We’ll walk you through how to withdraw from a taxable account or an IRA. You can withdraw your money from Betterment at any time, without additional fees.
We do not charge any trading fees or assess penalties for requested withdrawals or account closures. It’s your money and is always accessible to you.
From a web browser, after logging in to your account, go to "Transfer or Rollover" > "Withdraw."
Withdrawals generally take about 4-5 business days to process; funds will automatically be sold and sent to your linked bank account.
When you request a withdrawal, shares in your account are sold and this may have tax consequences. Betterment will always sell your shares in a way that minimizes taxes for you. We’ll sell shares that have lost value first (short-term losses, then long-term losses), and then we’ll sell shares that have gained value (long-term gains, then short-term gains).
Full withdrawal terms and conditions are listed on page 26, section 20 of the Betterment Client Agreement.
Note that, if your account remains open with a balance following an outbound transfer you may incur Betterment's $4 monthly fee on any remaining balances.Learn more.
Note that, the process for withdrawing from your Betterment For Business 401(k) is different. Learn more about withdrawing from your 401(k).
Why 4-5 business days?
When you withdraw from an investment account, the securities you hold must be sold before the cash can be sent to your bank. Betterment processes each request as quickly as possible, subject to market settlement and bank processing timelines. Between trade settlement and ACH processing, this typically means that most customers receive their requested funds in 4-5 business days.
Are there any withdrawal fees or penalties?
There are no transaction fees, account closure fees, or limits to withdraw. If you withdraw 100% of your money invested with Betterment before the end of a calendar quarter, we'll only assess a prorated fee for the total days your money was managed by Betterment. We do not charge fees for accounts with a $0 balance.
Selling shares may have tax consequences. Betterment sells your shares in a way that attempts to minimize taxes for you, using our TaxMin algorithm. We’ll sell shares that have lost value first (short-term losses, then long-term losses), and then we’ll sell shares that have gained value (long-term gains, then short-term gains).
Tax Impact Preview allows you to see an estimate of the taxes you may owe before you make a withdrawal.
Can I set up an automatic withdrawal?
Currently, you can only set up automatic withdrawals from Betterment goals that have corresponding retirement income advice. If you have a Retirement Income goal, you can set up and customize automatic withdrawals to your own schedule, including frequency and day of the month or week. You can make changes, or stop and start the payments, from within your account. You can also continue to take withdrawals manually and your dynamic withdrawal advice will adjust accordingly.
Anything else to be aware of when withdrawing?
- Any external bank account you link for the purpose of transferring funds to or from Betterment must be held in your name.
- We may request additional ownership verification of external bank accounts over email. We take this precaution with your account security in mind.
- For your security, all emails sent from our team will come from an "@betterment.com" address and any requests for documentation will provide a secure link for uploading those documents.
- We strongly recommend that you never upload personally identifiable information or documents as regular email attachments.
- Betterment does not support outbound wire transfers to your bank account nor do we issue checks made out to you personally.
- The dollar value reflected in your withdrawal request may fluctuate due to market volatility until the trades are executed.
- Withdrawals cannot be canceled once security sales have been executed (for Investing accounts) or cash has been withdrawn from program banks (for Cash Reserve).
Are there limits or fees for transactions with Betterment?
There are no trading fees or fees to withdraw your funds from Betterment. That said, there are a few parameters regarding transactions to be aware of:
- The minimum amount you can deposit is $10.
- The maximum amount you can deposit is $300,000 every two business days.
- You can always wire funds into Betterment of any amount, but your bank may charge wire fees.
- You must wait 60 days to withdraw from an IRA Rollover deposit.
- You can only make one allocation change per business day, as we are not a licensed day-trading platform.
- Betterment Securities charges a flat fee of $75 for each investing account transfer to another company (outbound transfer).
Note that, if your account remains open with a balance following an outbound transfer you may incur Betterment's $4 monthly fee on any remaining balances. Learn more here.
How does Tax Impact Preview work?
Selling shares is a taxable event—those sales could be triggered by a withdrawal or an allocation change. Tax Impact Preview shows the estimated gains and losses the sale is expected to realize, as well as an estimate of the taxes that may result, in real-time, before the transaction is submitted.
FAQs
You typically need a debit or ATM card to withdraw money from an ATM. The card and the PIN both serve to protect your identity and prevent fraud. However, some ATMs now offer cardless withdrawal options, usually by connecting to either a bank's mobile app or the digital wallet of your choice.
What are two ways you can withdraw money from your checking account? ›
A checking account is a type of bank account that allows both withdrawals and deposits. These accounts can be accessed in several ways, including checks, debit cards, and ATMs and can be opened with no minimum deposit or for a small minimum deposit, depending on the type of account.
How to withdraw money with only account number and routing number? ›
My answer is…go into the bank, fill out a paper withdrawal slip, provide your account number, the amount of cash that you want (making sure the withdrawal amount isn't MORE than what your account has in funds), sign the withdrawal slip, then take that to bank cashier or bank representative.
Why can't I withdraw money from my bank account? ›
A bank account freeze means you can't take or transfer money out of the account. Bank accounts are typically frozen for suspected illegal activity, a creditor seeking payment, or by government request. A frozen account may also be a sign that you've been a victim of identity theft.
How can I withdraw cash from my account? ›
Take Money Out at an ATM
One of the quickest ways to withdraw money from a savings account is at an ATM. Depending on your bank, you can use your physical debit card or mobile wallet to access the funds in your account. Keep in mind there may be fees to take out money from a savings account at an out-of-network ATM.
How do I withdraw money directly from my bank account? ›
Use an ATM
Every ATM is slightly different but you simply insert your debit card, enter your PIN (personal identification number), select the account you wish to withdraw money from (if you have more than one), enter the amount, and then wait for the ATM to give you your cash and a receipt.
What are three primary ways money can be withdrawn from a checking account? ›
These accounts serve your short-term cash needs as you deposit and withdraw money. You add money via paychecks, cash gifts, transfers, or direct deposit. You take money out using checks, electronic transfers, at an ATM, or using a debit card for in-person or online purchases.
How much cash can you withdraw from a bank in one day? ›
Your ATM max withdrawal limit depends on who you bank with, as each bank or credit union establishes its own policies. Most often, ATM cash withdrawal limits range from $300 to $1,000 per day. Again, this is determined by the bank or credit union—there is no standard daily ATM withdrawal limit.
What are the two ways to get money into your checking account? ›
Intermediate Accounting
- Direct Deposit.
- Cash Deposit.
- Money Transfers.
- Venmo, Paypal.
If you want to make instant transfers with routing and account numbers without verification, you can rely on money transfer apps such as Zelle, Wise, PayPal, or other digital banking services. These apps make it easy to move money fast using your routing and account numbers.
Your bank account number alone is not enough for someone to withdraw money from your account. Scammers can use your bank account and routing number to commit ACH fraud, make online purchases, deposit money for illegal activities, and create fraudulent checks.
Can someone take my money with my account number and routing number? ›
Someone with access to both your account number and routing number could withdraw money from your personal bank account. They could also use these account details to shop online, pay bills, create counterfeit checks or apply for new credit accounts.
How to withdraw money from a checking account? ›
3 ways to get money from a checking account
- Use an ATM. One of the easiest ways to quickly withdraw cash from the bank is to use an automated teller machine (ATM). ...
- Cash a check. If you receive a check from an employer or someone else, you can cash or deposit it in several ways. ...
- Use a debit card to get cash back at stores.
To move money from your bank account to Cash App, you can follow these steps:
- Open the Cash App on your mobile device (available for iOS and Android).
- Tap on the "Banking" tab located at the bottom of the screen.
- Next, tap on "Add Cash" and enter the amount you wish to transfer from your bank account.
You can do almost anything you desire with available funds, including:
- Withdraw it from an ATM.
- Withdraw it in-person at a bank.
- Spend it using a debit card.
- Send it to a friend using a peer-to-peer transfer app.
- Write a check against your account.
- Pay a bill online.
“$5,000 is okay, but if you withdraw more than $10,000, the transaction will be reported to the IRS and at least one other government agency,” Bakke said. “You will also normally be required to fill out Form 8300.
Can I withdraw money from my bank account without a debit card? ›
Using your bank's mobile app, scan the QR code on the ATM's screen and withdraw cash. Biometric verification. Relying on fingerprint or facial recognition, an ATM equipped with biometric technology verifies your identity and then allows you to withdraw cash without inserting a plastic card.
Can I withdraw money from my account without ATM? ›
Withdrawal Slip at a Bank
You'll fill out a withdrawal slip with your bank account number, the name on the account, and the amount you want to withdraw. While many banks use your debit card to confirm your account, you can provide an ID instead.
How much money can you withdraw from a bank teller? ›
Cashier/Teller Withdrawals
This is the maximum amount of physical cash that you can take out of your bank account in a 24-hour period by going into a branch and making a withdrawal in person. For example, your bank may limit cashier transactions to no more than $20,000 in physical cash each day.
