Betterment is billed as a smarter way to invest money. But as a separate investment service, getting cash to Betterment has always been a hurdle. The company today is taking the wraps off a new service that monitors an account holder’s bank account and invests cash just sitting there. Betterment says this service, called SmartDeposit, will give members more control from their money.
Saving money is hard and with SmartDeposit Betterment made it a bit easier by automating the task. With SmartDeposit users set thresholds on their bank account balance. The service then intelligently detects when there is excess amount of cash just sitting there and moves it to Betterment where it is invested.
“We aim to automate the investing process here at Betterment and with SmartDeposit we enable customers to reach their financial goals without worrying or thinking about their finances,” said Dan Egan, Betterment’s Director of Behavioral Finance and Investing. “Our goal is to continue to automate in areas where we know customers benefit.”
SmartDeposit is one of Betterment’s more interesting products since the company launched at the inaugural TechCrunch Disrupt NY in 2010. The company says it manages 98,000 accounts and now, with SmartDeposit, the company is making it easier for its users to stash away money for the future.