Your bank can do more than just keep your money safe. It offers resources, products, services and tools for reducing spending, boosting savings , achieving financial goals and building long-term wealth.
Here are a few ways to put them to good use.
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Get Expensive Financial Planning Services for Free
All major banks and many medium and small ones provide tutorials, explainers and other educational resources about banking, investing , saving and money management — but there’s simply no substitute for working with a professional financial planner. However, they don’t come cheap — but they might come free depending on where you bank.
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For example, Chase offers the J.P. Morgan Wealth Plan, a free digital planning coach that customers can use to budget , set goals, establish milestones and track their progress. Then, they can collaborate with a human J.P. Morgan advisor with access to the client’s profile to offer personalized advice and customized suggestions for potential adjustments.
Chase is hardly alone. For example, USAA offers free financial planning with every account and credit unions are at least as likely as banks to do the same.
Save Strategically
Shopping around for the highest deposit yield is just one part of getting the most out of your savings account. Most banks offer the following resources for wealth building through their apps or websites:
Leverage CDs for Maximum Growth
According to CBS News, CD rates peaked in 2023, when rates over 5.5% were easy to find — but you can still lock in respectable rates of 4% to 4.5%.
Banking customers can’t control interest rates, but they can use strategies to maximize their gains and squeeze as much wealth-generating value out of an under-appreciated banking resource: CDs .
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This article originally appeared on GOBankingRates.com : Money Management: Better Ways To Use Your Bank’s Resources To Grow Your Wealth