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Ask a Nerd: What are the Signs I need an a new bank?
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Ask an expert: What are the Signs that I'm in need of an Authentic Bank?
A few indicators will tell you when it's time to create a new bank account elsewhere.
By Ruth Sarreal Content Management Specialist Bank accounts, bank account bonuses Ruth Sarreal is a specialist in content management covering consumer banking topics at NerdWallet. She has over 10 years of experience in writing and editing content for consumer websites. She was previously editor of content on personal finance topics at GOBankingRates. Her work has been highlighted on Nasdaq, MSN, TheStreet and Yahoo Finance.
Updated January 26 2023
Written by Yuliya Goldshteyn Assistant Assigning Editor Yuliya Goldshteyn works as a banking editor with NerdWallet. She previously worked as an editor, researcher and writer across a range of industries from healthcare as well as market research. She earned a bachelor's degree in the field of history at the University of California, Berkeley as well as a master's degree in social sciences from the University of Chicago, with a focus on Soviet culture and history. She lives within Portland, Oregon.
A majority of the products featured here come from our partners, who pay us. This impacts the types of products we write about as well as the place and way the product is displayed on the page. However, this does not influence our evaluations. Our opinions are entirely our own. Here's a list and .
Find savings accounts that fit your financial goals
Answer a few simple questions to determine which accounts will meet your requirements.
My favorite emails in the past few months have been the ones from my bank letting me know that my savings' annual percentage yield has gone up and that overdraft fees have been cancelled. If you've not received either of these lately, it might be time to create an account with a different bank account with a different bank.
It's not necessary to leave your current bank if it's useful to you. Being a bank nerd as well as a general consumer I find it useful to have accounts at a variety of different institutions: a traditional bank, a credit union and one that is online.
Each account gives me something I do not. A traditional bank offers some services or products that I cannot find at my online bank and my online bank offers greater interest. Therefore, combining institutions can help you save and even earn more money.
Here are a few obvious indications that you may need to choose a new banking institution, at a minimum .
You're paying unnecessary fees
What used to be a uncommon phenomenon -an account that has no fees bank account with few fees is now becoming more common. "There's just too much competition in the neobanking market and traditional banking today to have to pay any fees , especially overdraft fees or fees just to get the money," says Ramona Ortega the founder of My Money My Future, which is focused on closing the wealth gap and offering high-quality financial advice.
There are many free accounts that don't have any hurdles to climb to get rid of a monthly charge. There are many more , so you definitely should not be paying for the fees.
The APY on your savings hasn't risen lately
Even if you haven't been able to increase your savings contribution in recent times (thanks, ), you ought to be seeing more money deposited into your account. In the past year when the government increases in the rate of federal funding, banks usually also raise their rates. If you're bank account hasn't increased your savings interest rate this year, it's an indication of red flags (and an opportunity to switch banks).
The national average savings rate has been increased from 0.06% at the beginning of 2022 to 0.33% [0] Federal Deposit Insurance Corporation . . Accessed Aug 30, 2022.
in January 2023 as per in January of 2023 according to Federal Deposit Insurance Corp., but the best rates of interest are currently more than 10 times higher (that's around 3% and upwards).
Learn more about: Find out
Savings Cash Management CD Checking Money Market
Member FDIC
SoFi Checking and Savings
APR 4.00 Per cent SoFi Members who make direct deposit get up to 4.00 percent annually-percentage yield (APY) on savings balances (including Vaults) and 1.20 percent APY on their checking balances. The minimum amount of direct deposit required to qualify for the 4.00% APY for savings. Customers who do not deposit direct deposits will receive 1.20% APY on all account balances , including savings and checking accounts (including Vaults). The rates of interest are variable and can change at any time. The rates shown are current as of 03/17/2023. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet
Min. balance to APY $0
Member FDIC
Marcus from Goldman Sachs Online Savings Account
APR 3.75 percentage 3.75% APY (annual percentage yield) with no minimum balance to earn stated APY. Accounts must have an active balance in order to remain open. APY valid as of 02/14/2023.
Min. balance for APY $0
Member FDIC
CIT Bank Platinum Savings
APY 4.75 percent
Min. balance for APY $5,000
They combine the services and features similar to checking, savings and/or investment accounts into one package. The cash management account is usually provided by non-bank financial institutions.
The cash accounts offer features and services that are that are similar to checking, savings and/or investment accounts into one account. The cash management account is generally provided by non-bank financial institutions.
on Wealthfront's website
Wealthfront Cash Account
APY 4.30%
Min. balance to APY $1
on the Betterment's website.
Betterment Cash Reserve - Paid non-client promotion
APY 4.20 percent Annual percentage yield (variable) is as of 03/27/2023.
Min. balance for APY $0
CDs (certificates of deposit) are a form of savings account with the option of a fixed rate and time generally, and offer higher rates of interest than traditional savings accounts.
CDs (certificates of deposit) are a form of savings account that has an interest rate fixed and a term typically, they have higher interest rates than traditional savings accounts.
Member FDIC
Marcus from Goldman Sachs High-Yield 10-Month CD
APY 5.05 percent 5.05% APY (annual percentage yield) as of 03/28/2023. Special Offer Expires 09/15/2023.
Ten months of term
CIT Bank No-Penalty CD
APY 4.80%
Term 11 months
Checking accounts are utilized for day-to-day cash deposits and withdrawals.
Checking accounts are used to deposit cash on a daily basis and for withdrawals.
They are FDIC Insured
Current Account
APY N/A
Monthly fee: $0
Chime Checking Account
APR N/A
Monthly fee of $0
Member FDIC
Axos Bank(r) Rewards Checking
APY 3.30 percent. Your annual percentage yield can be as high as 3.30 percent based on the following combined rate-rewards Direct deposits (not including intra-bank transfers from another account) that total more than $1500 every month earn 0.40 percent. A qualifying direct deposit is required for the other rates to be eligible. Ten (10) transactions at the point of sale per month using Your Rewards Visa(r) Debit Card to make regular purchases, with at least $3 for each transaction, or registering for Account Aggregation/Personal Financial Manager (PFM) will earn 0.30 percent. Maintaining an average daily balance of $2,500 per month within Axos Managed Portfolio Invest account will earn 1.00%. Axos Self Directed Trading Invest account will earn 1.00 percent; and maintaining an average daily balance of at least $2,500 a month for an Axos managed Portfolio Invest account will earn 1.00 percent. Likewise, making payments monthly towards an active Axos Consumer Bank loan (commercial as well as business loans exempted) by the Rewards Checking Account earns the maximum amount of 0.60%.
Monthly fee $0
The money market accounts have rates that are similar to savings accounts and have certain features for checking.
Market accounts for money pay interest rates similar to savings accounts and have some checking features.
Member FDIC
Bank Money Market Account - Discover Bank Money Market Account
APY 3.50%
Min. balance to APY $1
Customer service at your bank isn't available enough
You ought to be able to seek help easily for your banking issues, via an online customer support channel that you like using. Are you looking to connect online but your credit union or bank does not provide online assistance? Look for a bank that can answer your questions and provide prompt assistance with social media. If the idea of sending a tweet to an institution makes you cringe there are plenty of financial institutions that provide more options and alternatives. I prefer live online chat in-app messaging, or the convenience of a phone call at the end of work and I always make sure my bank offers all three options, plus extended customer service hours.
If you prefer speaking in a non-English language look around for an institution like a credit union or bank that has representatives who speak the. If you prefer to communicate in Spanish, for example you might want to consider a .
You'll need a loan
If your bank or credit union doesn't offer the loans you'll need at competitive rates, it's a great sign that you should consider opening an account with an institution like a credit union or bank which does.
Are you sure you'll not require a loan for a while? Take this step now anyway since it's helpful to keep your account that's in good standing with a bank for some time if you'll require a loan.
"You generally receive a better rate when you have a banking connection with this institution" Ortega says.
>> Need help deciding on a financial institution? Find out more.
The process of opening a account with a new bank account can take just one minute and the rewards can be huge: saved time, higher returns on your money, easier access to help , and assurance in regards to your finances.
If you've seen any of these signs and are looking to open a account, or open a bank account and/or move to one that will serve you best, you should find out .
The author's bio: Ruth Sarreal is a content management specialist at NerdWallet. She has written and edited content on personal financial topics for over five years.
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