Just like snowflakes and fingerprints, no two types of bank accounts are the same. Different types of bank accounts all serve a distinct purpose. Regardless of what that purpose is, a bank account should be more than just a place to put your money.
A checking account is where many young people start. They need a place where they can easily access funds, and they want an account tied to a debit card that can be used for various payments and purchases. Millennials and Generation Zers prefer this system because it has no statements and a fully online interface. In fact, 47% of people between ages 18 and 64 prefer using debit cards. (On the other hand, people 65 and older prefer credit cards.)
Moreover, 15% of Millennials ages 25 to 35 live with their parents, and they desire checking accounts that will move with them when they leave the nest. When these young people do relocate, they’ll probably also face more complex financial decisions: How can they get the best interest rates? Should they invest in a certificate of deposit (CD)?
This is why American Bank of Missouri offers a variety of options for our clients. The best checking accounts for young professionals likely aren’t ideal for others in different life stages. We find that our eChecking option appeals to young people looking to take their accounts anywhere. However, we’re always willing to walk you through the options.
Helping You Plan for the Future
Not everyone can be a financial expert. If you’re just starting, it can be difficult to evaluate your financial goals and determine the account options you’ll need. It probably doesn’t make sense for you to set $25,000 aside in a new checking account, for example, but that could happen if you aren’t aware of better options.
That’s where American Bank of Missouri’s experts step in and ask about your financial objectives. Getting an in-depth understanding when starting your first bank account is key to financial security. Because you might not know what questions to ask before opening your bank account, we’ll help guide that conversation and determine the best way to reach your individual goals. Once you open an account, we’ll continue to review it with you and help you organize your money as it grows.
It’s still a good idea to do some individual research before setting up your first checking or bank account. Here are three pointers to consider:
Balanced portfolios mean better results. If we talk with you about the products we offer, we’ll mention the increased flexibility and benefits that come with a balanced portfolio.
Checking and savings accounts are the foundation, but you won’t maximize your earning potential with these accounts alone. Opting for checking and savings accounts along with a money market or CD will allow you to take advantage of the higher yields that are available on those products. Are you willing to diversify your accounts? Exploring these options gives you a better idea of your goals and could expand your financial palate.
Online banking is safer than you might think. You might worry about online banking from a security standpoint. Although the tangibility of a check in the mail might seem promising, it poses its own risks. Physical checks sit in an unlocked mailbox, but online accounts require login credentials.
You can certainly secure your mailbox with locks, but there are also several steps you can take to protect private banking information. Avoid accessing your account using public Wi-Fi, keep your antivirus software updated, and consistently change your password. These risks shouldn’t deter anyone from banking online; they’re simply part of what you should consider before opening a bank account.
Smaller banks are more flexible. Perhaps the most important advice is to not underestimate the power of a small institution. We have local decision makers in every market, and as a community bank, we can easily offer different types of bank accounts suited to your individual needs. We don’t have to place everyone in a box.
Every decision at American Bank of Missouri starts with a one-on-one client interaction. There’s no sales program or formula that groups clients together to satisfy our bottom line. So instead of branding ourselves as the “best bank for Millennials” or the “ideal financial institution for senior citizens,” we maintain that every client is unique.
If you want to find the checking account option best suited to your financial goals, reach out to our experts today.