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Ask a Nerd: What Are the Signs that I'm in need of a New Bank?
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(image: http://www.finsmes.com/wp-content/uploads/2018/04/debt-768x512.jpg)Ask a Nerd: What Are the Signs that I'm in need of a New Bank?
A few indicators will indicate that it's time for you to start an account with a different bank account elsewhere.
Written by Ruth Sarreal Content Management Specialist Banking accounts and bank account bonuses Ruth Sarreal is a specialist in content management covering banking for consumers at NerdWallet. She has over 10 years of experience in creating and editing content for websites for consumers. She previously edited content on personal finance topics at GOBankingRates. The work she has written for her was featured on Nasdaq, MSN, TheStreet and Yahoo Finance.
Updated on Jan 26 2023
Edited by Yuliya Goldshteyn, Assistant Assigning Bank Yuliya Goldshteyn is a bank editor at NerdWallet. She has previously worked as an editor, writer and a research analyst across a range of industries from medical care as well as market research. She received a bachelor's diploma in the field of history at the University of California, Berkeley and a master's degree in social sciences from the University of Chicago, with an emphasis on Soviet culture and history. She lives at Portland, Oregon.
Many or all of the products featured here are provided by our partners who compensate us. This influences which products we feature as well as the place and way the product is displayed on the page. However, this doesn't affect our opinions. Our opinions are our own. Here's a list and .
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My favorite emails in the last few months were ones from my bank, letting me know that my savings' annual percent yield has increased and that fees for overdrafts have been canceled. If you've not received any of those lately, then it's time to open a new bank account with a different bank.
There's no need to quit your current bank if it's useful to you. Being a bank nerd as well as a general consumer I find it beneficial to have accounts at a variety of different institutions, including the traditional bank as well as a credit union, and the online banking institution.
Each account offers me something that the others do not. A traditional bank has items or services that I don't access at my bank online, while my online bank pays much higher interest rates. Therefore, combining institutions will help you to keep -- and make more money.
Here are some clear indications that you may have to consider a new bank, or at least .
You're paying unnecessary fees
What used to be a rare thing -- a bank account with few fees has become more and more common. "There's an overwhelming amount of competition in the neobanking market and in traditional banking nowadays to have to pay any fees -- particularly overdraft fees or fees just to get the accounts," says Ramona Ortega, co-founder of My Money My Future, that focuses on closing the wealth gap, and provides high-quality financial advice.
There are plenty of fee-free accounts available without any hoops to jump through to get rid of a monthly charge. There are many more , which means you shouldn't have to pay those.
Your savings APY hasn't increased recently
Even if you haven't been able to increase your savings contribution in recent time (thanks, ), you ought to be seeing more money being added to your account. As we've seen in the last year when the government increases rates of the Federal Funds Rate, banks typically also increase their rates. In the event that your bank account hasn't increased your savings interest rate this year, that's a red flag (and a green light to switch banks).
The average savings rate for the nation has been increased from 0.06 percent at the start of 2022. The rate has now increased to 0.33% [0] Federal Deposit Insurance Corporation . . Accessed August 30, 2022.
as of January 2023, as per in January of 2023 according to Federal Deposit Insurance Corp., but the best interest rates are now more than 10 times the rate (that's about 3% and upwards).
>> Read more: Find out
Saves CD Management Checking Money Market
Member FDIC
SoFi Savings and Checking
APY 4.00 percent SoFi customers with direct deposit are eligible to earn up to 4.00 percent annual percentage yield (APY) on savings balances (including Vaults) and 1.20 percent APY on their checking balances. The minimum amount of direct deposit needed to earn the 4.00 percent APY for savings. Direct deposit members will receive 1.20% APY on all account balances , including checking and savings (including vaults). Rates of interest are subject to change and may change at any point. The rates shown were last updated on 03/17/2023. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet
Min. balance required for APY $0
Member FDIC
Marcus from Goldman Sachs Online Savings Account
APR 3.75 percentage 3.75% Annual percentage yield (annual percent yield) with no minimum balance to earn the stated APY. Accounts must be in an active balance in order to remain open. APY valid as of 02/14/2023.
Min. balance required for APY $0
Member FDIC
CIT Bank Platinum Savings
APY 4.75 percent
Min. balance to APY $5,000
They combine the features and services similar to checking, savings and/or investment accounts in one package. These accounts for managing cash are generally offered by non-bank financial institutions.
The cash accounts offer features and services similar to checking, savings or investment accounts into one product. Cash management accounts are typically offered by non-bank financial establishments.
on the website of Wealthfront.
Wealthfront Cash Account
APY 4.30%
Min. balance required for APY $1
on the Betterment website.
Betterment Cash Reserve - Paid non-client promotion
APY 4.20 percent Annual percentage yield (variable) is as of 03/27/2023.
Min. balance required for APY $0
CDs (certificates of deposit) are a type of savings account that has an interest rate fixed and a term typically, they have higher interest rates than standard savings accounts.
CDs (certificates of deposit) are a form of savings account with a fixed rate and term generally, and offer higher rates of interest than traditional savings accounts.
Member FDIC
Marcus from Goldman Sachs High-Yield 10-Month CD
APY 5.05% 5.05% APY (annual percentage yield) as on 03/28/2023. Special Offer Ends 09/15/2023.
Ten months of term
CIT Bank CD with no penalty
APY 4.80%
Term : 11 months
Checking accounts can be used for day-to-day cash deposits and withdrawals.
Checking accounts are used to deposit cash on a daily basis and for withdrawals.
Deposits are FDIC Insured
Current Account
APR N/A
Monthly fee $0
Chime Checking Account
APR N/A
Monthly fee $0
Member FDIC
Axos Bank(r) Rewards Checking
APY 3.30 percent Your annual percentage yield can be as high as 3.30 percent according to the following rate of rewards: direct deposits (not including transfers between banks from another account) totaling $1,500 or more every month earn 0.40 percent. A direct deposit that qualifies as a direct deposit is required for the remaining eligibility requirements for interest rates. Ten (10) points of sale transactions per month using your Rewards Checking Visa(r) debit card to make regular purchases, with minimum $3 per transaction, or by enrolling in Account Aggregation/Personal Financial Manager (PFM) will earn 0.30%; maintaining an average balance per day of at least $2,500 within an Axos self-directed trading Invest account will earn 1.00%; maintaining the average balance per day of at least $2,500 for An Axos managed Portfolio Invest account will earn 1.00%; and making payments monthly to an open Axos Bank consumer loan (commercial and business loans exempted) by the Rewards Checking Account earns the maximum amount of 0.60%.
Monthly fee of $0
Market accounts for money pay interest rates that are similar to savings accounts and have some checking features.
Market accounts for money pay interest rates that are similar to savings accounts. They also have certain features for checking.
Member FDIC
Bank Money Market Account - Discover Bank Money Market Account
APY 3.50%
Min. balance required for APY $1
Your bank's customer service isn't accessible enough
You ought to be able to seek help easily for your banking woes, through the customer service channels you prefer using. Do you prefer to chat online, but your credit union or bank doesn't offer online assistance? Choose a bank which answers questions and provides timely help over social media. If the thought of tweeting a bank makes you cringe many financial institutions provide more options and alternatives. I prefer live chat on the internet, in-app messaging or an instant phone call following work, so I make sure my bank has all three options, as well as extended hours of customer service.
If you prefer speaking a language other than English look around for a bank or credit union where representatives speak it. If you prefer to speak in Spanish such as you might want to consider an .
You'll need an loan
If your financial institution doesn't offer the loans that you require at reasonable rates, it's a positive sign that you should consider opening an account at the credit union or bank that does.
Are you sure you'll not need a loan for a while? Take this step now anyway as it's beneficial to have an account that is in satisfactory standing with your financial institution a while if you'll eventually require a loan.
"You generally receive a better rate when you have a banking connection at the institution," Ortega says.
>> Need help deciding on a financial institution? Find out more.
A account with a new bank account can take just some minutes, and the benefits could be priceless: saved time, better profits for your money, better accessibility to help -- and some security when it comes to your financial situation.
If you've noticed any of these indicators and are looking to open a fresh bank account and/or move to one that will serve you better, find out .
The author's bio: Ruth Sarreal is a content management specialist at NerdWallet. She has edited and written articles on personal finance topics for more than five years.
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