Forbes is reporting that Betterment is looking to take on one of the core offerings of banks: the checking account; Betterment has disrupted investing in the past decade with its online investment platform and they have recently offered a high yielding savings-like account they call Smart Saver; they also have a cash analysis tool that tells users how much extra cash is sitting in their checking account; now they are going after these accounts directly; CEO Jon Stein said, “Our mission is to eliminate the checking account, which is an antiquated idea. We want to make every dollar either working for you or invested.” Source.
