A new deal announced June 24 opens the door for Bankrate users and members to have direct, complimentary access to Capitalize’s 401k rollover platform.
Capitalize, billed as the first independent platform to transfer retirement assets, and Bankrate, one of the most trusted names in personal finance, said in a statement that the new partnership provides Bankrate users with a way to find and roll over retirement accounts like 401ks through Capitalize’s online platform completely free of charge.
“Bankrate is one of the most powerful brands in personal finance, and we admire the company’s mission to help consumers make financial decisions in an honest, informative way,” said Gaurav Sharma, CEO of Capitalize. “We’re thrilled … to partner with a team that shares our commitment to helping Americans effectively save for retirement.”
For over four decades, Bankrate has been providing consumers with the tools and expert advice needed to guide them through saving and investing for retirement. The benefits of starting early and steadily contributing toward retirement are often underappreciated. In fact, a study by Bankrate found that the top financial regret for 1 in 5 Americans is not saving more for retirement.
“We are excited to partner with Capitalize as we continue to find ways to guide our audience through the financial decisions behind life’s large and small moments,” said Michael Sousa, General Manager of Wealth at Bankrate. “For retirement, that could mean navigating a 401k rollover, finding a more valuable savings account or taking a course on investing. Through our suite of free services we strive to promote better financial outcomes and we are thrilled Capitalize shares that vision with us.”
The new partnership comes weeks after New York-based Capitalize unveiled the findings of its newest white paper, The True Cost of Forgotten 401(k) Accounts. According to the research, which was conducted in partnership with leading policy experts including the Boston Center for Retirement Research, Americans have nearly $1.35 trillion left behind in retirement accounts that are connected to previous employers, resulting in the possibility of substantial foregone savings. By providing a way to find and roll over legacy accounts like 401ks, Capitalize says it helps individuals make the most of their retirement savings.
As part of the partnership, Bankrate users (the company says it connects nearly 3 million consumers with new financial institutions annually) will be offered access to the Capitalize rollover platform directly from various Bankrate websites, at no cost. Through the Capitalize platform, Bankrate users will be able to digitally locate their legacy 401k account, compare from and open up a new individual retirement account (IRA) at leading financial institutions, and process their rollovers online with the aid of Capitalize’s platform and customer service team.
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