WASHINGTON — Some banks offer features that are attractive to certain demographics. A local finance expert breaks down why some institutions might be more attractive to you than others.
Banks for millennials
“Millennials are looking for mobile and digital features, they’re looking for a social media presence,” Kiplinger’s Personal Finance Editor Janet Bodner said. “They do want some decent yields on the little bit of money they’re saving.”
#1: Ally Bank:
- Internet only
- No hidden fees
- Active on social media
- Savings account pays a yield just over 1 percent
- Live customer service by phone or internet chat
- Simple menu offers just one checking, saving and money market deposit account
The number two bank recommendation by Kiplinger’s for millennials is Langley Federal Credit Union, a bank that offers membership to customers who belong to charitable groups the bank supports.
“They value no hassle accounts that can be used anywhere,” Bodner said.
#1: Navy Federal
- Open to current and former members of all military branches
- Pre-paid debit card with no monthly, activation or purchase fees
- Convenient with 298 branches worldwide
The number two bank recommendation by Kiplinger’s for military personnel is Andrews Federal Credit Union. It has branches on base at Joint Base Andrews and in Belgium, Germany and the Netherlands. It’s especially good for service members in Europe, Bodner said, in that it allows customers to pay bills online in the local currency.
“Retirees like to have a lot of cash on deposit. They have money in savings accounts,” Bodner observed.
Banks recommended for retirees by Kiplinger’s offer rewards such as free paper statements, a free safe deposit box and no fee checking accounts that earn interest.
Kiplinger’s top pick, US Bank, offers numbers of those services in addition to trust administration.
The number two Kiplinger’s suggestion for retirees is the Fidelity Cash Management Account, that acts like a traditional checking account with no bank fees. It offers online checking and offers a Rewards Visa credit card with two percent cash back on purchases if you deposit those earnings in the Fidelity account.