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Personal Finance · head to head

Betterment vs Melio

Betterment logo

Betterment

Personal Finance

Your path to financial independence

From
On request
Rated
-
Full reviewWebsite
Melio logo

Melio

Accounting

Simple business payments

From
Free
Rated
-
Full reviewWebsite

The short version

  • Only Melio has a free tier, so it costs nothing to try first.
  • Each has a real cost: Betterment digital automated investing charges $5 per month fee for accounts under $24,000 balance; Melio card payments incur flat 2.9% fee on all plans
  • They diverge on capability: Betterment covers Automated investing, Melio covers Vendor payments.

Where they differ

Only the attributes on which Betterment and Melio actually diverge.

Attributes where Betterment and Melio differ
AttributeBettermentMelio
Starting priceOn requestFree
Pricing modelsubscriptionfreemium
Free tierNoYes
PlatformsWeb, iOS, AndroidWeb, Mobile app
CategoryPersonal FinanceAccounting
Founded20082018

Identical on both: user rating (Not yet rated).

What each one covers

Drawn from each product's published feature list. An absence here means we hold no record of it - not that the product lacks it.

Only in Betterment

  • Automated investing
  • Retirement planning
  • Financial advisory
  • Goal tracking
  • Bank accounts
  • Investment accounts
  • IOS support

Only in Melio

  • Vendor payments
  • Card to check
  • Payment scheduling
  • Approval workflows
  • QuickBooks sync
  • QuickBooks
  • Xero
  • FreshBooks

Both cover

  • Web support
  • Android support

What people use each for

The jobs each tool is most often brought in to do.

Betterment

  • Automated portfolio managementnot Melio
  • High-yield cash savingsnot Melio
  • Self-directed investingnot Melio

Melio

  • Accounts payable automationnot Betterment
  • Bill management and payment schedulingnot Betterment
  • Multi-vendor payment processingnot Betterment
  • Invoice receivables and payment collectionnot Betterment

Where each one falls short

Documented limitations, not opinions. Every one is a constraint you would hit in normal use.

Betterment

  • Digital automated investing charges $5 per month fee for accounts under $24,000 balance
  • Premium advisory service requires minimum balance of $100,000 in eligible investments
  • Foreign transaction fees apply to checking account (though reimbursed after the fact)
  • High-balance fee discounts only available above $1,000,000 account balance

Melio

  • Card payments incur flat 2.9% fee on all plans
  • International payments charged $20 flat fee or 2.9% conversion rate plus international fees
  • Paper checks cost $1.50 per check
  • Wire transfers cost $10 standard or up to 1% plus $10 for same-day processing
  • Core and Boost plans charged $10/month per additional user beyond base

Pricing, plan by plan

Betterment

On request
  • Automated Investing$null/month
    • AUM-based or flat monthly advisory fees
  • Premium Service$0.4/percent of AUM
    • Requires $100,000 minimum balance
  • Self-Directed InvestingFree
    • No wrap fee
  • High-Yield Cash$4/APY promotional
    • $10 minimum deposit
    • New customer boost through 1/15/2027

Melio

Free
  • GoFree
    • 5 free ACH payments per month
    • Pay by card, wire, or check
    • Basic invoicing
  • Core$25/month
    • 20 free ACH payments per month
    • $20/month with annual billing
    • QuickBooks Online and Xero sync
  • Boost$55/month
    • 50 free ACH payments per month
    • $44/month with annual billing
    • QuickBooks Desktop sync
  • Unlimited$80/month
    • Unlimited free ACH payments
    • $64/month with annual billing
    • NetSuite sync

Which should you pick?

Choose Betterment if

  • You need automated investing.
  • You work on Web, iOS, Android.
  • You also want retirement planning.
Betterment review

Choose Melio if

  • You need vendor payments.
  • You want to start without paying.
  • You work on Web, Mobile app.
  • You also want card to check.
Melio review

Questions people ask

Is Betterment or Melio better?
Neither clearly leads. Betterment starts at On request and Melio at Free, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, Betterment or Melio?
Melio has a free tier; the other does not. Paid plans start at On request for Betterment and Free for Melio.
Does Betterment or Melio run on more platforms?
Betterment runs on Web, iOS, Android. Melio runs on Web, Mobile app.
Can I use Melio for free?
Yes. Melio has a free tier, so you can try it without paying. Betterment starts at On request.
What is Betterment best used for?
Betterment is most often used for automated portfolio management, high-yield cash savings, self-directed investing. Of those, automated portfolio management and high-yield cash savings are not what Melio is typically brought in for.
What can Betterment do that Melio cannot?
Betterment covers Automated investing, Retirement planning, Financial advisory, Goal tracking. Melio covers Vendor payments, Card to check, Payment scheduling, Approval workflows. Both handle Web support, Android support.

Answered from the vendors’ own pages

Betterment: What is the minimum to start investing with Betterment?

Betterment requires only $10 to open an account and begin either automated or self-directed investing.

Source
Melio: What does Melio charge for ACH payments?

Melio's free Go tier includes 5 free ACH payments per month. Core tier provides 20 free ACH payments per month at $25/month. Boost offers 50 free ACH payments at $55/month. Unlimited tier at $80/month includes unlimited free ACH payments.

Source
Betterment: How much does Betterment's Premium Service cost?

Premium Service charges an additional 0.40% fee on your invested balances and requires a minimum account balance of $100,000.

Source
Melio: Does Melio charge fees for card payments?

Yes, Melio charges a flat 2.9% fee on all card payments. International card payments also include currency conversion charges and international fees beyond the base 2.9%.

Source
Betterment: What APY does Betterment's High-Yield Cash offer?

High-Yield Cash offers 3.25% base APY plus a new customer boost of 0.75% APY (up to $1M) through January 15, 2027, totaling 4.00% promotional APY.

Source
Melio: Can I use Melio for free?

Yes, Melio's free Go tier allows 5 free ACH payments per month with no subscription cost. Users can pay by card, wire, or check and access basic invoicing and payment link features.

Source
Betterment: Does Betterment charge a wrap fee on self-directed accounts?

No, Betterment waives its wrap fee for self-directed investing accounts, allowing customers to invest without advisory fees.

Source
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