It’s that time of year when most Americans are online shopping for everything from toys and trinkets to decorations and the best cyber-holiday deals. And, this year, the sales, deals, discounts, and cyber-holidays seem to be ongoing.
As we immerse ourselves in the holiday merriment and look ahead to the New Year, the holiday season can be a great time to research the best deals that banks are offering you, open a checking account online that offers higher-than-average interest earnings, open a student checking account or kids cash savings account for your son or daughter as your gift to them, or even add an additional checking account to your arsenal of financial tools.
Why would someone shop around for a new checking account?
It’s true that Americans are very loyal to their banks. In fact, it’s estimated the average American now keeps their existing checking account for at least 14 yearsˡ. That’s great to be loyal; however, over those 14 years, these consumers may have just grown accustomed to receiving less-than-stellar service, earning lower-than-average interest rates, and not having access to various, more convenient ways to bank.
There’s also the misconception that it’s going to be just too difficult to switch to a new bank and/or checking account. Banks, such as First Bank, offer the convenience of online account opening as well as in-person account opening, so you are in control of how you prefer to bank.
What are some of the primary reasons that people open a new or additional checking account?
1. Combine finances. Young couples often get engaged around the holidays and want to start combining their finances with a checking account they can call their own.
2. Separate finances. Couples may choose to have a primary checking account for managing bill payments for the household and then open separate checking accounts for both parties. This allows married couples the ability to not only combine their finances, but also to have the independence of their own checking accounts for things such as gift buying and fun money.
3. Streamline finances. People often open a new checking account in order to keep expenses and transactions separate. This can be ideal when working a side hustle or launching a part-time entrepreneurial venture. Opening a new checking account can be an ideal way to help you manage your funds simply and effortlessly.
4. Divorce or new graduate. There are moments in life when it’s time to embark upon your own journey. This may mean a divorce has occurred or someone has just graduated and left home. In either scenario, the need to establish a new checking account is at hand.
5. Take advantage of special offers. Consumers shopping around for a new bank or checking account will often find checking account offers to encourage them to make the switch. As a matter of fact, First Bank is offering you the opportunity to earn a $100 bonus offer as well as higher-than-average interest earnings just for switching to First Bank’s First Performance Checking account. Wait, $100, plus higher-than-average interest just for switching to First Performance Checking? Yes and yes! Simply click First Performance Checking Offer to take advantage of the offer and get started. If you’re ready to add a shiny, new checking account to your shopping cart this holiday season, simply choose from one of First Bank’s seven checking account options to meet your needs.
ˡ Bankrate, Survey: While checking fees vary wildly by race and age, Americans stay loyal to their banks, bankrate.com/banking/best-banks-consumer-survey-2020