Promotional Offerings

• Banks offer incentives such as free checks, free gifts or matching opening deposits in exchange for opening a new account.
  
  

Convenience

• A bank account allows an account holder to pay his monthly bills with online bill pay which saves him time and the cost of postage.
  
  

Interest

• Banks offer checking and savings accounts that are interest bearing. This means that an account holder can make money on any funds deposited with the bank.
  
  

Security

• The Federal Deposit Insurance Company insures all account holder balances up to $100,000. This protects an account holder if a financial institution closes or experiences theft.
  
  

Financial History

• Opening a bank account allows account holders to build up a financial history that is referenced during the loan application process or when renting a property.