How often have you paid attention to managing your bank accounts more strategically? My guess is not often. Most people focus on their balance and paying bills. There is however a strategy to maximizing banking benefits.
Think about interest rates. If you cash can earn even $5, that covers a cup of coffee. Worth it? I say yes!
So take a look at your banking and see what accounts you have set up and are they maximized for your needs. If you are paying bank fees, what benefits do you receive for those fees?
This article in GoBankingRates was picked up by YahooNews and I was featured as discussing this very issue. Especially now with rising interest rates and competition between banks, both your business and personal banks need attention. There are so many options available between online only banks and credit unions, you certainly have your homework to do.
Bankers used to be a strategic member of our financial team. Then banks sent us outside to use ATM’s and we lost those relationships. Now it seems the banks have realized that the money is in the relationship and NOT in the ATM.
And as always, if you would like to discuss your choices, feel free to reach out to me anytime and we can discuss the best strategy for you and your money.