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Ask a Nerd: What are the Signs I need a New Bank?
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Ask an expert: What are the Signs I need an Authentic Bank?
A few key signs can let you know that it's time for you to open an account with a different bank account elsewhere.
by Ruth Sarreal Content Management Specialist Banking accounts and bank account bonuses Ruth Sarreal is a specialist in content management covering consumer banking topics at NerdWallet. She has more than a decade of experience writing and editing for consumer websites. She was previously editor of content on personal finance topics for GOBankingRates. She has had her work featured on Nasdaq, MSN, TheStreet and Yahoo Finance.
Updated on Jan 26, 2023
Written by Yuliya Goldshteyn, Assistant Assigning editor Yuliya Goldshteyn works as a banking editor for NerdWallet. She was previously an editor, a writer and a research analyst in industries ranging from medical care as well as market research. She graduated with a bachelor's degree in history from the University of California, Berkeley and a master's of social science from the University of Chicago, with an emphasis on Soviet cultural history. She lives in Portland, Oregon.
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My top emails in the past couple of months were the ones from my bank notifying me that my savings annual percentage yield has increased and that the overdraft fee has been cancelled. If you haven't gotten either of those lately, then you might want to create a new bank account with a different bank.
It's not necessary to leave your existing bank if it's beneficial to you. Being a bank nerd and a consumer in general, I find it helpful to have accounts with several different institutions: an old-fashioned bank, a credit union and one that is online.
Every account I have gives me something the other accounts do not. A traditional bank has products or services I can't get at my online bank however, my online bank pays much higher interest rates. Therefore, combining institutions can help you keep -- and make- more money.
Here are a few clear indications that you may require a change in lender, or, at a minimum .
You're paying unnecessary fees
The once uncommon phenomenon -an account that has no fees bank account with few fees has become more frequent. "There's just too much competition in both the neobanking industry and traditional banking to have to pay any charges, particularly fees for overdrafts or other fees to get the money," says Ramona Ortega, co-founder of My Money My Future, which is focused on closing the wealth gap, and provides high-quality financial advice.
There are plenty of free accounts with no hoops to jump through to avoid paying a monthly fee. There are many more , which means you should not be paying for the fees.
The APY on your savings hasn't risen in recent months
Even if you haven't been able to increase your savings contribution in the last few times (thanks, ), you should be seeing a little more money being added to your account. We've seen this in the last year as the Fed raises rates of the Federal Funds Rate, banks usually also raise their rates. If you're bank account hasn't increased your savings rate in the past year, that's an indicator of red (and an opportunity to change banks).
The average savings rate for the nation has increased from 0.06 percent at the start of 2022. The rate has now increased to 0.33% [0] Federal Deposit Insurance Corporation . . Accessed on Aug 30, 2022.
as of January 2023, according to as of January 2023, according to the Federal Deposit Insurance Corp. However, the highest interest rates are now more than 10 times higher (that's approximately 3% or up).
>> Learn more Learn more: Find out
Saves CD Management Checking Money Market
Member FDIC
SoFi Checking and Savings
APR 4.00 Per cent SoFi Members with direct deposit get up to 4.00 percent per year in annual percentage yield (APY) on savings balances (including Vaults) and 1.20 percent APY on their checking balances. No minimum amount for direct deposits needed to earn the 4.00 percent APY on savings. Direct deposit members will receive 1.20% APY on all accounts in savings and checking (including Vaults). The rates of interest are variable and subject to change at any point. These rates were last updated on 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 by Goldman Sachs Online Savings Account
APR 3.75 percent 3.75% APR (annual per cent yield) with no minimum balance to earn the stated APY. Accounts must have an open balance to stay open. APY valid as of 02/14/2023.
Min. balance required for APY $0
Member FDIC
CIT Bank Platinum Savings
APY 4.75%
Min. balance required for APY $5,000
These cash accounts combine services and features similar to checking, savings and/or investment accounts into one package. These accounts for managing cash are usually provided by non-bank financial institutions.
These cash accounts combine features and services that are similar to checking, savings or investment accounts into one package. Cash management accounts are typically offered by non-bank financial establishments.
on the website of Wealthfront.
Wealthfront Cash Account
APY 4.30%
Min. balance to APY $1
on Betterment's website
Betterment Cash Reserve - Paid non-client promotion
APY 4.20 Percentage of annual percentage yield (variable) is as of 03/27/2023.
Min. balance to APY $0
CDs (certificates of deposit) are a form of savings account that comes with an interest rate fixed and a term generally, and offer higher rates of interest than traditional savings accounts.
CDs (certificates of deposit) are a form of savings account with a fixed rate and term generally, and have higher interest rates than traditional savings accounts.
Member FDIC
Marcus is a Goldman Sachs High-Yield 10-Month CD
APY 5.05 percent 5.05 5 % APY (annual percent yield) as of 03/28/2023. Special Offer Ends 09/15/2023.
Term 10 months
CIT Bank No-Penalty CD
APY 4.80%
Term 11 months
Checking accounts can be used to deposit cash on a daily basis and for withdrawals.
Checking accounts can be used to deposit cash on a daily basis and for withdrawals.
The deposits are FDIC Insured
Current Account
APR N/A
Monthly fee of $0
Chime Checking Account
APR N/A
Monthly fee: $0
Member FDIC
Axos Bank(r) Rewards Checking
APY 3.30% The annual percentage yield could be up to 3.30 percent depending on the following combination rate-rewards Direct deposits (not including intra-bank transfers from another account) that total more than $1500 each month will earn 0.40%. A qualifying direct deposit is required to satisfy the remaining eligibility requirements for interest rates. Ten (10) point-of-sale transactions each month with your Rewards Checking Visa(r) Debit Card for ordinary purchases that have minimum $3 per transaction, or by enrolling in Account Aggregation/Personal Finance Manager (PFM) will earn 0.30 percent. Maintaining an average balance per day of at least $2,500 per month for an Axos Self-Directed Trading Invest account will earn 1.00%; maintaining an average daily balance of $2,500 a month within An Axos managed Portfolio Invest account will earn 1.00 percent; and making each month a payment towards an active Axos Consumer Bank loan (commercial or business loans excluded) via transfer from your Rewards Checking account earns the maximum amount of 0.60%.
Monthly fee of $0
The money market accounts have rates that are comparable to savings accounts, and come with some checking features.
The money market accounts have rates similar to savings accounts. They also have certain features for checking.
Member FDIC
Discover Bank Money Market Account
APY 3.50 percent
Min. balance to APY $1
The customer service of your bank isn't available enough
You should be able to get help easily for your banking issues, via an online customer support channel that you like using. Do you prefer to chat online, but your bank or credit union doesn't offer online assistance? Look for a bank that answers questions and provides timely help with social media. If the idea of tweeting the bank is something that makes you feel uncomfortable many financial institutions offer more and different options. I prefer live chat on the internet in-app messaging, or an instant phone call following work, so I make sure my bank offers the three options available, along with extended hours of customer service.
If you feel more comfortable speaking in a non-English dialect search for an institution like a credit union or bank with representatives who speak it. If you prefer speaking in Spanish such as look into a .
You'll need to get a loan
If your financial institution does not offer the loans you'll require at competitive rates, it's a great indication that you should think about opening an account at an institution like a credit union or bank that does.
Don't think you'll need a loan for a while? Do this now because it can be helpful to have an account that's in good standing with a financial institution a while if you'll eventually require a loan.
"You generally get a better rate when you have a banking relationship with this institution" Ortega says.
>> Need help deciding on a financial institution? Find out more.
A new bank account can take just some minutes, and the benefits can be huge: saved time, better earnings for your money, more accessible help -- and some security regarding your finances.
If you've noticed any of these signs and are ready to open a fresh bank account and/or move to an institution that can serve you better, find out .
Author bio Ruth Sarreal is a content management specialist at NerdWallet. She has written and edited articles on personal financial issues for more than five years.
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