Search

What is a Relationship Savings Account?

A Relationship Savings Account is not merely a repository for funds. It has emerged as a dynamic financial tool that helps in fostering a connection between account holders and the banking institution. Let’s understand how a relationship savings bank account works!
Relationship Savings Account
What is a Relationship Savings Account?
In this blog, delve into the unique features, benefits and considerations associated with Relationship Savings Accounts. We will also shed light on why they have become a noteworthy choice for those seeking a more personalized and rewarding banking relationship.
In this article

A Relationship Savings Account is not merely a repository for funds; it is a dynamic financial tool that fosters a symbiotic connection between account holders and their banking institution. In this exploration, we delve into the unique features, benefits, and considerations associated with Relationship Savings Accounts, shedding light on why they have become a noteworthy choice for those seeking a more personalized and rewarding banking relationship. Also, check out Beem to compare the best high-yield savings accounts that align with your savings goals and priorities.

Benefits of a Relationship Savings Account

A Relationship Savings Account is a type of savings account offered by many banks that provides various advantages to account holders. Here are some key benefits associated with Relationship Savings Accounts:

Higher Interest Rates

According to the Federal Deposit Insurance Corporation (FDIC), the national average rate on savings accounts is 0.46% as of October 16, 2023. Relationship savings accounts often offer higher interest rates compared to regular savings accounts. The more accounts or services you have with the bank, the better the interest rates, helping you save money and make it grow faster.

Fee Waivers

Many banks provide fee waivers or discounts on account maintenance fees and other charges for customers with multiple accounts or services, fostering a cost-effective banking relationship.

Customized Services

Relationship savings accounts may come with additional perks, such as personalized financial advice, priority customer service, or exclusive access to certain banking products, enhancing your overall banking experience.

Bundled Benefits

Some banks offer relationship packages, bundling savings, checking, and other financial products. This can simplify financial management and offer additional benefits, such as enhanced online banking features or loan discounts.

Financial Planning Assistance

Banks with relationship savings accounts often provide tools and resources for financial planning. This can include assistance with setting savings goals, budgeting, and preparing for significant life events.

Choosing the Right Bank

Selecting the right bank for your Relationship Savings Account is crucial for optimizing your financial experience. Here are vital considerations to help you make an informed decision:

Compare Interest Rates

Look for a bank that offers competitive interest rates on their relationship savings accounts. Compare rates across different banks to ensure you’re maximizing your savings potential.

Fee Structure

Understand the fee structure associated with the relationship savings account. Check for any maintenance fees, transaction fees, or other charges. Choose a bank that aligns with your financial preferences and offers fee waivers based on the relationship.

Account Accessibility

Consider the accessibility of your funds. Choose a bank that provides convenient online banking options, mobile apps, and a widespread ATM network to make managing and accessing your savings hassle-free.

Customer Service

Evaluate the quality of customer service. A bank with responsive and helpful customer support can be crucial, especially when you have multiple accounts or need assistance with complex financial matters.

Additional Services

Look beyond the savings account. Consider the bank’s other services, such as checking accounts, loans, or investment options. Having a comprehensive financial relationship with one institution can lead to additional benefits.

Financial Stability

Ensure the financial stability of the bank. Check its ratings and reviews to ensure it has a solid reputation for reliability and security.

Flexibility in Account Management

Opt for a bank that allows flexibility in managing your accounts. This includes linking multiple accounts, setting up automatic transfers, and easily monitoring your savings progress.

Relationship Savings Account vs Regular Savings Account

FeaturesRelationship Savings AccountRegular Savings Account
Interest RatesGenerally higher, tiered based on balance and relationship with the bank.Lower, standard rates applicable to all account holders.
FeesMay offer fee waivers or discounts on account maintenance fees and other charges based on the banking relationship.Standard fees may apply, with limited opportunities for waivers.
Account AccessEnhanced access, potential for additional benefits like priority customer service or exclusive account features.Standard account access, typically without additional perks.
Customized ServicesAdditional services such as financial planning assistance, personalized advice, or bundled benefits.Basic account services without specialized features or financial planning assistance.
FlexibilityMore flexibility in terms of account management and potential bundled services.Standard account features with fewer customization options.
Financial Planning ToolsOften includes tools and resources for financial planning and goal setting.Limited financial planning tools or resources.
Minimum BalanceMay require a higher minimum balance to access the benefits and higher interest rates.Generally has a lower minimum balance requirement.
AccessibilityCan be linked to other accounts, providing comprehensive financial management.Standalone savings account with limited linkages to other accounts.
Customer ServiceTypically offers priority customer service for relationship account holders.Standard customer service available to all account holders.
Relationship Savings Account

Business Relationship Savings Account Requirements

Business Relationship Savings Accounts may have specific requirements tailored for business customers. These requirements can vary among banks, but they often include:

  • Business Account with the Bank: Often, you need to have a business checking or operating account with the bank to qualify for a business relationship savings account.
  • Minimum Business Balance: Some banks may set a minimum balance requirement for the business account to access the benefits of a relationship savings account.
  • Number of Transactions: There might be a requirement for a certain number of transactions or a minimum level of business activity to qualify for a business relationship savings account.
  • Relationship Value: The benefits and features of the business relationship savings account may be tied to the overall value of the business relationship with the bank, including loans, credit lines, and other services.
  • Business Type: Certain business relationship savings accounts may be designed for specific businesses or industries.

Conclusion

It is evident that a Relationship Savings Account is more than just a financial instrument; it is a channel through which individuals can access tailored services, higher interest rates, and a spectrum of benefits beyond the ordinary. By choosing a Relationship Savings Account, individuals embark on a path that intertwines their financial aspirations with a banking institution that values their commitment, thereby nurturing a connection that paves the way for a more secure and prosperous future. Supercharge your savings with a high-yield savings account using Beem and watch your money work harder for you.

FAQs

What is a Relationship Savings Account at Associated Bank?

A Relationship Savings Account at Associated Bank is a specialized savings account designed to offer enhanced benefits and features to customers who maintain a broader relationship with the bank. This often includes having multiple accounts or utilizing various banking services, resulting in a more interconnected and rewarding financial experience.

How does the Relationship Bank Account work at Associated Bank?

The more your banking relationship with the institution, the greater the benefits. This can include higher interest rates on savings, fee waivers, personalized financial advice, and exclusive access to certain banking products. The account works to incentivize customers to consolidate their financial activities with Associated Bank, fostering a more comprehensive and mutually beneficial partnership.

Was this helpful?

Did you like the post or would you like to give some feedback? Let us know your opinion by clicking one of the buttons below!

👍👎

Author

Picture of Allan Moses

Allan Moses

An editor and wordsmith by day, a singer and musician by night, Allan loves putting the fine in finesse with content curation. When he's not making dad jokes or having fun with puns, he's constantly looking to tell stories out of everything.

Editor

This page is purely informational. Beem does not provide financial, legal or accounting advice. This article has been prepared for informational purposes only. It is not intended to provide financial, legal or accounting advice and should not be relied on for the same. Please consult your own financial, legal and accounting advisors before engaging in any transactions.

Related Posts

How to Save Money From Salary?
How To Save Money From Salary?
Learn practical ways to save money directly from your income. Discover budgeting tricks, expense-cutting tactics, and intelligent savings habits suited to your salary level, allowing you to develop a solid financial foundation.
How to Save Money at Meijer
How To Save Money At Meijer?
Learn how to save money at Meijer using professional ideas and insider tactics. To get the most out of your Meijer shopping experience, let's look at ways to save money while enjoying everything Meijer offers.
Features
Essentials

Get up to $1,000 for emergencies

Send money to anyone in the US

Ger personalized financial insights

Monitor and grow credit score

Save up to 40% on car insurance

Get up to $1,000 for loss of income

Insure up to $1 Million

Coming Soon

File federal and state taxes at low cost

Quick estimate of your tax returns

Get up to $1,000 for emergencies

Send money to anyone in the US

Save big on auto insurance - compare quotes now!

Zip Code:
Zip Code: