Frost Bank is adopting some Momentum against the Mint.com phenomenon to provide consumers with free, online personal financial management tools. San Antonio’s Frost Bank is the latest institution to go live with a PFM lite tool for online customers. The bank’s new Frost Momentum, high-yield account combines online banking with spending and savings management, allowing customers to map out savings plans and track their budgets.
To further entice enrollment, Frost added a debit rewards component to the account – customers can boost the basis points on their savings rate by using the debit card (0.25 percent for 50 debit transactions). It comes just two weeks after PNC Bank introduced its Virtual Wallet service. Both of these accounts can be opened online, via an Andera-powered account-opening system.