Checking account fans be forewarned: Betterment is coming for it. The digital tool tells users how much extra cash is in their linked checking account and whether it should be there. The idea is that as inflation rises, savers will need a higher return than what they can find in a checking account. Its ultimate goal: to rid the world, or at least Americans, of the checking account. “Our mission is to eliminate the checking account, which is an antiquated idea,” said Stein.

Source: Forbes March 14, 2019 13:30 UTC