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How to Use Technology to Track and Improve Health Goals

How to Use Technology to Track and Improve Health Goals How to Use Technology to Track and Improve Health Goals 1. Wearable Fitness Trackers Devices like Fitbit, Garmin, or Apple Watch provide real-time insights into your activity levels, heart rate, and sleep patterns. Seniors can use these devices to set daily step goals, monitor exercise, and even receive reminders to move. Learn more about choosing the right wearable tracker here. 2. Health Apps Smartphone apps like MyFitnessPal or MySugr simplify calorie tracking, meal planning, and even diabetes management. They offer personalized feedback based on user input, making it easier to stick to dietary or exercise goals. Check out reviews of the top health apps on Healthline. ...
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Exploring the Shift to Online Banking for Seniors: A Look at the Pros and Cons

The world of banking has evolved significantly over the years, and one of the most notable changes has been the rise of online banks. Traditional brick-and-mortar banks have been a trusted choice for many seniors, offering a familiar and reliable way to manage finances. However, it's crucial to explore the differences between traditional and online banking, especially for those aged 55 and above. In this blog post, we'll delve into the distinctions, focusing on interest rates, fees, and options for online banking. 

Couple on Computer

Interest Rates: A Key Consideration

Interest rates play a pivotal role in your banking experience, impacting your savings and investments. Traditional brick-and-mortar banks often offer lower interest rates compared to online banks. Why? Online banks don't have the overhead costs associated with maintaining physical branches. This means they can pass on the savings to customers in the form of higher interest rates on savings accounts, CDs, and other investments.

For seniors looking to grow their savings, this can be a significant advantage. While traditional banks typically offer paltry interest rates, online banks like Aspirations Bank and Betterment can provide substantially higher returns on your deposits.

Monthly Maintenance and Account Fees: Hidden Costs

Another crucial aspect to consider is the cost of maintaining your bank account. Traditional banks often charge monthly maintenance fees, ATM fees, and various other service charges. These fees can quickly add up over time, eating into your hard-earned savings.

In contrast, many online banks have eliminated these fees. They don't need to cover the expenses associated with maintaining physical branches, allowing them to provide fee-free accounts. This can be a welcome relief for seniors on fixed incomes who want to avoid unnecessary charges.

Options for Online Banking

If you're considering making the switch to online banking, here are four reputable options to explore:
  1. Aspirations Bank: Aspirations is a sustainable online bank that not only offers competitive interest rates but also allows you to align your banking with your values. They provide a range of financial products and are known for their commitment to environmental and social causes. 
  2. Betterment: Betterment is an excellent choice for those looking to invest online. They offer robo-advisors that can help manage your investments and grow your wealth. It's an ideal option for seniors who want a hands-off approach to investing.
  3. Ally Bank: Ally Bank is a well-established online bank known for its competitive interest rates and a wide range of financial products. They also have excellent customer service and a user-friendly website.
  4. Chime: Chime is a user-friendly online bank that's particularly suitable for seniors who prefer simple, fee-free banking. They offer features like early direct deposit and a convenient mobile app. 

Insurance Matters: FDIC or SIPC

Before making the switch to any online bank, it's essential to ensure your institution is appropriately insured. The Federal Deposit Insurance Corporation (FDIC) covers deposits in traditional banks, while the Securities Investor Protection Corporation (SIPC) provides protection for investments in brokerage accounts. Always confirm that your chosen online bank is FDIC-insured for deposits or SIPC-insured for investments to safeguard your money.

Further Reading

For more in-depth information and comparisons, consider checking out reputable websites like NerdWallet and SmartAsset. These platforms offer comprehensive reviews and guides to help you make informed decisions about your finances.

Conclusion

As seniors aged 55 and above, you have unique financial needs and considerations. While traditional brick-and-mortar banks have been a trusted choice for decades, online banking offers numerous advantages, including higher interest rates and lower fees. Exploring reputable options like Aspirations Bank, Betterment, Ally Bank, and Chime can help you make the transition to online banking with confidence. Just remember to verify their insurance coverage and consult additional resources like NerdWallet and SmartAsset for further guidance.

Photo Credit: Antoni Shkraba
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