Quiz: Are you a money-wise baby boomer?
Banks have adapted to rapidly changing technology in today's digital age, which likely has had a significant impact on the way baby boomers, or people born between 1946 and 1964, manage their bank accounts.
And as baby boomers get closer to retirement, saving and investing to get an adequate return to supplement their income during retirement are likely to become top priorities.
If you're a boomer, take our quiz and find out how much you know about today's deposit accounts, savings accounts and investing.
Find the best savings account rates at Bankrate.com.
If you are looking for a better return in today's low interest rate environment, you should check out online banks. By not having to maintain physical offices, online banks generally operate at lower costs than traditional banks, which have to maintain brick-and-mortar branches and the big staffs that go with them.
The government's recent rules make it possible to use your retirement plan for investing in a so-called "longevity annuity" that will give you a lifetime income — even one that could be adjusted for inflation — if you live beyond a certain age.
As you move toward retirement and begin withdrawing your money, you have less time to recover from market downturns and volatility. That's why the traditional asset allocation strategy is to cut back on your stock holdings and lean more toward investing in bonds as you get older.
When interest rates start rising, newly issued bonds will carry a higher interest rate that will generate higher investor interest in them. Thus, there will be less demand for the older bonds, causing their prices to dip.
Some smaller banks have a high-yield checking account product that offers the possibility of getting a higher return than on a CD. However, these banks typically cap the amounts eligible for the higher interest rates. If you meet the requirements to get this rate, a number of these banks offer as much as a 2 percent annual yield.
Nowadays, you can use your smartphone to deposit a check remotely. A number of banks have "remote deposit" applications that allow you to take a picture of the check and deposit it to your checking account from anywhere.