Why You Should Think Twice Before Switching Your Savings Accounts

Reasons I'm Not Switching My Savings Accounts

Different savings accounts offer different rates. Learn why it may not be worth changing banks to get a higher APY on your saved cash.

Rates change too often for it to be worthwhile

One big reason I don't bother to change my savings account to chase the best rates is because doing so is simply too much of a hassle to be worth it.

I don't want to have to move my financial accounts every couple of months just because a competitor to my bank makes a slightly better offer. It's much easier to just pick a bank offering a good enough account and then just leave my money alone to grow.

A brokerage account is a better bet to grow my money over time

The cash I keep in savings isn't in that account with the goal of maximizing returns, so chasing a higher rate doesn't make sense.

I know that brokerage accounts typically provide the chance to earn much higher rates than even the best high-yield savings account can provide. Since I want to invest as much as I can, rather than stick money in savings, I keep only the bare minimum in any high-yield accounts. It doesn't make a huge difference to get paid a very slightly higher rate on savings from one bank to another.