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Certain services willboost your savingsand keep you informed, but others can hold you back.
Unfortunately, its not always easy to tell the difference.
Your bank or credit union likely offers several financial services to grow your wealth.
So how can you tell which ones are actually worthwhile?
Here are five common bank services that can help you achieve financial stability,plus three you should avoid.
That means the majority of Americans have access to free money management services.
Here are five simple ways your bank can help you achieve financial stability.
Financial Counseling
Many banks offer financial counseling and education to their customers.
Even a quick counseling session can help improve your financial literacy.
Research from Cambridge University shows that improved financial literacy has a lifelong impact on ones financial behavior.
Online Budgeting Tools
The majority of Americans today use mobile banking.
Many banks offer balance transfers to help you pay off your debt faster.
Automatic Bill Pay
Another advantage of mobile banking is automatic bill pay.
Autopay can help you avoid fees from missed payments.
Low-Balance Alerts
Speaking of overdrawn accounts, low-balance alerts offer an easy way to avoid fees.
Just avoid these offers to keep your finances on track.
High-Interest Loans
High-interest debt can quickly derail your financial progress.
Be cautious about high-interest loans offered by your bank, including home loans, auto loans and credit cards.
Most traditional banks offer relatively low-yield accounts that wont help your savings keep up with inflation.
Consider opening a high-yield account with a fintech company or online credit union for better long-term growth.
Too much debt is always a bad thing.
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