Ally Bank Says This Is the Best Time To ‘Graduate’ From Your Starter Bank
Written by
Tiffany Lew
Edited by
Angela Corry
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Millennial nostalgia is real — even when it comes to banking. That’s the sentiment that Ally Bank is tapping into in their new campaign targeting millennials to “graduate” from their starter banks to another bank account.
The online bank worked with its agency, Anomaly, to create a marketing campaign that shows the generation can now “Graduate Financially.” Ally found that nearly half of millennials still use their starter bank.
The campaign features zany trends that dominated 2010 — from shutter shades to sepia filters.
Ally partnered with millennial actor Taylor Lautner to spread the word. He recently shared how “growth is part of the glow-up, in your style and your finances,” in a self-deprecating Instagram post featuring throwbacks to his 2011 style.
As millennials move away from all the things they’ve outgrown, here’s why a move towards a better bank should also be on the list.
Why Make a Switch?
A new bank or banking account could be the natural segue for targeted budgeting, debt pay off or major life changes like marriage.
Newer banks, especially neobanks (online only), may offer incentives to switch over or create an account. They also tend to offer higher interest rates. That means their account holders can earn more, faster.
Switching banks may also save you money with little to no fees. For instance, the CapitalOne online, high-yield savings account has no fees, no minimums and a 3.60% annual percentage yield (APY).
Millennials tend to be more socially conscious, which is in part reflected in their consuming habits, and banks take that seriously. If reducing your carbon footprint or impacting social justice mean a lot to you, switching banks could bring you closer to those goals while also building your financial future.
What Should You Consider?
When deciding whether or not to open a new bank account, millennials should consider what’s personally important to them right now. This can include factors like ATM access, customer support and physical bank locations.
Before making any change, millennials should also keep in mind the risk of losing any perks they already have with their current bank or account.
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