4 Banking Trends That Can Make Your Money Grow Faster
Written by
Laura Bogart
Edited by
Kristen Mae
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
When you think of trends, you might picture TikTok cooking hacks or the latest fashion looks. If you’re a financially savvy sort, you likely check out the highlights of the market. That’s a great start.
But the trends you really should be focusing on might be closer to home — they might be as close as your local bank branch, or even your bank app. Getting familiar with some of the smartest and hottest trends in banking can help you start growing your money. Best of all, applying these trends to your regular banking practices can be easy.
GOBankingRates spoke with John Rosenfeld, president of Jenius Bank, as well as Patrick McConnell, consumer banking product management director at Wells Fargo, to learn more about the banking trends you’ve got to start now.
1. High-Yield Savings Accounts
When it comes to easy ways to expand your wealth, opening a high-yield savings account, or HYSA, is at the top of the list. Rosenfeld is a fan of the HYSA because they earn higher APYs than traditional savings accounts, allowing customers to grow their money faster. Naturally, he has high praise for his own bank’s offerings.
“There are lots of HYSAs, but we of course prefer Jenius Savings, which offers market-leading rates and no fees,” he said.
An HYSA can be especially beneficial for your emergency fund — a fund financial experts typically recommend building to cover three to six months’ worth of expenses. Unlike other interest-accruing accounts, such as certificates of deposit, you won’t incur penalties for making withdrawals — typically as often as needed.
2. Savings Automation
With all the pressure to pay bills on time and invest wisely, it’s hard to prioritize saving money. Rosenfeld understands the struggle. That’s why he advises people to create an easy savings routine by setting up recurring deposits into their savings accounts. Once the process is in motion, you won’t have to think about it again until you check your balance and see you’ve hit your monthly savings goals.
3. Banking Apps That Analyze Your Spending
One of the best ways to build your savings is also the simplest — yet it’s easy to overlook: tracking your spending.
“If you don’t know how and where you’re spending, it can be difficult to identify room for growth,” Rosenfeld said. “Explore financial apps or functionality within your banking mobile app to analyze spend data, focusing on insights that may optimize savings.”
4. Building a Relationship With Your Bank
Some consumers think they can get a bigger bang for their bucks by spreading them across different banks. However, McConnell would urge them to reconsider this plan and explore the potential of building a deeper relationship with one bank in particular.
He explained that consolidating your accounts and assets in one place allows you to take advantage of better rates and grow your money faster. When explaining the benefits of getting well-acquainted with his bank, he shared:
“For example, we offer relationship pricing that pays higher savings account and CD rates for customers with higher account balances,” he added. Relationship pricing refers to programs where banks reward customers with better rates or benefits when they consolidate accounts or maintain higher balances. “We also offer promotional savings rates when customers bring new money to us. Both are great ways to earn better yield and grow your money.”
Staying ahead of banking trends is a great way to give your finances a boost. By exploring high-yield savings accounts, automating deposits, tracking expenses, and building strong banking relationships, you can make your money work harder — and grow faster.
More From GOBankingRates
