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.
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.
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 generation.
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If you’re looking for a full-service institution that can still provide you with competitive yields and wealth generation, Citibank might fit the bill — but only if you live in select states. The reason for this is that Citibank offers a very attractive savings account, the Citi Accelerate savings account, but it’s not available in states like California and New York. But those that can avail of the account will enjoy a high 0.50% APY with a small $4.50 monthly fee that can be easily waived via a $500 account balance or higher-tier Citibank banking package.
In addition to the high-yield savings account, Citibank customers benefit from a global financial powerhouse with nearly every conceivable wealth management offering. For example, in addition to offering full-service financial advisors, Citibank offers commission-free online trading and a robo-advisory service. This makes Citibank a one-stop shop for creating wealth, particularly if you have a larger account balance or more complex financial needs.
Alliant Credit Union
Alliant Credit Union requires membership to open an account, but the $5 fee for signing up is paid by the credit union itself, so there’s no actual cost. Alliant Credit Union helps members build wealth via its no-fee, high-APY offerings, including a checking account that pays a 0.25% APY and a high-yield savings account offering a 0.55% APY, among the best in the industry. The checking account also reimburses up to $20 in ATM fees monthly and charges no overdraft fees, further saving members money. As far as deposit accounts go, those are among the very best yields currently available at any institution. The credit union also offers high-yielding CDs, such as its 0.55% 12-month APY, and investment services through LPL Financial.
TIAA Bank has a wide range of wealth-creating products, all of which have no fees and pay high yields. For example, the bank’s Yield Pledge Checking pays a 0.10% APY, reimburses up to $15 per month in ATM fees and guarantees that its rate will remain in the top 5% of similar accounts. The bank’s Yield Pledge Money Market account offers the same guarantee and currently pays a 0.40% APY, again with no fees. The bank’s no-fee basic savings account pays a very competitive 0.50% APY, and its CD offerings are well above average as well. For example, you can currently earn a 0.55% APY on the bank’s 12-month CD, or you can opt for a Bump-Up CD that pays 0.80% for a 3.5-year term, with the option to bump that rate up once during the lifetime of the CD.
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