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Consolidate Your Accounts – The Benefits of Banking in One Place

Consolidate Your Accounts – The Benefits of Banking in One Place

Many people have multiple bank accounts, with each account serving a different purpose. In fact, did you know the typical U.S. consumer maintains 5.3 different bank accounts? In general, checking accounts are for frequent transactions, whereas savings accounts are to put money away. Then you have all different types of loans, from home mortgages to small business loans. If each of these accounts are in different places, that can create a major financial headache! Here are a few benefits to doing all your banking in one place:

Convenience

There is a high level of convenience that goes along with having your checking accounts, savings accounts, and loans all under one roof. Transferring from account to account or making your credit card and loan payments can be done in one place and will ensure speedier transactions. If you like to visit the bank in person, you can knock out all your financial to-dos in a single place with one visit). And, should you get married or change your name, there is much less paperwork that needs to be done when your finances are in one place. 

Budgeting

Having your accounts in one place also allows for a clearer, more comprehensive snapshot of your finances, making budgeting more manageable. You can see the amount in your checking, how much you’ve saved, your credit card usage and the amount owed on your loans side-by-side, helping you develop a concise financial plan. And the bank will have an easier time helping you budget as well when we can see your whole financial picture.  This also makes record-keeping easier, as having statements coming from multiple institutions, or even clogging up your phone with an array of bank apps, makes keeping track of your money more challenging. 

Perks

You may be able to save on fees by more easily hitting minimum balances or transaction requirements when all your money is in one place. You also might qualify for lower rates on loans or higher rates on savings accounts. Some banks offer nice perks to those who do all of their banking and investing with them. For example, when you open a personal checking account with Citizens Bank, you could receive a discount on your mortgage closing costs! 

Relationship Building 

Especially with a community bank like Citizens, you’ll get to know the folks you are working with (and we’ll get to know YOU). It’s easier to build long-term, valuable relationships full of trust when everything you do is done at one bank. All of our customers are more than just an account number in a compute and it’s certainly easier to help you plan your financial future when it’s all here. Citizens Bank is honored to help manage your entire financial future.

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  • With a Roth IRA, you typically pay taxes on the money before you contribute to your IRA. This means you generally can make qualifying withdraws once you reach 59 1/2 years of age without paying additional taxes on the distributions.

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