Robo-adviser Betterment is launching high-yield savings and checking accounts in an effort to enhance existing customer relationships and grow its customer base, to whom it can pitch other products.

The New York-based company this week rolled out two new products: a savings account, which is available now, with a market-leading 2.69% APY and that’s FDIC-insured up to $1 million. It also rolled out a fee-free checking account (including a debit card), which will launch later this year and is FDIC-insured up to $250,000. Betterment’s partner on the checking account is nbkc Bank, while its savings partners include Barclays, Citibank, Georgia Banking, Seaside National Bank & Trust and Valley National Bank.

In a statement, CEO Jon Stein noted that Betterment’s goal in launching these offerings is to play a personal finance advisory role that traditional banks have struggled to fulfill. “We’re starting to bring our role as your financial advisor into your everyday life, turning your daily choices and transactions into saving for the future,” he said. “I believe institutions that survive into the future will be accountable for what real people struggle to do: automate their savings.”

Betterment did not respond to a request for comment before deadline, but analysts said the product launches serve three key objectives: customer acquisition; a platform to cross-sell new customers other products in the future; and a means to mitigate risk during an economic downturn. Betterment will earn revenue from the checking accounts through interchange fees when customers use their debit cards; it also receives a cut of the total interest that the savings accounts will yield.

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“If you’re a wealth management firm or a robo-advisory firm and you’re not thinking about where the cash is going or planning for the next downturn, you’re in trouble,” said Alyson Clarke, senior analyst at Forrester Research. “Customers may pull funds out [of their investments] or maybe it’s the right thing to put more cash into their portfolio, but it goes out the door if you don’t have a clip of that cash.”

The 2.69% savings APY is a promotional rate available to customers who also sign up for the checking account waitlist and will be available until December 31. Otherwise, savings customers will get a 2.43% APY. Betterment’s savings account launch comes less than six months after rival Wealthfront rolled out a high-yield savings account product, which currently offers 2.57% APY.

The checking account helps Betterment deepen its relationship with customers, especially given that customers are more likely to open savings accounts with companies with which they have a primary checking account relationship, Clarke noted. Indeed, according to a recent Forrester study, 57% of US consumers that open a savings account have an existing relationship with the provider.

Checking accounts also are likely to drive more digital engagement within Betterment’s app. “Once you get checking into the mix, people are going to be looking at their accounts more frequently,” Clarke said. “More eyeballs lets you educate customers, as well as offer advice and other services.”

Betterment joins other large fintech startups getting into checking and savings accounts to grow customer loyalty, including Wealthfront, Stash, SoFi, MoneyLion and others. According to wealth management consultant Davis Janowski, moving into checking and savings products helps robo-advisers experiencing slowing growth expand their revenue streams.

For partner banks, tying up with tech companies like Betterment lets them learn from startups on user experience and product distribution strategies. Kansas City, Mo.-based nbkc Bank, Betterment’s checking account partner, has $600 million in deposits, four branches and a digital product set that’s available nationally. Apart from Betterment, the bank is partnering with such firms as Joust, Truebill, Tip Yourself and others it wouldn’t name. It’s also a member of Bank Innovation‘s sister accelerator INV Fintech.

“When you surround yourself with smart people and entrepreneurs, people who are upsetting the norm, it makes your organization more nimble and causes your team to think outside traditional banking bounds,” said Eric Garretson, chief financial officer and fintech strategy leader at nbkc Bank. “We want to put our brand forward as well, and it’s spurring innovation within our bank.”

Partnerships with fintech companies on checking and savings are a way for incumbents to grow deposits “through the back door,” according to Clark, who noted that the Betterment branding helps partner banks stave off any concerns their own customers may have about the higher returns that Betterment customers may receive. “It’s allowing [incumbent] banks to grow their deposits but minimize their brand damage,” she added. “There’s an opportunity for banks to partner with firms like Betterment.”