Boost Your Social Security: Top Bank Accounts for Extra Income!
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Looking to boost your Social Security benefits? The simplest methods involve earning more throughout your career and delaying your payment as much as possible. Additionally, saving and investing are your best allies in supplementing your retirement income.
Choosing the perfect bank is crucial — look for institutions that provide no-fee accounts, high yields, excellent investment choices, and tax-free retirement accounts. These features will help nurture your nest egg throughout retirement. Whether you’re already collecting Social Security benefits or preparing for retirement, here’s a list of five banks that can support your journey toward a secure retirement and maximize your returns.
Axos Bank
Welcome to Axos Bank, your completely online banking solution! While it may sound unconventional, the perks you’ll enjoy here are unparalleled. Here’s why Axos Bank is a fantastic choice for seniors eager to make the most of their Social Security:
- $0 monthly maintenance fees
- $0 overdraft fees
- Unlimited ATM reimbursements
- $0 minimum balance requirement
- $0 opening deposit requirement
- Early direct deposit
- Free incoming wires
- Free Visa debit card
- Free checks (with certain accounts)
With virtually no fees, Axos Bank won’t eat into your Social Security funds. They also offer a special Golden Checking account for seniors aged 55 and up, earning a 0.10% APY. Just note, you’ll need a $250 minimum to open and ATM reimbursements are capped at $8 monthly.
In addition to checking accounts, Axos Bank features a no-fee, high-yield savings account that offers a lucrative 0.61% APY on balances under $25,000, along with a high-yield money market account boasting a 0.25% APY on all balances. For those with a higher net worth, Axos Bank’s Premier Banking division delivers personalized services including dedicated relationship managers and exclusive benefits. Plus, you can trade stocks and ETFs commission-free!
Ally Bank
Just like Axos, Ally Bank shines with no fees and high yields across its accounts. Their savings and checking accounts are fee-free and currently offer competitive rates. Ally provides $0 commission online trading for stocks and ETFs, and a wide array of investment options, from bonds to mutual funds. If you’re looking for a hands-off investment approach, Ally’s robo-advisor service requires only a $100 minimum investment, with no management fees!
Citi® (Citigold®)
For those with substantial assets nearing or in retirement, a premium banking account such as the Citigold® account could be your golden ticket. With a minimum deposit of $200,000, enjoy zero fees for most services, including wire transfers and ATM rebates. Plus, online trades for stocks and ETFs are free, and you’ll have a dedicated Citigold® Relationship Manager at your service!
UFB Direct
If maximizing your Social Security and retirement income is your goal, UFB Direct is your best bet. Their no-fee Premier Savings Account boasts one of the highest rates in the nation at an impressive 4.81% APY for all balance sizes. Enjoy no fees or minimums, along with a complimentary ATM card.
Consumers Credit Union
Don’t overlook Consumers Credit Union! Their Rewards Checking account can earn you up to an astonishing 5.00% APY if you meet certain conditions:
- 12 debit card purchases monthly
- E-statements and e-disclosures
- Monthly direct deposits of at least $500
- $1,000 spent monthly using CCU credit cards
Even if you only make $500 in credit card transactions monthly, you can still earn a hefty 4.00% APY, or 3.00% APY with no credit card transactions. With no fees and unlimited ATM fee rebates, this account is perfect for maximizing your retirement savings while keeping your funds secure.
