Significant life events trigger changes in our spending behavior. For the recent grad, jeans and tees make way for suits and dress shirts. A couple with a newborn may need a larger car to accommodate a car seat. And empty nesters might look to downsize to a smaller space.
So if our spending and savings habits change with life’s milestones, why don’t more of us make sure our banking services keep up? Findings from TD Bank’s Checking Experience Index show that just 12 percent of consumers have made a checking account change in the past two years. Experiencing a significant life change can be the ideal time to assess whether you’re in the right account and whether it’s meeting your needs.
Moving on Up
Hard work and time on the job can lead to more responsibility and potential income growth. Earning more can also present opportunities to access more banking features. TD Bank offers TD Convenience Checking, which requires only a $100 minimum balance to avoid monthly costs. But if earning power grows, the benefits of a premium account like TD Premier Checking make sense. Premium accounts, like TD Premier, often require higher minimum balances but offer benefits like paying interest on your balance and reimbursement for out-of-network ATM fees.