If you find yourself unhappy with your current bank, you may be looking to move across to a different bank. This could result from rising interest rates, lower fees with the other bank, or better perks associated with the other bank.
You will need to consider many things before you break up with your bank to avoid any surprises or repercussions.
The terms and conditions of opening and maintaining a bank account may contain additional information about whether or not there will be any fees involved in leaving and closing the account with your current bank accounts. These can vary across banks, and should be carefully reviewed according to what you are hoping to achieve.
Think of your bank as a product, and consider whether or not it is currently meeting your needs. Compare the fee rates between your current and prospective banks, and ensure that your money will be accessible in the ways you want.
The first thing that you should consider is whether a bank’s products and services are geared towards spending. While interest rates can increase the amount of money within the bank account minimally, cultivating stronger saving habits rather than spending is a far more effective long-term approach.
Think about whether the bank makes it easy to set savings goals, keep track of bills and set up their money in a way that suits their needs.
Rather than dump your bank outright, it could prove more advantageous to run the competitive offer by your bank. While it may not lead to anything, your current bank may make you a better offer to retain your business.