Promotional options with new checking accounts
When opening a new checking account, people usually tend to check only the top banks and their offers, and the reason behind this is simple – we all expect to find better options with the banks operating nationwide than with those operating in a single or a few states only. Banks doing business on local level are also often overlooked. This is a common mistake because even the smaller banks can offer same or better terms when it comes to checking accounts and savings.
Perfect example is the TrustCo Bank’s promotional offer – 1% APY for the first year of savings when opening a new checking account. There are no extra requirements one would expect from a bank operating just in a few states. Compared to some other nationwide banks, you only need to make a small deposit of $100 within the first two months after opening your new account, minimum amount you need to have deposited is only $500 in order to be eligible for the mentioned interest rate. On top of this all new accounts with less than $50,000 deposit will be included with this type of interest rate as well. Only drawback to this whole great offer is the fact that you will have to go to the bank in person to open your new checking account. In the time of e-banking this is serious setback for TrustCo.
There are other benefits you should be on the lookout for. US bank for example, offers free Visa check card as well as online and mobile banking together with Bill pay for free with each newly opened checking account. When you add free transactions at any of US banks ATM’s, e-mail and text alert notifications the whole checking account package becomes a must have. Other nationwide banks do have similar types of offers with lots of free options with each newly opened checking account.
The thing is, smaller local banks can compete with bigger nationwide ones in a few ways, although their offers at present time may not have all the benefits of the new checking accounts that major banks do. This doesn’t mean that local banks won’t be offering higher interest rates with new saving checking accounts and will also have benefits of free e-banking, credit cards, ATM’s or any benefits mentioned above.
If you are thinking about opening a new checking account, local banks definitely shouldn’t be overlooked. Keep an eye out for any promotional opportunities that may exist, and check all details.Interest rates may be higher but you may also find some additional benefits than you have seen till this day with majors only.
