Brand Loyalty and Money
Heinz Ketchup, Kleenex tissues, Campbell’s soup, Nike shoes, Pampers diapers? We all have our favourites. Would you abandon them for a sale-priced item?
Have you ever thought of brand loyalty in terms of banking?
No matter what financial institution or company you deal with, the more loyal you are to it, the better they can treat you.
Better rates if you have all your lending with them, private banking if you consolidate wealth with them, free banking if you have multiple products, etc.
Teach your kids that as they grow, brand loyalty with their bank can have its rewards. Relationships are key to getting the most out of your everyday banking. It is not always worth it to surf for the best rate and spread yourself and your banking too thin. The thicker your file, the stronger the relationship. Start early.
Take your child to the bank to open their first account. Interact with the staff, ask questions, get comfortable. It is the start of a long relationship!