Essentials to Bank On

From that first job in your twenties to retirement, your banking needs change over time. Bank products and services essential to your needs as a young adult will undoubtedly become essentially different as you move through the various stages of your life.

And change, as you know, is steady and constant.

You may get married, start a family, buy a home, make a significant career move or decide to retire early to get started on that second career.

No matter what life phase you are entering, a good bank with a full range of products and services should be cognizant of your lifestyle shifts and transitions to better accommodate your banking needs.

If not, then your bank may not be as essential as you think.

To better determine whether your bank is essential or just offering you the bare essentials, the following are some financial must-haves for every decade of your life:

The Twenties. You may still be in college, starting a new job, buying your first car and moving into your first apartment.

Banking essentials – You’ll need banking products and services that offer maximum simplicity and ease so look for a checking account that offers a lot of free and convenient services like; free online banking and free bill pay to check your accounts, pay bills, set up e-statements and other account alerts.  You’ll also want free mobile banking and wireless notifications so you know what’s happening with your account, do some basic transactions on your phone anytime, anywhere. 

The Thirties.  Now you’re getting established in your career, starting a family, buying a home.

Banking essentials – It’s time to get serious about saving, establishing a financial plan, building a relationship with your bank.  You still need the simplicity and ease of a hassle free checking account that provides you the very best benefits for your banking relationship.  Other essential products would be a great mortgage, person to person payments and a college plan.

The Forties. Your career is continuing to take more of your time along with the kid’s schedules.  You have increased debt and don’t have time to worry about your banking.  Don’t get overwhelmed!

Banking essentials – Essentials here include a banker that helps you with an automatic savings plan, setting up wireless notifications, a review of your financial plan, helping your review your life insurance benefits and costs. Now might be a good time to consolidate your debts with a home equity loan.

The Fifties. Your career is still strong; the kids are growing up and going to college, and thoughts of retirement are dancing in your head. You may be having ideas about that motorcycle or sports car you always wanted.

Banking essentials – Essentials now include help with fine tuning your retirement plan, a checking account that provides all the benefits possible based upon your banking relationship.  Getting help with using that college savings plan you started years ago and asking your banker about investment opportunities that are right for you. 

The Sixties. Retirement is getting really close and the kids are starting their own families.  Now you can start the countdown of when the traveling begins, putting a down payment on that home in the mountains or on the beach, and finally taking that big dream vacation.

Banking essentials – Your banker should be prepared to review your retirement and investment plans to make sure everything is still on target, review your life insurance policy again, provide you with checking and savings products that continue to provide the very best benefits based upon your relationship.

Rest assured, your financial needs and goals will change during your life. So much so, it is essential you reexamine your financial priorities every 10 years or less. That includes evaluating your bank to make sure it’s fluidly and proactively meeting your needs throughout your journey.   

In banking and in life, the essentials are everything.

Anne V. Lee, First Bank Retail Banking President