12 Ways To Bank Smarter: Simple Tips And Tricks To Increase Your Wealth

12 Ways To Bank Smarter: Simple Tips And Tricks To Increase Your Wealth

Matthew Goldberg  Bankrate   Wed, November 1, 2023

Banking can be complicated, with thousands of banks to choose from that each offer an exhaustive set of disclosures and fine print. And then there’s the rates and fees, all of which need to be considered carefully before you sign on the dotted line.  But these tips and tricks can help you bank smarter — so you can earn more money and save time.

1. Reevaluate Your Bank

The average U.S. adult has had the same checking account for about 17 years, according to a 2023 Bankrate survey. Customers often stick with the same bank if it doesn’t charge them fees or if they feel it would be a hassle to switch banks, the survey found.

“Just don’t fall asleep at the switch,” says Greg McBride, CFA, Bankrate chief financial analyst. “The marketplace is constantly changing with new offers, innovative products and features that might put more money in your pocket or make your life easier. Or both. So it pays to have your antenna up and be on the lookout for something that is a better deal or works better for your financial lifestyle.”

Take a look at the fees you’re paying and whether you can avoid them. If your bank requires a lofty minimum balance, for example, see if there are online high-yield checking accounts with lower minimums to sidestep maintenance fees. These banks also typically offer fee-free ATM withdrawals, plus large ATM networks convenient to home and work.

2. Don’t Assume Your Bank Is Giving You The Best Rate

You may feel your bank appreciates you as a customer, but that doesn’t necessarily mean it’s paying a competitive annual percentage yield (APY) on your funds.

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