With so many bank account promotions and online services about money, it’s easy to wonder if it makes sense to keep your accounts in one place. You’ll need to decide for yourself what is best for your financial situation and lifestyle, but there is great value in consolidating your accounts to one bank or financial institution:

1. One central place to manage your money. It might seem obvious, but it’s worth highlighting the convenience of managing your money with one login, one mobile banking app, and one place to track and plan for your financial future. That takes the guesswork out of getting a full picture of your budget and spending to make managing your finances easier.
2. Access to better relationship perks. When you have multiple accounts with one bank, it is more likely you are eligible for perks they offer as a reward for your loyalty. For example, you may qualify for a monthly service charge waiver on our Personal Priority Banking Checking Account if you have credit and deposit account balances. Priority Banking Checking Account offers discounts and benefits on other products and services that First Hawaiian Bank provides. FHB also offers a credit card product where if the customer has at least one other qualifying account like a checking or savings account, loan, etc., they automatically qualify for the Priority Unlimited credit card’s highest cash back rate.
3. Advice from the bank will be more accurate to your situation. The more you entrust one bank or institution, the more data a banker or advisor will have on you to inform their understanding of your financial situation so they can give guidance and recommendations better tailored to your needs. Moreover, applying for or opening a new product or account would be simpler and the bank’s application decisioning quicker because they are already aware of your financial history. Some banks can use your saved information to fill in the applications for you. FHB customers can safely and easily apply for new products when logged into FHB Online® or the FHB Mobile app.
4. Less hassle when moving money between accounts. Oftentimes, money transfers between accounts at the same bank will process in the same day, which may make a difference to you if you find yourself moving funds around each time a big monthly payment is due or for keeping track of your balances across accounts to make budgeting less confusing. At FHB, an internal transfer between FHB accounts through FHB Online or FHB Mobile app will process in the same day if done by 10pm HST/10pm ChST1 Learn more at fhb.com/transfers
5. Simpler prep for tax season. If you have multiple interest-earning accounts, it is far easier to keep track of a single tax form from one bank for the interest earned that year. There are some exceptions but, in most cases, banks will send a tax form such as a 1099-INT that contains all the accounts you earned interest from consolidated based on your social security number.

Ultimately, it’s up to you to decide if this is how you want to manage your finances. We are always here to support and provide guidance, so feel free to schedule an appointment with us.