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Ask a Nerd: What Are the Signs that I'm in need of a New Bank?
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Ask a Nerd: What Are the Signs that I'm in need of A New Bank?
A few indicators will let you know if it's time to open an entirely new bank account elsewhere.
By Ruth Sarreal Content Management Specialist bank accounts, bank account bonuses Ruth Sarreal is a specialist in the field of content management, covering consumer banking topics at NerdWallet. She has more than a decade of experience writing and editing content for consumer websites. She previously edited the content for personal finance issues at GOBankingRates. The work she has written for her was highlighted in Nasdaq, MSN, TheStreet and Yahoo Finance.
Updated Jan 26, 2023
Written by Yuliya Goldshteyn, Assistant Assigning Bank Yuliya Goldshteyn works as a banking editor at NerdWallet. She was previously an editor, researcher, and a writer across a range of industries from medical care to market research. She received a bachelor's diploma in history from the University of California, Berkeley and a master's degree in social sciences from the University of Chicago, with the focus on Soviet culture and history. She is located at Portland, Oregon.
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My favorite 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 fees for overdrafts have been eliminated. If you haven't gotten either of those lately, then you might want to create an account with a different bank account with a different bank.
You don't have to abandon your existing bank if it's beneficial to you. As both a banking nerd and a consumer in general, I find it beneficial to have accounts at a variety of different institutions like an old-fashioned bank, a credit union and the online banking institution.
Each account offers me something I do not. A traditional bank offers some services or products that I cannot access at my bank online and my online bank offers greater interest. Thus, using a combination of institutions can help you save and even earn more money.
Here are a few obvious indicators that suggest you need to choose a new bank, or at least .
You're paying for unnecessary charges
The once rare thing -an account that has no fees bank account with few fees is now becoming more and more common. "There's an overwhelming amount of competition in the neobanking space and even in traditional banking nowadays to pay any charges, particularly fees for overdrafts or other fees to open a bank accounts," says Ramona Ortega the founder of My Money My Future, which is focused on closing the wealth gap and providing quality financial advice.
There are plenty of fee-free accounts available without any obstacles to follow to waive a monthly fee. There are many more , which means you should not be paying for these fees.
Your savings APY hasn't increased recently
If you've not been successful in increasing your savings account contributions over the past few months (thanks, ), you should be seeing a little more money added to your account. We've seen this 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 indication that you should change banks).
The national average savings rate has grown from 0.06 percent at the beginning of 2022 to 0.33% [0] Federal Deposit Insurance Corporation . . Accessed August 30, 2022.
at the time of January 2023 according to as of January 2023, according to the Federal Deposit Insurance Corp., but the best rates of interest are currently more than 10 times higher (that's around 3% and upwards).
>> Read more Learn more about
Saves CD Management Checking Money Market
Member FDIC
SoFi Checking and Savings
APY 4.00% SoFi members who have direct deposit can get up to 4.00 per cent annual percentage yield (APY) on savings balances (including Vaults) and 1.20 percent APY on checking balances. There is no minimum direct deposit amount needed to earn the 4.00% APY for savings. Members without direct deposit will receive 1.20 percent APY on their total account balances , including savings and checking (including vaults). The rates of interest are variable and subject to change at any time. These rates 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
APY 3.75 percentage 3.75% APY (annual per cent yield) with a minimum balance of $0 to earn stated APY. Accounts must be in an open balance to stay open. APY current as of 02/14/2023.
Min. balance required for APY $0
Member FDIC
CIT Bank Platinum Savings
APY 4.75%
Min. balance for APY $5,000
They combine the features and services similar to savings, checking and/or investment accounts into one account. The cash management account is generally provided by non-bank financial institutions.
These cash accounts combine features and services that are similar to checking, savings and/or investment accounts into one product. The cash management account is usually offered by non-bank financial institutions.
on Wealthfront's website
Wealthfront Cash Account
APY 4.30%
Min. balance required for APY $1
on the Betterment's website.
Betterment Cash Reserve - Paid non-client promotion
APY 4.20% Annual percent yield (variable) is at 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 typically, they have higher interest rates than standard savings accounts.
CDs (certificates of deposit) are a kind of savings account that has an interest rate fixed and a term typically, they have higher interest rates than standard savings accounts.
Member FDIC
Marcus from Goldman Sachs High-Yield 10-Month CD
APY 5.05% 5.05 5 % APY (annual percent yield) as on 03/28/2023. Special Offer Ends 09/15/2023.
Term 10 months
CIT Bank CD with no penalty
APY 4.80 percent
The term is 11 months
Checking accounts can be used for cash deposits on a regular basis as well as withdrawals.
Checking accounts are used for cash deposits on a regular basis as well as 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% Your annual percentage yield may be as high as 3.30 percent based on the following combined rate of rewards Direct deposits (not including transfers between banks from another account) with a total of $1,500 or more every month earn 0.40 percent. A qualifying direct deposit is required for the other eligibility requirements for interest rates. Ten (10) point-of-sale transactions per month using Your Rewards Visa(r) debit card to make regular purchases, with a minimum of $3 per transaction, or registering for Account Aggregation/Personal Finance Manager (PFM) will earn 0.30 percent. Maintaining an annual average of $2,500 per month in the Axos Self Directed Trading Invest account will earn 1.00%. Maintaining the average balance per day of at least $2,500 per month within the Axos Managed Portfolio Invest account will earn 1.00 percent; and making payments monthly for an existing Axos bank consumer loan (commercial and business loans exempted) via transfer from your Rewards Checking account will earn up to 0.60 percent.
Monthly fee: $0
Market accounts for money pay interest rates that are comparable to savings accounts, and come with certain checking features.
The money market accounts have rates similar to savings accounts. They also have certain features for checking.
Member FDIC
The Discover Bank Money Market Account
APY 3.50 percent
Min. balance for APY $1
The customer service of your bank isn't accessible enough
You should be able to get help easily for your financial issues through a customer service channel you prefer using. Are you looking to connect online but your credit union or bank does not provide online support? Find a bank that can answer your questions and provide prompt help with social media. Or, if the idea of sending a tweet to the bank is something that makes you feel uncomfortable, plenty of financial institutions provide a variety of options. I prefer live online chat as well as in-app messaging. I also like an instant phone call following work So, I ensure my bank has all three options, plus extended hours of customer service.
If you prefer speaking in a non-English dialect search for the nearest credit union or bank that has representatives who speak the. If you prefer to speak in Spanish such as, consider the possibility of a .
You'll need an loan
If your financial institution doesn't offer the loans you'll need at competitive rates, it's a positive reason to consider opening an account with the credit union or bank which does.
Are you sure you'll not require an loan for a few months? Do this now because it can be helpful to have an account that is in excellent standing at a bank for an extended period of time should you eventually need to borrow money.
"You generally get a better rate if you have a bank relationship with an institution" Ortega says.
>> Need help deciding on a financial institution? Find out more.
A fresh bank account can take just one minute and the rewards can be huge: saved time, better earnings for your money, easier access to help -- and some peace of mind regarding your financial situation.
If you've noticed any of these signs and you're ready to open a account, or open a bank account and/or move to an institution that serves you best, you should find out .
The author's bio: Ruth Sarreal is a content management specialist at NerdWallet. She has edited and written content on personal finance topics for more than five years.
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