives you the control to put money to work for you. You can set a maximum you want in your checking account.

If you don’t need more than $10,000 in your checking account, then use SmartDeposit to pull some money out and start investing it for you. I would recommend keeping your emergency fund in your savings account and just allowing SmartDeposit to work on your checking account balance.

Once you set a checking account ceiling, you then tell Betterment how much you’re willing to pull out in one transaction. If you set it to $500, then SmartDeposit will only invest $500, even if your checking account is over your set ceiling.

Each week, SmartDeposit will analyze your checking account for excess cash. It will monitor your spending and see if there is any room for investments. It takes into account the money you already deposited and what you have setup on automated deposit with them.

Right before it does the withdraw to your Betterment account, it will send you an email with an option to skip the transfer. This is pretty powerful. Maybe you know of a big expense coming up, which Betterment doesn’t. You can easily skip the next transfer or as many as you need. This gives you the control.

Below is a little video done by Betterment to describe how SmartDeposit works. I think it’s pretty cool and allows me to use my excess cash to help grow my wealth. And since I love Betterment and their service, I will be turning this on shortly.

If you’re already a Betterment account holder, then just sign in and go turn this on. If you’re not, then try them out. You can get up to six months fee free if you sign up here.

What do you think of this type of service? It advances the narrative of how Digit works and puts the money to work for you. If you’re already good at saving, but need to push your investments a little more, this tool could do it for you

Original article and pictures take http://www.debtroundup.com/betterment-just-made-investing-easier-with-smartdeposit/ site

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