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When it comes to your Social Security check, the easiest way to grow it is to earn more during your working years and postpone payments as long as possible. Plus, saving and investing yourself are the best ways to boost your retirement income. It may seem pretty straightforward, but when it comes to choosing the right financial institution to meet your financial needs, it may be trickier than you think.
When choosing the right bank — one that doesn’t charge fees, offers high yields, offers solid investment options and tax-free retirement accounts — it’s an important step in helping you build your nest egg. Once you retire, these same banking products and services can help you maximize the Social Security payment you receive so that your discounted salary and fixed income can earn you more.
Retirement savings is one thing, but making sure you can write checks that your Social Security account can cash is another. Here’s a list of four banks that can help you prepare for a secure retirement and maximize your returns if you’re already receiving Social Security benefits.
Citi®: Citigold®
If you have accumulated significant assets as you approach or enter retirement, a premium banking account from a full-service, international institution may be just what you need. If that’s the case, Citi’s CitiGold® account could tick all the boxes for you as it allows you to earn reward points, which can be redeemed for merchandise or travel.
Here are some other highlights:
- Although an account with Citi requires a minimum deposit of $200,000, most of your accounts and services will be free.
- You won’t pay any fees for wire transfers, and you’ll get unlimited discounts on ATM fees. In fact, although some fees may apply, Citigold waives most of the fees like checking maintenance and service fees.
- You’ll also pay $0 for online trades of stocks and ETFs.
- You will also have access to a Citigold® Relationship Manager to help you with all your everyday banking needs.
- If you live in one of the states that offer the Citi® Accelerate Savings Account, you can also enjoy higher interest rates than traditional banks.
- Clients have access to money management services, financial advice, and $4.95 stock trades.
Chase: Chase Total Checking
Sometimes, the best way to maximize your Social Security and retirement income is to simply earn the highest yield available. In addition to your monthly Social Security check, earning high regular dividends from a good savings account may be all you need to cover your retirement expenses.
If you find yourself in this category, Chase Total Checking may be the answer. The Chase Total Checking account is great for retirees seeking convenience because it offers free checking with options.
Here are some factors to consider if you’re considering opening this account with Chase:
- With approximately 5,000 branches, convenient locations are available.
- You can easily deposit a check by taking a picture of it and depositing it through its mobile app.
- Seniors can also set up Social Security checking for direct deposit, which is eligible for a $200 sign-up bonus if direct deposit is set up within 60 days of account opening.
- Total Checking comes with a $12 monthly account fee, but you can waive it with direct deposits of $500 or more monthly or you can maintain a $1,500 minimum account balance.
Consumer Credit Union: Serious Interest Investigation
Consumers Credit Union is a little under the radar, but it offers an exceptional checking account yield for those willing to go through some of the hassles. Seniors can be rewarded for their hard-earned money with a high-yield checking account that pays.
With the Serious Interest Checking® High Interest Checking Account, you can earn 4.00% APY. Here’s what you need to know:
- Make at least 12 posted debit card or credit card transactions per month and spend $1,000 monthly in CCU credit card transactions
- You only earn 4.00% APY if you maintain a balance of $15,000, have an average daily balance of $1,000 and have a minimum of $1,000 in direct deposits per month.
- Receive monthly direct deposits of at least $500
- Great for seniors looking to earn interest on your daily checking account.
John Cszar contributed reporting to this article.
Editor’s Note: All rates, offers and requirements are subject to change.