Update 2/15/21: Back down to $75.
Update 2/12/21: Wow, Rakuten has now increased this to $127.50 or 12,750 if you have the points version of Rakuten. If you value MR points at more than 1 cent per point, this is quite a nice deal, especially if it’s tax-free (see below).
The Offer
- The Rakuten portal is offering $75/7,500 points if you open a new Betterment checking account and fund the account with $1. Or you can open a Cash Reserve or investing account and invest $10 and get the same bonus.
We’ve written about the Betterment checking account here. It comes with perks such as no foreign transaction fees and ATM fees waived on the debit card.
The Fine Print
- 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.
- Cash Back will be automatically added to your Rakuten account tomorrow.
Our Verdict
Not a huge bonus, but looks like an easy, no-requirement bonus for an account we’ve never really seen a bonus on, and some people might want to open a Betterment checking account anyway. If you value Membership Rewards at more than 1 CPP, that can certainly make it more interesting too. Additionally, you probably won’t get any tax statement for this bonus (be sure to consult your tax advisor as to whether you need to self-report the bonus; maybe depends on whether you have the cash bonus or points MR version?)
Hat tip to reader LAG
