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Ask a Nerd: What are the Signs That I Need a New Bank? Advertiser disclosure You’re our first priority. Every time. We believe that everyone should be able make financial decisions with confidence. Although our site does not include every company or financial product that is available in the marketplace, we’re proud of the advice we offer, the information we provide and the tools we create are objective, independent easy to use and cost-free. So how do we earn money? Our partners compensate us. This may influence which products we review and write about (and the way they appear on the website) however it in no way affects our suggestions or recommendations, which are grounded in many hours of research. Our partners cannot pay us to guarantee favorable ratings of their goods or services. . Ask a Nerd: What Are the Signs I’m in need of an Account with a Different Bank? Some of the indicators will let you know when it’s time to open a new account elsewhere. by Ruth Sarreal Content Management Specialist Bank accounts bonus bank accounts Ruth Sarreal is a content manager who covers banking for consumers issues at NerdWallet. She has more than 10 years of experience in creating and editing content for consumer websites. She has previously edited articles on personal finance topics at GOBankingRates. She has had her work highlighted on Nasdaq, MSN, TheStreet and Yahoo Finance. Jan 26, 2023 Edited by Yuliya Goldshteyn Assistant Assigning Bank Yuliya Goldshteyn is a banking editor at NerdWallet. She previously worked as editor, writer, and research analyst in a variety of industries, ranging from health care and market research. She earned a bachelor’s degree in history from Berkeley at the University of California, Berkeley as well as a master’s degree in sociology from the University of Chicago. You can reach her by email at

. A majority or all of the products we feature are made by our partners, who pay us. This influences which products we feature and the location and manner in which the product appears on a page. However, this does not affect our opinions. Our opinions are our own. Here’s a list and . My most favorite emails over the last couple of months have been the ones from my bank, letting me know my saving percentage yield has gone up and that the overdraft fee has been canceled. If you’ve not received any of those lately, then it’s time to establish a new account with a different institution. There’s no need to change your current bank if it’s useful to you. As a banker as well as a consumer of all sorts I find it useful to have accounts with several different institutions: a traditional bank, a credit union along with an internet-based bank. Each one of them gives me something the other do not. Traditional banks offer products or services that I cannot find at my online bank, while my online bank pays much higher interest rates. Therefore, combining institutions can help you keep — and earn – more money. Here are a few obvious signs that suggest you require a change of banking institution or, at least . There are excessive fees to pay The once rare phenomenon which was having a bank account that is free of fees is now more common. “There’s an overwhelming amount of competition in both the neobanking market and traditional banking to have to pay any fees , especially overdraft fees or fees just to have the accounts,” says Ramona Ortega the founder of My Money My Future, which focuses on closing the wealth gap between racial groups and providing quality financial guidance. There are plenty of accounts that are fee-free available without any hoops to go through to avoid a monthly fee. And more and more are available, which means you should not be paying these. The savings APY hasn’t risen recently Even if you haven’t been able to boost your savings contributions in recent times (thanks, ), you should be seeing a little more money added to your account. In the past when the government increases rates of the Federal Funds Rate, banks usually also increase their rates. If your bank account hasn’t raised your savings rate in the past year, it’s a red flag (and an opportunity to change banks). The average national savings rate has increased from 0.06 percent at the start of 2022. 0.33 percent. Federal Deposit Insurance Corporation . . As of August 30th, 2022. in January 2023, according the Federal Deposit Insurance Corp., but the best interest rates are now over 10 times the rate (that’s around 3% and up). >> Learn more Learn more: Discover Savings Cash Management CD Checking Money Market Member FDIC SoFi Checking and Savings APY 3.75% SoFi members who have direct deposit may get up to 3.75% annual percentage yield (APY) in savings account balances (including vaults) and 2.50 percent APY on their checking balances. There is no minimum direct deposit amount needed to earn the 3.75 percent APY on savings, and 2.50% APY for checking balances. Customers who do not deposit direct deposits will receive 1.20 percent APY on all account balances, including savings and checking (including vaults). Interest rates are variable and may change at any time. The rates listed are current as of 01/04/2023. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet Min. balance for APY Member $0 FDIC Marcus by Goldman Sachs Online Savings Account APR 3.50 percent 3.50% Annual Percentage Yield (annual per cent yield) with a balance of zero to earn stated APY. Accounts must have a positive balance in order to be open. APY valid as of 02/07/2023. Min. balance for APY Cash accounts are $0 and provide a range of services and features similar to savings, checking and/or investment accounts in one. These accounts for managing cash are generally offered by non-bank financial establishments. These cash accounts combine features and services that are similar to savings, checking or investment accounts into one package. Cash management accounts are typically offered by non-bank financial institutions. on the Wealthfront website. Wealthfront Cash Accounts APY 4.05% Min. Balance of APY $1 on the Betterment website. Betterment Cash Reserve Paid non-client promotion APY 4.00 Percent Annual percent return (variable) is at 02/06/2023. Min. amount of balance required of $0 for APY zero CDs (certificates of deposit) are a type of savings account that has fixed rates and terms typically, they have higher interest rates than regular savings accounts. CDs (certificates of deposit) are a type of savings account that comes with fixed rates and terms which usually come with more interest rates than regular savings accounts. CIT Bank CD APY 4.60% 1.5% Term 1.5 years Members FDIC Marcus by Goldman Sachs High-Yield CD APY 4.40 percent 4.40% The APY (annual percent yield) as of 01/25/2023 . 1-year Checking account are utilized for day-to-day cash deposits and withdrawals. Checking accounts are utilized for day-to-day cash deposits and withdrawals. Member FDIC SoFi Checking and Savings APY 2.50 Members of SoFi with direct deposit can receive up 3.75 per cent per year in annual percentage returns (APY) for savings accounts (including vaults) and 2.50% APY on checking balances. The minimum amount of direct deposit required to qualify for the 3.75% APY for savings and 2.50% APY for checking balances. Customers who do not deposit direct deposits will receive 1.20% APY on all account balances of savings and checking (including vaults). Interest rates are variable and can change at any time. The rates listed are current at 01/04/2023. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet Monthly fee $0 Upgrade Rewards Checking APY N/A Monthly fee $0 Deposits are FDIC Insured Current Account APY N/A Monthly fee $0 Deposits are FDIC Insured Chime Checking Account APY N/A Monthly fee $0 Member FDIC Axos Bank(r) Rewards Checking APY 1.25% Receive monthly direct deposits totaling $1,500 or more to earn 0.40% APY. Make use of your Axos Visa(r) Credit Card to make a maximum of 10 transactions per calendar month (min 3 cents per transaction) or sign up for Account Aggregation/Personal Financial Manager (PFM) through Online Banking to earn 0.30% annual percentage. Maintain an average daily balance of $2,500 per month within An Axos managed Portfolios Investment Account in order to receive 0.20% annual percentage yield. Maintain a daily average balance of $2,500 in an Axos Self-Directed Trading Invest Account for 0.20% APY. Utilize the Rewards checking account to pay your entire monthly Axos Consumer loan payment to earn 0.15% annual percentage yield. Monthly fee: $0. Market accounts earn rates that are similar to savings accounts, and come with certain checking features. Market accounts earn rates that are similar to savings accounts and have some checking features. FDIC UFB Best Money Market Member FDIC UFB’s Best Money Market APR 4.21 Percentage Min. balance for APY $0 FDIC Discover Bank Money Market Account APY 3.20% Min. amount for APY $1 The bank’s customer service isn’t as accessible. You should be able to get assistance quickly for problems with your bank account, using the customer service channels you prefer using. Do you prefer to chat online, but your credit union or bank doesn’t offer online support? Look for a bank that answers questions and provides timely assistance with social media. Or, if the idea of sending a tweet to a bank makes you cringe, plenty of financial institutions provide a variety of options. I prefer live online chat, in-app messaging, or a simple phone call during my lunch break So, I ensure my bank has the three options available, along with extended hours of customer service. If you feel more at ease speaking a non-English language, shop around to find a credit union or bank whose employees speak it. If you prefer to speak in Spanish, for example, consider an . You’ll require a loan If your financial institution doesn’t offer the loans you’ll require at reasonable rates, that’s a good reason to consider opening an account at an institution like a credit union or bank that does. Are you unsure if you’ll require an loan for a while? Take this step now anyway because it can be helpful to maintain an account in excellent standing at a bank for a while if you’ll have to eventually require a loan. “You generally receive a lower rate when you have a bank relationship at this institution” Ortega says. >> Need help deciding on a financial institution? Learn How to open a bank account can take just one minute and the benefits could be priceless: saved time, better earnings for your money, better accessibility to help — and some security when it comes to your financial situation. If you’ve observed one of these indicators and you’re ready to open a new bank account and/or move to an institution that serves you better, you should research . Author bio Ruth Sarreal is a content management specialist at NerdWallet. She has been writing and editing content about personal finance topics for over five years. On a similar note… Discover an improved savings account. See NerdWallet’s picks for the best high-yielding savings accounts online. Dive even deeper in Banking Get more smart money moves delivered straight to your inbox. Sign-up and we’ll send you Nerdy articles about the money topics that matter most to you along with other ways to get more out of your money.

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