The three big threes of checking

By Mike Branton
Originally posted on July 4, 2014

StrategyCorps’ own consumer research shows there are three main types of retail checking account buyers:

  1. The Fee Averse Buyer – wants totally free checking or the cheapest account available
  2. The Interest Buyer – wants interest earned on their balances, regardless of the rate
  3. The Value Buyer – wants the most valuable account that includes more benefits than just the basics

Understanding these buyers provides the foundation for building your simple account lineup by matching the buyer type with these three accounts:

  1. No/low fee account
  2. Interest account
  3. Flat fee-based value account

The benefits that comprise each account will vary slightly based on market conditions, but again the trend should be simplicity. Specifically, for your no/low fee account, provide one way to waive a fee, such as signing up for e-statements. On your interest account, provide one minimum balance requirement – either account-based or relationship-based, but not both.

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