More favorable loan rates
The more savings and checking accounts you have at one bank, the more likely you are to be a profitable customer, Meyer says. While this benefits the bank, customers can use it to their advantage when negotiating certain perks such as favorable loan rates, he says.
"Many branch managers are judged on their office's profitability, and losing a big customer could be the difference between showing profit for a branch and not," he says.
For example, if you're a big customer and you're refinancing your mortgage, the bank manager could probably beat any competitor's quote just to keep you, Meyer says.
Even if you're not the bank's biggest customer, Reshen-Doty says having consolidated accounts gives the institution access to a history of your financial transactions.
"Sometimes you can get preferred rates from that banking institution because they've been able to see your good spending habits," she says.