In a world of big business and banking that only seems to be getting larger, it can be easy to forget about the little guys. While a large bank can certainly seem alluring with offered services like online banking, mobile apps, and easy accessibility, most of their smaller, local counterparts actually offer these same services, and much more. While we at Andover are certainly biased, here are four good reasons that a small, community bank may be exactly the thing you need to help you with all your financial needs. 

Personal Service

While a smaller bank is undoubtedly working with a smaller staff than your J.P. Morgans or Citibanks, a small, dedicated staff can actually work to your benefit. Working with fewer people helps to put a human face on the organization that handles your finances; instead of having your needs buried in the bureaucracy of a larger institution, you can take comfort in knowing that your financial needs are being met by capable individuals that you know and can call by name. 

For business loans, a larger bank may deny your request outright, whereas with a community bank and their insight on local comings and goings, you are working with people who have a more accurate picture of local business, which might make the difference in being approved. 

Community Involvement 

Working with an institution within your own community can be a rewarding experience in itself. Many folks find a sense of satisfaction working within their own city or town. Keeping your money with a trustworthy community-based bank can give you peace of mind, especially when you see that institution make smart investments that benefit the community in turn.

Competitive Fees and Rates 

According to Money-Rates.com, 43 percent of small banks’ checking accounts have no monthly maintenance fee, compared to a mere 25 percent at larger banks. Nearly all smaller banks also offer free checking accounts - the account  grabs most people’s attention the most. Some offer free checking as a standard, while others will provide it if you agree to receive electronic statements. Smaller banks are also able to be incredibly competitive with attractive rates on saving accounts and loans. You might find higher savings rates at an online bank, but many community banks will offer comparable relationship pricing. Plus, there’s nothing keeping you from opening multiple accounts (online and local). 

Stability and Dependability 

It’s no secret that larger financial institutions, while the right move for some, can be prone to scandal from time to time. While these large banks do have new rules and face more scrutiny, many institutions are still paying off large fines for breaking regulations and are, generally, faced with less accountability to their customers. Working and banking with a local institution can give you the assurance that larger banks simply cannot. Local institutions are seldom subject to scandal and are therefore more stable. 

In the words of Craig Cumberworth, SVP of Retail Banking at Andover Bank, “We like to think of ourselves as not just another bank but as a financial institution that takes great pride in working for our community. As a community bank, we ensure that our customers have their needs met by focusing our efforts on supporting the individuals, families and businesses in our region.” 

With a community bank like Andover, you can rest easy knowing that your finances are in the capable hands of people you know, trust, and may even bump into on the street.