Anyone who wants to have a comfortable retirement needs to start putting money away as soon as possible and take advantage of compound interest. With enough savings, you can be taken care of in old age, as well as leave some money behind. Choosing the best savings account today will help you bank on a financially successful retirement.
Customers Bank Money Market Savings Account
This bank lets customers net a 2.25% APY with a money market savings account. You can also gain substantial returns with a deposit of no less than $25,000. Moreover, there are no penalties if you make no more than six withdrawals per month. [1]
Advantages for Seniors:
The biggest benefit with Customers Bank is that all money market accounts come insured through the FDIC. Without such insurance, seniors can lose lots of money if a bank fails. [2] There are also no fees if your balance stays at $25,000. Lastly, Customers Bank lets you manage and open your money market accounts completely online.
Disadvantages:
While many banks include debit cards with their money market accounts, Customers Bank only offers the use of electronic checks. Also, keep in mind that you can miss out on a month of interest if money is withdrawn too early.
VOI Bank High-Yield Online Savings Account
With VOI Bank, you can get a savings account with a staggering 2.46% APY. [3] More importantly, this bank doesn’t lure you in with a bait and switch, it consistently keeps their interest rates higher than competing banks.
VOI Bank offers all it’s savings account services online and includes a debit card, so you can take from your account balance at any time. Finally, there’s FDIC insurance included and up to six withdraws per month without any fees.
Advantages for Seniors:
Besides online banking, VOI Bank lets you open an account with your driver’s license and a Social Security number. As soon as you open an account, you can quickly and easily transfer money into and out of your account without any hidden fees.
Disadvantages
The biggest disadvantage with this bank is that there’s a $10 charge for every withdrawal that goes over the limit. Other than that, one transaction per 12 months is required for your account to stay open. [4]
HSBC Direct Savings Account
FDIC insured HSBC savings accounts offer up to 2.3% APY with a deposit of at least one dollar,. There’s also the option to manage your account online and transfer funds instantly between different HSBC accounts.
Advantages for Seniors:
The biggest benefit of an HSBC savings account is the fact that it comes without any hidden or monthly fees. Seniors can also deposit up to $3,000 through checks with the online banking application. In addition, there’s a budget and saving tool available to help you save and track progress every month.
Disadvantages:
Unfortunately, HSBC only offers automated telephone banking and live chat for customers with a savings account. To get to a real person, permission is needed first through the live chat.
When to Get a New Savings Account?
It’s never too late to begin saving, so if you haven’t already, start now. Put money aside in a new savings account, but before choosing the right one research and compare available options.
[1] https://www.customersbank.com/ascent/
[2] https://www.ally.com/do-it-right/amp/banking/are-money-market-accounts-fdic-insured/%E2%80%9D/
[3] https://www.viobank.com/high-yield-savings
[4] https://www.viobank.com/Documents/Vio/Vio_AAD_and_Policy.pdf