Breaking up with your bank can be almost as difficult as breaking up with an actual person. Not only do you have to get used to a new routine, but you also have to get comfortable trusting a new bank with your money.

But switching banks has the potential to benefit you in various ways. If these signs apply to you, it might be best to make a change before 2024 draws to a close.

1. You earn minimal interest on your savings

The Federal Reserve has cut its benchmark interest rate twice in 2024. You may find that your savings account is earning you less interest now than it did a few months ago.

But you should also make sure that the interest you get on your savings is competitive. Many savings accounts pay around 4%, so if you’re not getting anywhere near that, it’s a sure sign it’s time to switch banks. There is no reason to deprive yourself of interest on the money you have parked, so click here for a list of the best savings accounts and interest rates today.

Our picks for the best high-yield savings accounts of 2024

American Express® High Yield Savings APY 4.00% Rate info 4.00% annual percentage return as of November 23, 2024. Terms apply. Member FDIC.	APY 4.00% Rate info 4.00% annual percentage return as of November 23, 2024. Terms apply.	My. to serve $0
Capital One 360 ​​Performance Savings APY 3.90% Rate info See the Capital One website for the latest rates. Advertised annual percentage rate (APY) is variable and accurate as of November 21, 2024. Rates may change at any time before or after account opening. Member FDIC.	APY 3.90% Rate info See the Capital One website for the latest rates. Advertised annual percentage rate (APY) is variable and accurate as of November 21, 2024. Rates may change at any time before or after account opening.	My. to serve $0
Western Alliance Bank High-Yield Savings Premier APY 4.46% Rate info The annual percentage rate (APY) is accurate as of November 7, 2024 and is subject to change at the bank’s discretion. See product website for latest APY rate. The minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY. My. to serve $500 to open, $0.01 for max APY Member FDIC.	APY 4.46% Rate info The annual percentage rate (APY) is accurate as of November 7, 2024 and is subject to change at the bank’s discretion. See product website for latest APY rate. The minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.	My. to serve $500 to open, $0.01 for max APY

2. Your bank’s CD rates are not competitive

With the Federal Reserve likely to continue cutting interest rates, now is a good time to open a CD. But if you’re not seeing good CD rates from your bank, it’s time to switch.

This is an especially important thing to do if you plan to open a CD for the longer term – say one with a 36, ​​48 or 60 month term to maturity. Click here for a list of the best CD prices today so you can get more bang for your buck.

3. Your checking account’s fees are high

It is not uncommon for banks to charge checking account holders maintenance fees. But if these fees are higher than usual, you could be throwing away your money. And if your checking account maintenance fee is more than $15 a month, that’s a sign you’re paying too much unless you happen to have a premium account with built-in benefits, like a high interest rate or other rewards.

Similarly, many banks have done away with overdraft fees. If yours keeps charging them, it’s time to look for a new checking account.

4. Your mobile banking experience leaves a lot to be desired

Many people do their banking on the go these days. But if your bank’s app is difficult to use or crashes frequently, it can be a big hassle. And that is reason enough to make a change.

You may want to switch to an online-only bank. A bank that does not have physical branches may be more inclined to invest in better technology.

Plus, as a bonus, online banks tend to have fewer fees than brick-and-mortar banks. Because of this, they can often offer better interest rates on savings accounts and CDs and lower or no fees.

5. Your bank’s location is no longer convenient for you

There may be benefits to keeping your money at a brick-and-mortar bank, such as access to ATMs or other personal services. But if your bank’s location is no longer suitable for you, that alone is a good reason to make a change.

Maybe you chose a bank that was close to your office, only now you work remotely or have changed jobs. In that case, you can continue shopping at a brick-and-mortar facility. But you might as well find one that’s easy to get to and whose hours fit your schedule.

Just as it can be difficult to end a relationship, so too can it be difficult to cut ties with your bank. But if these signs apply to you, it pays to look at making a switch before the new year arrives.