The First Bank of Greenwich Offers a New Kind of Account
Article by Beth Barhydt for the Greenwich Sentinel
The First Bank of Greenwich has announced a pioneering financial product aimed at ensuring the financial wellbeing of pets: the Pet Savings Account. This innovative offering is designed to help pet owners manage and save for a variety of pet-related expenses, such as food, accessories, routine veterinary visits, and unexpected emergencies.
Pet ownership in 2024 is a significant financial commitment. For instance, dog owners can expect to spend between $1,000 to $5,225 annually on essentials, including food, health care, grooming, and toys. The cost can rise further with additional expenses such as emergency medical treatments, boarding, and pet insurance (Kiplinger.com). Similarly, owning a cat typically costs between $710 to $2,865 per year, covering expenses like food, litter, toys, and annual veterinary appointments (Y102).
These costs can quickly add up. According to ValuePenguin, Americans are projected to spend $150.6 billion on their pets in 2024, with the average household expenditure for pet ownership being around $1,733 annually (Y102).
The Pet Savings Account by The First Bank of Greenwich offers several key benefits designed to ease the financial burden of pet ownership:
Competitive Interest Rate: The account offers a competitive interest rate, ensuring that your savings grow over time.
No Monthly Fees: There are no monthly service charges if the account maintains an average daily balance of $100.00 per statement cycle. Accounts failing to meet this balance incur a $5.00 monthly service charge.
“At The First Bank of Greenwich, we understand that pets are cherished members of our families,” said Frank J. Gaudio, President and CEO of the bank. “We are excited to offer a product that caters to the financial needs of pet owners, providing peace of mind with a dedicated fund for their beloved pets.”
Interested customers can learn more about the Pet Savings Account by visiting the bank’s website and navigating to the Personal Savings page or by stopping by any branch for personalized assistance. This account is a step towards alleviating the financial pressures associated with pet care, allowing pet owners to focus more on the joy and companionship their pets bring.
The First Bank of Greenwich is pet-friendly – pets are welcome to come with you.
(Please note rate listed above was relevant at time of article publication and is NOT reflective of today’s rate. To learn current rates contact us.)