Whether you need to catch up on your retirement savings or just want to get your finances in order, it might be time to shop around for better banking products. Baby boomers — those born between 1946 and 1964 — have unique financial needs, and the banking industry caters to them with attractive savings account rates, retirement planning services and online banking options.
Review this rundown of 10 banks that offer convenience, the best CD rates, top-notch customer service and more features for boomers. If you’re looking for the best bank and financial institutions that offer competitive rates, you’ve come to the right place.
Best Banks for Baby Boomers
If you’re looking for a new bank, check these out. If you’re happy with your current financial institution, compare it to these and decide if it’s worth switching banks. All 10 accounts offer brick-and-mortar locations and customer service by phone.
Here are the top 10 banks for baby boomers:
|Best Banks for Baby Boomers|
|Bank||Retirement Accounts||Retirement Planning Services/Consultations||Checking Account Fee||Savings Account Fee||Access to Financial Advisor|
|Citizens Bank||IRA||Yes||$9.99||$0||Private wealth management|
|Frost Bank||IRA||Not retirement specific, but estate planning||$8||$3.50||Investment advisors|
|TD Bank||IRA||Not retirement specific, but trust/estate planning||$5.99||$4-$5||Yes|
|Wells Fargo||IRA||Yes||$10||$5||Wealth planning|
|Bank of America||IRA||Yes||$12||$5||Wealth management|
|SunTrust Bank||IRA||Yes||$7||$0||Private wealth management|
Check Out: Who Ranks the Best Banks?
If personalized retirement planning services are on your “must” list, Citizens Bank can help you put together a realistic plan as well as manage accounts for some of your larger, investable assets. You’ll also find private banking services at Citizens designed to help you create a comprehensive wealth management plan. Baby boomers can turn to a team of experts for financial planning, investment management, and trust and estate planning services.
Baby boomers who have acquired estates or large assets over the years might need professional financial advice. You can work with the personal trust and estate planning team at Frost Bank to receive customized management for a wide variety of trusts. You can also put together a retirement plan and determine how to manage your distributions after you retire.
Arvest Bank caters to baby boomers by offering a number of retirement plans, wealth management advisors and a wealth management estate settlement team to handle the complex details of your estate administration — and the court process — after you’re gone. You can also work with an Arvest Client Advisor to make informed decisions about your current assets and future acquisitions.
If you need to speak with a professional about putting together a financial plan you can take advantage of BB&T’s financial planning services, which features a team of advisors and other certified professionals. If it’s time to refinance your home or get a second mortgage, you can work with BB&T to get competitive rates. In addition, you can invest in traditional, Roth, SEP, SIMPLE and rollover IRAs.
TD Bank provides 24/7 customer service. It also has a range of banking options and online banking services. Baby boomers interested in exploring options beyond the traditional IRA can choose from several TD Bank IRAs and CDs with competitive interest rates and tax benefits. The bank also offers trust and estate planning services to assist with philanthropic giving, estate settlements and estate tax minimization.
Take advantage of no annual fees as you watch your savings grow with a Citibank IRA. You can access Citibank’s planning services if you’re transitioning out of the workplace or want a more defined plan for building your retirement fund and protecting your wealth. Citibank offers estate and investment advisor planners to help you maximize your retirement funds.
When you want to convert your traditional IRA to a Roth IRA — or if you want to learn more about your retirement account options — you can work with a Chase Investments financial advisor to help you make the right decision. Chase Bank offers the convenience of brick-and-mortar locations and customer service representatives you can access via phone. If you need help putting together a plan for your investments, you can meet with a Chase financial advisor at a local branch.
If you have a high net worth, planning for your future is likely on your radar at this life stage. Take advantage of the wealth planning services available through Wells Fargo Private Bank. You’ll work with credentialed specialists to map out your financial goals and track their progress. You can also speak with a retirement professional over the phone and get a retirement plan checkup to make sure you’re making the most of your retirement contributions.
If you’re unsure about how to manage your IRAs or make the most of your tax benefits with retirement assets, you can work with Merrill Edge of Bank of America to compare IRAs, open an account or learn more about your options. You can also connect with a Merrill Edge Financial Solutions Advisor in your area. When you’re looking to prioritize your retirement investments or map out your retirement plan, you can work with Merrill Lynch of Bank of America Corporation and connect with one of more than 14,000 financial advisors.
Baby boomers looking to explore all their investment options — including IRAs, CDs and money market accounts — can work with a SunTrust advisor over the phone or at a local branch. SunTrust offers no-fee savings accounts so you can save on banking fees, and you can take advantage of its Private Wealth Management services to expand or optimize your investment portfolio, map out goals and explore ways to minimize your trust or estate taxes.
Methodology: GOBankingRates identified the best banks for baby boomers by analyzing the availability of retirement accounts, brick-and-mortar locations, phone customer service, access to a financial advisor and retirement planning services or consultations, plus checking and savings account fees. All fees and rates are subject to change at the banks’ discretion. Some bonus offers might no longer be available on the banks’ websites, depending on how you access the web page.
GOBankingRates is a personal finance and consumer interest rate website owned by ConsumerTrack, Inc., an online marketing company serving top-tier banks, credit unions, and other financial services organizations. Some companies mentioned in this article might be clients of ConsumerTrack, Inc., which serves more than 100 national, local and online financial institutions. Rankings and roundups are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone and have not been reviewed, approved, or otherwise endorsed by the companies included in the article.