All Your Banking in One Place: 4 Reasons It’s Better
Do you have your mortgage with one bank? And your checking account with another? And a few CDs or a money market account with a third bank?
It happens. You’re shopping for rates or searching for the perfect offer. And before you know it, you have three banks. Or four. Or even five!
But, when you bank at too many places, you’re adding unnecessary time and stress to your life. Check out our 4 reasons why you might want to consolidate your banking in one place.
1. Convenient Access
When you have one bank, you have one login. No juggling multiple apps and passwords, or visiting each bank’s website to view your account statuses. That sounds nice, doesn’t it?
Consolidated digital banking has an added benefit: You can pay all your bills in one place. And you can easily transfer funds between your accounts. Fund transfers are usually quicker, too, since same bank transfers are often instant, whereas interbank transfers can take several business days.
2. Streamlined Budgeting
When you can see all your funds all at once, it’s much easier to build a budget, to track it and to stick to it. Without a full view, it’s hard to come up with a realistic plan. At Old National, we have several ways you can manage and monitor your accounts.
Plus, you see what’s happening in real time–and can make informed decisions. Say, for example, your escrow account requirement went up. You can easily see if you have extra funds available monthly from your paycheck, especially if you set up direct deposit. You can then make any necessary adjustments, while also being able to reassess your savings plan.
3. Relationship Pricing
There may also be financial benefits to doing all your banking in one place. When you add to your banking relationship by increasing the products or services you’re using, you may get a higher rate on your savings account or CD.
You also may avail yourself of lower fees. Many banks offer special packages or discounts, such as waived ATM fees or interest rate discounts on loans.
4. A Real Financial Partnership
Especially once you start adding in investment products and wealth management services, it pays to build a strong, lasting relationship with your bank. Your bankers are money experts. They’re available to help you navigate your financial needs, both the ups and downs. Why not take advantage of that?
Consider the relationship you build with your financial institution as similar to the type of relationship you’d strive to build with a good doctor or lawyer. You want to work with someone who knows you for a long period of time, who can help you identify areas for improvement, and who consistently has your best interest at heart.
That’s why finding a trusted institution is important. When you choose where to consolidate your banking, take time to talk with your bank to make sure the fit is right.
Ready to get started? Connect with an Old National Banker to talk through your options.