I’m a Banking Expert: Here’s How I Can Help You Maximize Your Savings To Grow Your Wealth Quickly

While we all would like to save a little money, the real goal is to create wealth . For that, it takes putting your money in a position to grow and provide a steady return on investment (ROI). If you are looking to get an ROI quickly, you might want to head down to your local bank which can aid you in making sure that your wealth expands — and fast!

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GOBankingRates asked some banking experts about how banks can help you maximize your savings to grow your wealth quickly. Here is what they had to share .

Money mistakes the super wealthy never make - that you might be doing now.

Take Advantage of High Interest Rates

While others are lamenting the fact that interest rates have gone up, you can actually use it to your benefit in growing your wealth. Just ask your local bank how.

Ben McLaughlin, resident finance expert and president for Raisin , said “Now is a fantastic time to take advantage of high interest rates. Experts predict that the federal reserve will lower rates in September, so savers may want to lock in a great rate with a CD sooner rather than later.”

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Understand the Difference Between Good and Bad Debt

“Bad debt” is not the only debt out there. While it might sound strange, there is such a thing as “good debt.” Hazel Secco, CFP and CEO of Align Financial Solutions , is someone who helps everyday banking customers tell the difference.

“I can help you maximize your savings to grow your wealth quickly,” Secco said. “I can help you distinguish between good debt and bad debt. Good debt can ultimately increase your overall wealth, while bad debt erodes your net worth. You need to develop a strategy to efficiently pay down any bad debt you may have because carrying bad debt makes it almost impossible to accumulate wealth effectively.”

Take Advantage of Digital Tools

In the modern banking world, there are a plethora of digital tools that help you review your finances to understand where your money is going and set a budget to stay on track, according to Mary Hines Droesch, the head of product for consumer, business and wealth management banking and lending at Bank of America .

As an example, Droesch shared that Bank of America’s mobile app clients “have access to Life Plan, a first-of-its-kind, personalized digital experience that enables clients to set and track near- and long-term goals based on their life priorities. Life Plan gives clients step by step guidance and educational advice to help them get closer to their financial and budgeting goals.”

Identify Money That’s Going Unused

You might think that just because you have your money in the bank it is already building up due to the very nature of how banks work. That could be true, however, there are also, according to Secco, lots of banking customers who leave money in a position where it sits there, doing nothing to add to your wealth.

“I can help you maximize your savings by identifying where you might be leaving money on the table,” Secco explained. “While taxes are an inevitable expense, you don’t have to overpay. By learning how to optimize your tax savings, you can increase the amount you set aside for your nest egg.”

Assistance Investing in CDs

“If you’re looking to build and preserve wealth, consider CDs as stable investments that can provide guaranteed returns,” Droesch said.

A CD, which stands for certificate of deposit, is a savings account that has money held for a certain length of time with a fixed interest rate paid out. While that might not seem like a quick wealth builder, you could see returns coming your way in as little as 90 days.

“CDs typically offer a higher interest rate than savings accounts and the tradeoff is you agree to keep your money in the CD for a set amount of time – typically three months to five years,” Droesch said.

“CDs are a great addition to other assets you have in your investment portfolio, such as stocks and bonds,” Droesch added. “They can be a smart way to save for longer-term goals without the risk of market downturns, especially for those with riskier assets in their portfolio.”

Learn How To Budget Correctly

Drawing up a budget at home is one thing, but doing it with your bank can help you plan for large purchases, major investments and opportunities to expand your wealth.

“You need to know your budget,” Secco said. “By knowing how much you need every month, I will help you put any extra money into your various accounts through automatic savings.

“Once you see the money, you will be tempted to spend it. That’s why I highly recommend not having money sitting around in your everyday checking account,” Secco added.

This article originally appeared on GOBankingRates.com : I’m a Banking Expert: Here’s How I Can Help You Maximize Your Savings To Grow Your Wealth Quickly