Is Your Bank Account Keeping Up With You?

  • By Ryan Bailey, Executive Vice President of Deposits and Payments, TD Bank, America’s Most Convenient Bank
  • February 18, 2014

Love and Marriage

If income from one job isn’t enough to maintain the minimum balance for a premium account, how about the income from two jobs? According to TD Bank research, 82 percent of couples maintain joint accounts. Merging finances is a big step in a relationship, and couples should take the time to find the account that can grow with their evolving needs. If starting a family is on your horizon, it may be time to consider saving. Be sure you shop around, because the right account can help you find additional ways to save. For example, TD Bank offers TD Relationship Savings, which waives ATM costs and pays a higher interest rate for customers who link their TD Bank checking account with their savings. A smart account choice can make your money work harder.

Owning a Home

Taking the leap from renting to owning is the American dream for many of us. It’s also the largest purchase we’ll likely make. Being in the right banking relationship can bring us one step closer to making our dreams a reality. But surprisingly, research from TD shows that less than half (46 percent) of consumers get their mortgages from the financial institution where they hold their primary checking account. Home buyers should check whether financing through their bank offers benefits. TD Relationship Checking allows customers to waive monthly fees on their account based on the combined balance of their mortgage loan and checking account. TD also offers a .125 percent rate discount to customers who link a checking account and mortgage. That equals more than $9,000 of savings on a $250,000, 30 year mortgage! Getting your checking account and mortgage to work together can get you mortgage free faster.

Your bank account may not be the first thing you think of when you think of advancing in your career, getting married or buying a home. But once you settle in to a new stage in life, take the time to see what’s right for your current financial situation. Because when it comes to your banking, finding the right account can help you achieve your next big milestone.

Tagged in: Saving, Credit & Debt