3 Reasons to Switch Banks in November

From the start of November onward, it can feel like the holiday currents sweep us toward Thanksgiving, Christmas, and -- before you know it -- New Year's Day. That makes now a great time to take care of all those important but not urgent tasks you've been meaning to get around to. Switching banks may be one of them.

Sure, it can seem like a hassle to get a new account. But it's often more work -- not to mention more costly -- to stay with a bank that doesn't meet your needs. If you've been frustrated by unexpected fees, low rates, or poor service, give yourself an early holiday gift of a new bank account in November. Here are three reasons to make the change.

1. Your savings aren't growing as fast as they could be

If the APY on your savings account is less than 0.5%, you're missing out. The best rates on CDs and savings accounts are over 4% right now. Fed rate cuts mean those rates won't last forever, but the days of settling for an account that pays 0.01% in interest are over.

To put that in context, let's say you have $5,000 in savings. If you can earn 4% or more a year in interest, that could add up to over $200. In contrast, if you're earning 0.01%, you'd wind up earning just $5. That alone could be a good reason to switch banks in November.

Our Picks for the Best High-Yield Savings Accounts of 2024

Product	APY	Min. to Earn
American Express® High Yield Savings Member FDIC. APY 3.80% Rate info 3.80% annual percentage yield as of December 28, 2024. Terms apply. Min. to earn $0 Open Account for American Express® High Yield Savings On American Express's Secure Website. Member FDIC.	3.80% Rate info 3.80% annual percentage yield as of December 28, 2024. Terms apply.	$0	Open Account for American Express® High Yield Savings On American Express's Secure Website.
Capital One 360 Performance Savings Member FDIC. APY 3.80% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening. Min. to earn $0 Open Account for Capital One 360 Performance Savings On Capital One's Secure Website. Member FDIC.	3.80% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.	$0	Open Account for Capital One 360 Performance Savings On Capital One's Secure Website.
Western Alliance Bank High-Yield Savings Premier Member FDIC. APY 4.46% Rate info The annual percentage yield (APY) is accurate as of November 7, 2024 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY. Min. to earn $500 to open, $0.01 for max APY Open Account for Western Alliance Bank High-Yield Savings Premier On Western Alliance Bank's Secure Website. Member FDIC.	4.46% Rate info The annual percentage yield (APY) is accurate as of November 7, 2024 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.	$500 to open, $0.01 for max APY	Open Account for Western Alliance Bank High-Yield Savings Premier On Western Alliance Bank's Secure Website.

Check out the UFB Portfolio Savings Account. Not only does it pay an extremely competitive APY, it also lets you make ATM withdrawals. Plus, it won't charge a monthly fee. Click here to find out more about its low fees and open an account.

2. You're paying too much in fees

Bank fees can quickly add up, particularly if you're paying monthly account fees that can set you back over $150 a year. Throw in the occasional ATM fee and an accidental overdraft charge, and you could easily be spending over $200 on bank fees every year.

That would be one thing if fees were the same wherever you banked, but they're not. A MoneyRates study showed that almost 40% of checking accounts don't charge monthly maintenance fees. Some checking accounts will even give you a cushion for those few occasions when you go slightly into the red.

Similarly, top high-yield savings accounts won't charge monthly fees or require you to maintain a minimum balance. Even better, you can find a bank that won't nickel and dime you when you want to access your money. There are so many useful accounts that it's worth shopping around for the best deals.

3. You dread dealing with your bank because it's always a hassle

I still remember the old days of banking when you had to do almost everything in person. Working in London 20 years ago, I'd often waste my whole lunch break waiting in line at the bank just so I could pay bills. These days, you can do all that and more online. Some bank apps even let you track spending, make a budget, and monitor your credit score.

If your bank's mobile app is unwieldy or doesn't have the features you need, consider a change. Capital One topped J.D. Power's latest mobile banking app survey with several super useful features. For example, its virtual card function means you don't have to enter your card details when you make online payments. Plus, you can view, manage, and cancel subscriptions and other regular payments directly from the app.

There are times when we want to speak to a human, too. If you don't get 24/7 customer service or have struggled to get the help you need, there are better banking options. Managing money is hard enough; it's important you do it with a bank that has your back.

Switching banks is easier than you might think

It takes a matter of minutes to open a new bank account online. You'll need to fill in certain personal information such as your name, address, and Social Security number. Once that's done, start by updating your direct deposits -- particularly if you want to receive your paycheck into the new account.

Check your old account for any automatic payments and update the information for any bills and subscriptions. It's worth leaving the old account active for a couple of weeks or even months so you can phase out your activities. Don't let the idea of extra hassle put you off from switching banks -- online and mobile banking makes it pretty straightforward.