7 Clever Ways Banks Can Help You Achieve Your Investment Goals
Written by
Marc Guberti
Edited by
Zuri Anderson
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
Setting investment goals will improve your finances. The simple act of establishing goals will make you more conscious about how you spend money. You will look for opportunities to grow your finances and generate higher returns.
However, you don’t have to approach lofty investment goals on your own. Many banks have resources that can help you cross the finish line and reach your desired net worth.
These are some of the clever ways that banks can help out.
Personalized Investment Advice
Many banks offer financial consultations where you can speak with an expert and map out a plan. Financial institutions usually offer these services for free to encourage you to stick with them. These consultations are usually basic but can help you determine your next step.
Online Budgeting Tools
Banks have plenty of online tools that can improve your finances, including budgeting tools. This resource can help you stay on top of your expenses and discover opportunities to cut costs. You can also review your previous bank and credit card statements to remove unnecessary costs.
Automatic Money Transfers
Investing money is a common path to long-term wealth, but not everyone remembers to move their money to a brokerage account of their choice. Banks allow you to solve this problem with automatic money transfers.Â
You can set up monthly transfers that go from your bank account to an ETF or mutual fund of your choice. That way, even if you don’t check your brokerage account for months, you know that you are making regular investments.
Educational Resources
Are you wondering if a 15-year mortgage is better for you than a 30-year mortgage? Do you need help with planning your retirement or developing better money habits?Â
Many financial institutions offer educational resources that teach you the basics of personal finance. Some banks also have educational articles, videos and interviews that dive into more complex topics like constructing a portfolio and making real estate investments. These resources can build your financial knowledge and make you feel more confident as you pursue your investment goals.Â
Financial Products That Give You Interest
High-yield savings accounts, money market accounts and certificates of deposit (CDs) are some financial products that allow you to earn interest on your extra cash. Banks offer these products, and they can move you closer to your financial goals.
These interest-bearing accounts are optimal for people who want to minimize their risk. High-yielding accounts are also useful for money that you will need in a few months. For instance, if you are going to buy a house in one year, it may make sense to put some of your money in a six-month CD. That way, you grow your money, and the funds are available when you need them.
Mobile Banking Apps
Mobile banking apps have become the expectation rather than the exception, but their impact is undeniable. These apps allow you to view your finances and pay bills anywhere. You can also set up push notifications for important activities and events, such as if you have a low balance in one of your checking accounts.
Access To Capital
It’s usually bad to get deep into debt, but you may have to borrow money to advance your investment goals. For instance, most people need mortgages to buy their homes, and real estate investors take out multiple mortgages to build their portfolios. Banks offer access to extra cash, and if you have a good credit score, you can end up with a reasonable interest rate.
More From GOBankingRates
