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The banks that can grow your wealth the fastest are the ones with low fees, high APYs and a variety of wealth-building products and services. No one bank has the perfect combination of everything, but depending on your needs, you can find a match for your financial priorities. For example, some customers just want the lowest fees and the highest yields, while others prefer an in-branch experience where they can sit face-to-face across a table with a financial expert. Here’s a list of five banks that score highly in terms of wealth-building capability.
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Capital One
For many customers, Capital One offers the perfect blend of in-person service and online convenience. If you’re looking to grow your wealth fast, you don’t want to get dragged down by fees, making Capital One a good option. Capital One’s 360 checking and savings accounts have no monthly service fees, along with more than 70,000 fee-free ATMs. In terms of growing your money, the Capital One 360 Performance Savings account currently pays a 0.40% APY, about 10x the national average paid on savings accounts. The 360 Checking account also pays a respectable 0.10% APY on all balances, whereas many banks don’t pay anything at all on their checking accounts. For a bank that’s primarily online, Capital One also offers a wide range of banking products and services, which some customers may be able to leverage to further grow their wealth. In addition to business and commercial loans and deposit accounts, Capital One offers auto financing and a wide range of credit cards.
See: Old-School Money Advice You Shouldn’t Follow Anymore
Ally Bank
Ally Bank is a completely online bank, which may be a drawback for some customers. However, if you’re looking to grow your wealth, you may find Ally Bank to be a complete package. Ally Bank’s mission is to offer a wide range of products to its customers with no fees and high APYs. Ally Bank’s Online Savings account has no fees or minimums and pays a 0.50% APY, one of the highest currently available. The bank’s no-fee, no-minimum Interest Checking account pays a 0.10% APY on balances of less than $15,000, and that rate jumps to an impressive 0.25% for balances of $15,000 or more.
If you’re really looking to grow your wealth, investing is the answer. Unlike many of its online competitors, Ally Bank offers a wide range of low-cost investment products, including $0 commission stock and ETF trading. Add in the bank’s high-yielding CDs, such as 0.55% APY on its one-year CD, and there are plenty of options for wealth …….
Source: https://www.gobankingrates.com/banking/banks/banks-that-will-grow-your-wealth-fastest/
