When it comes to increasing your Social Security benefit, the simplest solution is to work longer and delay payments as long as feasible. Apart from that, self-saving and investing are the most effective strategies to boost your retirement income.
Picking the good bank — one that provides no-fee accounts, high rates, diversified investment opportunities, and tax-free retirement accounts — is a critical first step toward building your nest egg.
Once you retire, these same banking products and services may assist you in maximizing your Social Security benefits.
Here are five banks that can assist you in planning for a comfortable retirement and maximizing your earnings if you are currently receiving Social Security payments.
Axos Bank
Axos Bank is an entirely online bank. While this may first dissuade some conventional banking clients, the advantages of banking with Axos are many.
The following are just a few of the reasons why the bank is a suitable alternative for seniors wishing to maximize the value of their Social Security:
- There are no monthly maintenance expenses.
- There are no overdraft costs.
- ATM refunds are unlimited.
- Minimum balance requirement of 0 dollars
- There is no initial investment required.
- Direct deposit made in advance
- Incoming cables are not charged
- No-cost Visa debit card
- Checks are complimentary with the establishment of an account.
Axos Bank will not detract from your Social Security benefits with almost no costs for most real banking benefits. Additionally, Axos provides a special Golden Checking account for elders 55 years of age and above, paying a 0.10 percent annual percentage yield.
However, that account requires a minimum deposit of $250, and ATM reimbursements are capped at $8 per month.
Apart from checking account alternatives, Axos Bank also provides a no-fee, high-yield savings account that pays a competitive 0.61 percent annual percentage return on balances less than $25,000 and a high-yield money market account that pays 0.25 percent annual percentage yield on all balances.
Additionally, Axos Bank offers a Premier Banking section that caters to high-net-worth individuals’ VIP demands, including a dedicated relationship manager and private client privileges such as foreign services.
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To assist you in growing your wealth, Axos Bank also offers no-commission self-directed stock and ETF trading, as well as an Axos Elite program for $10 per month that includes research and extra services.
Ally Bank
Ally Bank and its online rival Axos Bank have a lot in common, including no fees and high rates. Savings and checking accounts at Ally Bank are fee-free and earn 0.50 percent and up to 0.25 percent, respectively.
Ally Bank provides zero-commission online stock and ETF trading and a broad selection of other investing alternatives ranging from bonds and mutual funds to options and currencies.
If you choose not to handle your investing account yourself, Ally Bank also provides a Robo-advisor service with no management fees and a $100 minimum commitment.
Ally Bank is an entirely online bank that is typically better suited to self-sufficient financial requirements.
Ally also provides a wide variety of financial products, from retirement accounts to investments to loans and more, making it a viable option for consumers seeking minimal fees and competitive rates.
Citibank
If you’ve built considerable assets in the years leading up to or during retirement, a premium banking package from a full-service multinational institution may be just what you need. Citibank’s Citigold account may be ideal for you if such is the case.
While the account needs a minimum deposit of $200,000 with Citi, most of your accounts and services will be complimentary. For instance, you will not be charged a monthly maintenance fee or a cost for wire transactions, and you will get limitless ATM fee refunds.
Additionally, you’ll pay nothing for online stock and ETF trading. Additionally, you’ll get access to a Citigold Relationship Manager who can assist you with any day-to-day banking requirements.
Suppose you reside in one of the states where Citi Accelerate is available. In that case, you may also take advantage of a 0.50 percent annual percentage yield, which is pretty high for a conventional bank.
Citi may be the best option for some high-net-worth people due to these benefits.
Sallie Mae Bank
At times, the optimal strategy for maximizing Social Security and retirement income is to obtain the greatest possible returns.
Along with your monthly Social Security payment, collecting high regular earnings on savings accounts and certificates of deposit may be sufficient to fund retirement needs.
Sallie Mae Bank may assist you if you fall into this group. The bank’s no-fee SmartyPig savings account gives a very high 0.70 percent annual percentage yield on balances up to $10,000, with a still-competitive 0.45 percent annual percentage yield on larger amounts.
The bank’s 12-month certificate of deposit rate is also among the highest available, presently at 0.60 percent annual percentage yield.
If you can preserve your retirement nest egg in these sorts of assets, you’ll earn some of the greatest savings and certificate of deposit rates available. As the Federal Reserve is expected to boost interest rates in 2022, you may assume that those rates will increase as well.
Consumers Credit Union
Consumers Credit Union may fly under the radar, but it provides an outstanding checking account return for those willing to go through a few hoops.
The credit union’s Rewards Checking account offers a stunning 4.09 percent annual percentage yield (APY) provided you satisfy certain banking conditions, including the following:
- Monthly, make at least 12 debit card purchases.
- Monthly direct installments of at least $500 are required.
- Monthly credit card purchases of $1,000 with CCU
- You may earn a 3.09 percent annual percentage yield even if you make just $500 in credit card purchases each month, or a 2.09 percent annual percentage yield if you make no credit card transactions at all.
These are very high-interest rates for a checking account and may help you supplement your retirement income with your extra cash. Additionally, this checking account is cost-free and provides limitless ATM charge refunds.
Overall, the account provides extraordinarily high rates and no fees, making it the ideal vehicle for increasing savings and safeguarding retirement assets.