How to Consolidate Bank Accounts
As people get older, it's common for their number of bank accounts to grow with them. Most people have multiple accounts, but you could experience unwanted headaches if that number gets too high. Bank account consolidation solves this problem, merging your finances into a single location for more visibility and easier access.
Why Should You Combine Bank Accounts?
Consolidating bank accounts is a valuable strategy to simplify your money management process and set you and your family up to succeed financially. With only a couple of accounts in a known location, you'll experience advantages like:
- Convenience: Keep all your money in an accessible place, making it easy to accomplish tasks like transferring money and making payments.
- Perks: Depending on the bank and type of account you choose, you could earn relationship perks like fee discounts, higher savings rates and bank-specific rewards.
- Management: Maintain vital control over your money and develop a cohesive financial plan using unique budgeting tools to adjust spending and track progress toward your goals.
Steps to Successfully Consolidate Your Bank Accounts
If you're tired of hopping between bank accounts and want to maintain transparent oversight of all your finances, it might be time to consolidate your bank accounts. Whether you're on your own or you've just married the love of your life, you can follow these steps to get your finances in order.
Locate Your Accounts
Dive deep into your financial history to locate all the accounts in your name. Make a list of everything from the accounts your parents set up when you were a kid to your company retirement accounts. Evaluate which accounts best serve your needs and which ones you can eliminate. A better idea of your accounts will help you discover what you need to achieve your goals and where you can consolidate to simplify your life.
Choose a Bank
Explore what your local banks offer if you move your money into all new accounts. If you're happy with one of your existing institutions, you can consolidate everything into an account you already own. But, if you're searching for a brand new bank, consider interest rates, minimum amounts to open accounts, fees and returns on investment, and online access to find a solution that will set you up for success.
Many banks have promotional offers when you open an account and meet specific criteria. It's also worth choosing a bank in your local area, allowing you to easily speak with bankers in person.
Move Your Money
Transfer your financial assets into the designated accounts. Contact companies you have direct deposits and automatic payments with to update your information and ensure they're taking money from the right locations. Some banks will streamline this process with innovative tools for a hassle-free account switch complete in minutes. Wait a month or two before closing your old accounts in case unexpected fees pop up, and to confirm that all of your payments have properly transferred. Once you've confirmed everything is set, follow the proper account closure procedures to complete the process.
Contact Us to Learn More About Bank Account Consolidation
At First Commonwealth Bank, we're here for you. Connect with us online to speak with a professional and learn more about how easy it can be to switch your accounts to First Commonwealth Bank. You can also schedule an appointment to learn how we can help on your financial journey.