(EXPIRED) 7,500 points or $75 with new new checking account with $1 deposit at Betterment (via Rakuten)

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Rakuten is offering $75 cash back (which can alternatively be 7,500 Membership Rewards points if you are set up to earn membership Rewards points) when you open a Betterment checking account. The only requirement is to deposit $1 (or you can open an investment account and invest $10).

The Deal

  • Rakuten is offering $75 cash back $127.50 cash back  or 7,500 12,750 Membership Rewards points when you open a Betterment checking account and fund it with at least $1 or you open a Cash Reserve or investing account and fund with $10.
  • Direct link to Rakuten

Key Terms

  • Cash Back is only earned for a funded Betterment Checking, Cash Reserve or Investing account of at least $1.00 for checking products and $10.00 for Cash Reserve and investing products, and is not available for other Betterment products or current Betterment customers.
  • Posting Time: Cash Back will be automatically added to your Rakuten account tomorrow.

Quick Thoughts

The Betterment checking account looks excellent in that there are no fees or minimums and it reimburses both ATM fees and foreign transaction fees worldwide, making it an excellent option for travelers who don’t already have a Schwab account. My initial hesitation with this is that I am into opening a fair number of accounts for bonuses and I usually don’t bother with accounts worth under a hundred bucks for fear of it eventually leading to difficulty opening an account with a larger bonus. Still, I’m intrigued here since it’s an easy 12,750 7,500 Membership Rewards points and I’ll eventually use those to much better than face value. Now I will definitely open this account even though it doesn’t fit with my 2021 Master plan. I’m not too interested in the investing side as I recall relatively high fees from previous looks at Betterment, but the checking account is probably worth it.

Note that some members of Frequent Miler Insiders reported not having received cash back yet for this deal despite the fact that Rakuten terms say cash back will be deposited “tomorrow”. I think this might be an issue of very slow funding. When I set up my account just now, I connected an external bank account by logging in to my external account and verifying ownership of the account, so I may have assumed that the $10 transfer I made would happen quickly. However, I noticed in the details that they said my $10 deposit pulled from an external linked account would be available a week from todayThat is epically slow in 2021, especially when I have several bank accounts with Real-Time Payments capability where I can send $2,500 at a time up to $5,000 per day instantly from one bank to another. I assume that the Rakuten payout likely won’t shop up until funds clear – hopefully this one tracks properly. I’ve kept screen shots as usual, so I will be ready to follow up if it doesn’t.

H/T: Doctor of Credit

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