Whether you’re a self-employed individual or a small business owner, you can set up a SEP IRA. This easy-to-use plan lets you shelter up to 20% of your net income from taxes, regardless of your salary.
USAA offers one of the best SEP IRA accounts, along with an easy-to-use website. It also offers a number of useful tools and resources.
Ally Bank
Founded in 1919, Ally Bank is one of the country’s top online banks, offering high interest-paying savings, money market and certificate of deposit (CD) accounts along with fee-free checking. It also offers loans and investment services.
The best part is that Ally Bank is entirely online without any physical branches, so you don’t have to worry about having to go to a bank branch to conduct business. This can be a big plus to some people, but it can get frustrating for others who value in-person banking.
For savers looking for a long-term investment option, Ally Bank offers standard and Raise Your Rate CDs. The former earns APYs that are higher than most traditional bank CDs, and the latter has a no-penalty early withdrawal feature for those who need access to their money sooner than usual.
Discover Bank
Discover Bank offers a full suite of accounts including savings, money market and certificates of deposit (CDs) that offer high interest rates. It also offers competitively low fees, and its Cashback checking account earns 1% cash back on debit card purchases.
Discover also offers free online and mobile banking. You can transfer funds, pay bills and even deposit checks.
It also offers a high-yield savings account and CDs that earn interest rates well above the national average.
The Savings Account pays a competitive 3.50% APY, and you don’t have to keep a monthly balance to open it. Discover also offers a mobile app that’s one of the best we reviewed, and it offers a mobile check deposit option that lets savers snap a photo of their checks to deposit them directly into the account.
Vanguard
Vanguard has a strong selection of online investing options, including stocks, bonds, mutual funds, ETFs, closed-end funds and option contracts. Its client support is available by email or phone, and its website offers a helpful learning center with glossary terms and educational articles.
The company also offers advice services for its clients, which can be beneficial for self-employed people or small business owners who need help planning for retirement. Moreover, it has service levels based on account size that make it easier to get in touch with financial advisors.
The company has a wide selection of robo-advisory options, including high-yield cash accounts with debit card access, socially responsible investments and automatic features like dividend investing. It also has a plethora of micro-investing tools and financial planning packages that let you speak with a human advisor whenever you need it.
Betterment
Betterment is a leading robo-advisor that offers a wide variety of financial services. Its portfolio management strategy is based on Modern Portfolio Theory (MPT), which emphasizes asset allocation based on targeted risk levels and time horizon.
Betterment also offers a number of tools and educational resources to help you make the most of your money. These include a retirement planner, goal tracker, and tax guidance.
The website’s user interface and support center are clear and straightforward, making it easy for new customers to learn the basics of investing. The company also offers a weekday phone customer service and a virtual chatbot that answers common questions.
It also offers a high-yield cash reserve account that gets up to $1 million in FDIC insurance and reimburses ATM fees worldwide. There’s no minimum balance requirement and no overdraft fees.
SoFi
SoFi is a financial services company that offers a wide range of banking products and insurance. It started out in the student loan refinancing space and has since expanded its offering to include credit cards, mortgages, investing and banking products.
SoFi’s newest money management tool is its checking and savings account, which earns competitive APYs. You can earn up to 3.75% on your savings balances, and up to 2.50% on your checking balances if you set up monthly direct deposits.
SoFi’s checking and savings accounts are linked, which makes it easy to transfer money between the two accounts. Likewise, SoFi’s automatic savings features like Vaults and Roundups help you maximize your savings.
