It is said that loyalty in life pays off. By using the store’s services for a long time and regularly, you can count on attractive discounts and interesting offers. The same is true for some restaurants, cafes and other places. However, it is usually quite different with banks.
Offers for new customers
Many promotions offered by banks only apply to new customers. Banks give bonuses for setting up an account or deposit, but only to new customers, i.e. those who have not used them before. In addition, these types of shares are usually time-limited. The promotional interest rate is valid, for example, only for three or six months. Then, of course, you can opt out of the product, but not everyone has the time and desire.
Some banks prepare shopping vouchers or a certain amount of money as a bonus for opening an account with new customers. Usually it is several hundred dollars. New customers can also count on temporary exemption from fees, e.g. for running ROR. The same is true for deposits. At selected banks, you can take advantage of the offers of premises with an interest rate of 3-4%. Of course, the condition is simultaneous account creation.
When is it worth being loyal to the bank?
An exceptional situation is taking a loan from a bank. Then you should submit a loan application in a bank where you already have an account.
Then many procedures fall out, e.g. you do not need to provide an income certificate. In addition, sometimes the bank offers a better offer than other new clients. However, this is not a rule, so it can also happen that a new customer receives better conditions than the one who has been associated with the bank for several years.
Loyalty to the bank does not pay off
In the case of banks, it is not worth guided by loyalty and sentiments. It’s worth betting on the offers that are currently the most attractive. Currently, changing your account is not troublesome and does not take too much time. Formalities can usually be completed within a few hours.
Banks assume that the acquired customer is sure and will not leave. They assume that if someone has become convinced of a given offer, there is no point in taking care of the relationship with him. New customers are much more sought after. Attractive bonuses and promotions are prepared for them in most cases.
It is worth using the offers of various banks, as there is no institution that offers the best conditions in every respect. For example, in one bank you can get very good conditions for a cash loan, and in another it is worth establishing a deposit with an attractive interest rate.
You can still have a regular bank account in another bank. Having all the services in one bank, you definitely have to reckon with the fact that some will simply overpay. In addition, the simultaneous use of several banks is a safer solution. You don’t have to worry about internet banking breakdowns etc. If you cannot transfer from one account due to technical work, a second backup account will come to the rescue. Moreover, more and more people are using this solution.