August 24, 2016
Millennials and Banking: The Best Banks for Young Adults
We’ve all heard the stereotypes about millennials and money not going hand in hand, but a recent study has proven that’s not always the case. Millennials (people born between 1982-2004) are saving more than previous generations (more than 5 percent of income, on average) and beating out baby boomers’ savings accounts. Millennials and banks are forming a strong affinity for each other as young people are saving more and starting earlier.
As a millennial, finding the right bank to manage your financial needs and fit your lifestyle isn’t always easy. Consider these four factors when choosing the right bank for you.
You’re always on the go and don’t have time to make frequent trips to the bank. Banks with mobile applications that are fast and user friendly should be a top priority for you. Features such as online banking, banking apps (especially ones that allow you to deposit checks from your mobile device) and ATMs work to ensure that your funds are manageable even when branches are closed. Be on the lookout for banks that provide the option of online funds transfer, automatic bill pay, direct deposit and other convenient features your life may require.
2) Customer service
One of your top priorities should be building a relationship with your banker. Select a bank that puts an emphasis on customer service. Many large, national banks will put you through lengthy automated calling systems before you speak to a real person. But with local banks, it is more common to talk to someone immediately. Community banks often value relationship banking, so your banker will get to know you and take the time to understand your personal goals to create a customized banking plan that maximizes your finances.
3) Align with your goals
Whether you’re buying a home, a working through college or car shopping, make sure you find a bank that offers products and services to help you accomplish your goals. The best bank for students may be different than the best bank for young adults. Many financial institutions model offers specifically for millennials’ banking needs. Whether it is a decreased interest rate for enrolling in a monthly auto-pay system for bills or assistance coming up with a down payment for a home, banks are trying to meet your needs. Millennials’ banking objectives are different than other consumers, so find a bank that will work with you to create customized banking solutions to meet your needs.
4) Straightforward banking
Information regarding account types, interest rates and policies should not depend on complex banking terminology. As a consumer, you need to ask questions regarding the terms and conditions of your account and those inquiries should be easily answered by your local financial services associate or branch manager – in layman’s terms. A bank with bankers who take the time to educate you on its policies and your options will be most helpful for someone who may be starting out on their own or figuring out their finances. By having a banker who will simplify the fine print and explain procedures to you, you’ll save yourself the time and stress of decoding it on your own.
You put a lot of time and thought into managing your finances — so should your bank. Shopping around and asking questions at local branches is a great strategy for figuring out the right fit for you. By finding an organization that understands your needs for updated technology, transparency and bankers that will walk you through better money management practices, you can set yourself up for financial wellness.
To learn more about how Revere Bank can help you manage your finances, call 866-950-5784 or send us an email.
This publication does not constitute legal, accounting or other professional advice. Although it is intended to be accurate, neither the publisher nor any other party assumes liability for loss or damage due to reliance on this material. Websites not belonging to this organization are provided for information only. No endorsement is implied.