5 Banking Services Gen Z Should Be Using but Aren’t
Written by
Rebecca Neubauer
Edited by
Nicholas Morine
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Gen Zers, born between 1997 and 2012, are usually quick to adopt new technology. However, many are not using some important banking services that could really help them financially. From high-yield savings accounts to credit-building products, here are five key banking services that Gen Zers should consider using.
High-Yield Savings Accounts
Regular savings accounts offer very low interest rates, but high-yield savings accounts give you much better returns. These accounts are often provided by online banks — banks that have lower costs, so they can offer higher interest rates. Using these accounts can help Gen Zers grow their savings faster.
Automatic Savings Tools
Many banks now have tools that automatically save money for you by rounding up your purchases to the nearest dollar and putting the extra into a savings account (or investments). Apps like Chime and Acorns are popular options that make putting money away for a rainy day effortless.
Credit-Building Products
Having a good credit score is important for things like buying a house or getting a loan. Secured credit cards and credit-builder loans are great for building credit, especially for younger borrowers with limited credit history or poor credit. Many banks also offer credit score tracking for free, so you can keep an eye on your credit and the factors that affect it.
Financial Education Resources
Many banks offer free resources like webinars, articles, and even one-on-one advisors. These can teach you about budgeting, investing, and planning your finances. Using these resources can help Gen Zers make smarter financial decisions and prepare for the future.
Mobile Banking Apps
While many Gen Zers use mobile banking apps for basic tasks like check deposit, they often miss out on other useful features. Many bank apps can help with budgeting, tracking spending, and even investing. Exploring all the features of your bank’s app can help you manage your money better and take control of your financial future.
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