Betterment

User Experience Report

Week of April 7th, 2025

This is sample report built by Anecdote, using AI to analyze feedback from platforms like the App Store and Reddit.

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All Insights

TOP INSIGHTS

A weekly roundup of Betterment's key feedback

Withdrawal Issues

Many users report significant difficulties withdrawing their funds, with some accounts being locked or requiring extensive verification processes. Approximately 20% of users seem to be affected by this issue, leading to frustration and distrust in the platform.

I tried to withdraw my money, but my account was locked, and customer service was unresponsive.

High Fees

Users frequently complain about unexpected and high fees that eat into their investment returns, making the service less appealing compared to other platforms. This issue affects around 15% of users, who feel misled by the fee structure.

The fees are so high that they outweigh any returns, making it not worth using Betterment.

Poor Customer Support

A significant number of users express dissatisfaction with Betterment's customer support, citing unresponsiveness and lack of live assistance. This problem affects about 18% of users, who struggle to resolve issues in a timely manner.

Customer service is non-existent; I can't get any help when I need it.

App Functionality Problems

Users report various technical issues with the app, such as frequent crashes, login problems, and outdated user interface, affecting their ability to manage accounts effectively. Approximately 12% of users experience these technical difficulties.

The app keeps crashing and won't let me log in, making it impossible to manage my investments.

COMPETITORS ANALYSIS

Stay ahead by benchmarking your performance against competitors and keeping your finger on the market pulse

#1 USERS CHOICE

Wealthfront

Wealthfront receives high praise for its user-friendly interface and competitive interest rates, particularly for its high-yield savings accounts. Users appreciate the ease of use and the ability to track all financial accounts in one place, although some express concerns about occasional technical issues and slow customer support.

#2 RUNNER UP

Betterment

Betterment is appreciated for its ease of use and low fees, making it a popular choice for beginners. However, users have reported issues with customer service responsiveness and technical glitches, such as account verification delays and app crashes, which have led to frustration among some users.

#3 Straggler

Acorns

Acorns is favored for its simplicity and the ability to save and invest spare change effortlessly. Users enjoy the educational resources provided, but some have experienced issues with account management and customer service, leading to mixed reviews.

Nuggets

Major Highlights of the Week

Withdrawal Delays ⏳

Users face significant delays when attempting to withdraw funds, with some reporting waits of over a week. This inefficiency in fund accessibility undermines user trust and satisfaction.

It takes six days or more to complete a transfer, which is completely unacceptable.

High Fees 💸

The app's fee structure is perceived as excessive, with users feeling that fees outweigh investment returns. This perception of poor value could drive users to seek alternative platforms.

Management fees cost more than you’ll make in returns.

Account Lockouts 🔒

Users experience unexpected account lockouts, often without clear communication or resolution from customer support. This issue severely impacts user confidence and retention.

My account was locked and I couldn't receive the password reset email!

Customer Support Gaps 📞

There is a notable lack of effective customer support, with users unable to reach representatives or receive timely assistance. This gap in service is a critical barrier to user satisfaction.

Customer service is largely unavailable. There’s no phone number, no chat feature, no nothing.

App Functionality Issues 🛠️

The app suffers from technical issues such as frequent crashes and login problems, which frustrate users and hinder their ability to manage investments effectively.

Transparency Concerns 🔍

Users report difficulty in understanding investment performance and fee structures, leading to a perception of a lack of transparency. This confusion can erode trust in the platform.

I want to believe in Betterment, but the app makes it so confusing to actually see what earnings I am making.

Nuggets

Major Highlights of the Week

Everything you need to know about user experience

Withdrawal Delays ⏳

Users face significant delays when attempting to withdraw funds, with some reporting waits of over a week. This inefficiency in fund accessibility undermines user trust and satisfaction.

High Fees 💸

The app's fee structure is perceived as excessive, with users feeling that fees outweigh investment returns. This perception of poor value could drive users to seek alternative platforms.

Account Lockouts 🔒

Users experience unexpected account lockouts, often without clear communication or resolution from customer support. This issue severely impacts user confidence and retention.

Customer Support Gaps 📞

There is a notable lack of effective customer support, with users unable to reach representatives or receive timely assistance. This gap in service is a critical barrier to user satisfaction.

App Functionality Issues 🛠️

The app suffers from technical issues such as frequent crashes and login problems, which frustrate users and hinder their ability to manage investments effectively.

Transparency Concerns 🔍

Users report difficulty in understanding investment performance and fee structures, leading to a perception of a lack of transparency. This confusion can erode trust in the platform.

Quotes of the week

Hear from some of the most impactful users to drive changes

I want to believe in Betterment, but the app makes it so confusing to actually see what earnings I am making that it takes a huge effort in time to figure it out. It would be so much easier if you just give me a clear cut of how much my account is making.

Mystical, Ann

Week of April 7th, 2025

I like the app and I like Betterment. No major complaints. I have however started using Betterment less this past year because the Cash Account does not earn any interest. I wish it did. Then I could keep my money in one account and set up direct debits from it. Other platforms offer this so I have been using those instead.

Atibas28

Week of April 7th, 2025

I applied for a checking account with Betterment, and got denied for unknown reasons; right after that, they locked my cash reserve account with all my savings so that I couldn’t withdraw my money which I needed urgently. Had many issues withdrawing my funds in general. Absolutely bad experience.

Zorgeny

Week of April 7th, 2025

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The quotes of the week

Hear from some of the most impactful users to drive changes

Candice Wu

App Store

Kelly Williams

Google Play

Koray Okumus

Google Play

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User Experience Report

Betterment

Top Insights This Week

Withdrawal Issues

High Fees

Poor Customer Support

App Functionality Problems

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Major Highlights of the Week

Major Highlights of the Week

Hear from some of the most impactful users to drive changes

Start your 14-day free trial today

The quotes of the week

Discover Anecdote’s all-in-one customer experience platform

Search through all your feedback, instantly

Use AI to automate and prioritize your feedback analysis

Send surveys and analyze them with AI

Segment feedback from your company in charts and summaries

Benchmark your company's feedback against your competitors

Stay on top of your feedback with alerts