Few things in life require the diplomatic skills needed to talk to parents about their money. After all, these are the people who changed your diapers and know if you're still afraid of the dark. How well will they take financial advice from you—especially if it requires switching from how they've always done things to online banking and online savings accounts?
The 40/70 Rule for Bringing up Online Savings Accounts With Your Parents.
It might help to bring up something aging experts call the "40/70 rule" which essentially says that once your parents turn 70 and you turn 40, there are many compelling reasons to start talking more often about money and perhaps, to start thinking about online savings as a smart option for your shared futures.
But, whatever you do, go gently. The 40/70 approach is an abstract idea, experts say—a way to begin a discussion that won't sound like, "Gee, Dad, you seem to be losing your fastball. How about letting me pry into your checking account?" Online banking, online savings accounts and online bill paying are valuable cross-generational financial management tools. And, they're getting more and more popular.
Proceed With Caution and Care.
So how can you convince your mom and dad that online savings accounts are safe, convenient, and easy? Start out slowly and carefully; perhaps show them your own statements and accounts and demonstrate how easy they are to navigate. Be understanding and listen to their concerns so that you know how to address them. Are they concerned about security? Walk your parents through the security setup on your own accounts, explaining how they can protect themselves and maintain their privacy. You could even share information from our Ally Bank Online Banking Security Center. Are they concerned about convenience? Remind them they can bank on their own time, from their own home. And make certain they understand how some online savings accounts, including the one offered by Ally Bank, don't require them to use a computer at all if they'd rather not. At Ally Bank, you and your parents can call on customer service associates 24 hours a day, 7 days a week, who can answer any questions they have.
Ally Bank Can Help.
Ally Bank offers some of the most competitive rates in the country, according to MyBankTracker, and that’s something people of every age can appreciate. You can open and fund an account with any amount and we charge no monthly maintenance fees. Learn more and get started at Allybank.com or call live, 24/7 customer care at 877-247-ALLY (2559) today.