onlyTrustedInfo.comonlyTrustedInfo.comonlyTrustedInfo.com
Notification
Font ResizerAa
  • News
  • Finance
  • Sports
  • Life
  • Entertainment
  • Tech
Reading: Had the Same Bank Account for 20 Years? It’s Time to Switch Now — Here’s Why
Share
onlyTrustedInfo.comonlyTrustedInfo.com
Font ResizerAa
  • News
  • Finance
  • Sports
  • Life
  • Entertainment
  • Tech
Search
  • News
  • Finance
  • Sports
  • Life
  • Entertainment
  • Tech
  • Advertise
  • Advertise
© 2025 OnlyTrustedInfo.com . All Rights Reserved.
Finance

Had the Same Bank Account for 20 Years? It’s Time to Switch Now — Here’s Why

Last updated: July 6, 2025 1:35 pm
Oliver James
Share
6 Min Read
Had the Same Bank Account for 20 Years? It’s Time to Switch Now — Here’s Why
SHARE

Contents
Earn up to 10x more interestGoodbye maintenance and junk feesEnjoy faster apps and smarter toolsIt’s time to switch (or at least explore alternatives)Alert: highest cash back card we’ve seen now has 0% intro APR into 2026

Right now, the average savings account pays just 0.38% APY. The average checking account is even lower, at 0.07% APY. That’s less than a dollar a year in interest on a $200 balance.

Looking for a secure place to grow your savings? See our expert picks for the best FDIC-insured high-yield savings accounts available today – enjoy peace of mind with competitive rates.

But some of today’s top banks are offering 4.00% APY or more for high-yield accounts. I’m using one personally and earned $798 in interest last year alone. Oh yeah, and my bank has no fees, account minimums, or the clunky tech of old-school institutions.

If you’ve been with the same bank for two decades, you’re probably leaving money (and modern features) on the table. Here’s what you could gain by switching.

Earn up to 10x more interest

The biggest reason to ditch your outdated bank account is higher interest. Way higher.

Traditional banks are notoriously stingy when it comes to paying interest. Meanwhile, modern online banks are fighting for your business by offering high-yield savings accounts (HYSA) with rates of 4.00% APY or more.

This can mean earning a LOT more money on your savings. Here’s the difference interest can make with a $10,000 balance over the course of a year:

Account Type

APY

Interest Earned

Checking account

0.07%

$7

Savings account

0.38%

$38

HYSA

4.00%

$400

Data source: Author’s calculations.

It’s the same money. Just parked in a better place. And earning over 10X the national average savings rate.

And before you ask — yes, online banks are just as secure as traditional banks. They’re FDIC insured with protection up to $250,000 per depositor.

Ready to earn more on your savings? Check out the best high-yield savings accounts here, offering up to 4.40% APY

By the way, you don’t need to completely switch everything to a new bank. Personally, I still keep my everyday checking with a big bank (Chase). But all my cash reserves are over at an online HYSA with a top rate.

Goodbye maintenance and junk fees

On average, top U.S. banks charge $13.95 per month in checking account fees, according to a February 2025 MoneyRates report.

That’s over $165 a year, just for the privilege of having an account. No thanks!

Most fintech banks are built differently. They pride themselves on charging no fees and having no account minimums. Particularly for online banks… Their lean physical footprint and modern applications means they have less overhead to cover.

Here are a few things you can look forward to with many online fintech banks.

  • $0 monthly maintenance fees

  • $0 overdraft fees

  • No minimum balance requirements

  • Free ATM access or fee reimbursements

Some even refund ATM charges from other banks — which means you can access your cash without hunting for the “right” ATM.

In other words, you keep more of your own money. And that’s the whole point, right?

Enjoy faster apps and smarter tools

To their credit, I will say that big bank mobile apps are starting to get less “clunky.” They handle the banking basics just fine, like mobile deposits and money transfers.

But fintech banks take it even further. Built for the app generation, they typically come with faster interfaces, user friendly designs, real-time alerts, and slicker user experiences overall. It’s modern banking that actually feels modern.

It’s time to switch (or at least explore alternatives)

You don’t have to cut ties with your old bank completely. I didn’t. I use a hybrid setup, with a couple accounts at a big-name bank for convenience, and a few higher-yield accounts at online banks to make the most of my cash savings.

Even just shifting part of your cash to a better account can make a big difference. So don’t settle. Start saving more today with a high-yield, online bank that pays YOU for being a customer.

Alert: highest cash back card we’ve seen now has 0% intro APR into 2026

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!

Click here to read our full review for free and apply in just 2 minutes.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Editorial content from Motley Fool Money is separate from The Motley Fool editorial content and is created by a different analyst team.JPMorgan Chase is an advertising partner of Motley Fool Money. Joel O’Leary has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends JPMorgan Chase. The Motley Fool has a disclosure policy.

You Might Also Like

Fidelity: How To Create an Income Stream That ‘Lasts a Lifetime’

Using A Debit Card Is A Mistake

Microsoft’s recent round of layoffs to impact about 4% of its workforce

7 Little Luxuries To Buy at Five Below This July

Dear President Trump: Bitcoin Reserve, Not Shitcoin Reserve

Share This Article
Facebook X Copy Link Print
Share
Previous Article When my boyfriend and I blended our families and traditions, we realized we needed to form new traditions, too When my boyfriend and I blended our families and traditions, we realized we needed to form new traditions, too
Next Article ‘Train wreck’: Trump slams Musk after billionaire announces new political party ‘Train wreck’: Trump slams Musk after billionaire announces new political party

Latest News

Which Cryptocurrency Is More Likely to Be a Millionaire Maker? XRP vs. Shiba Inu
Which Cryptocurrency Is More Likely to Be a Millionaire Maker? XRP vs. Shiba Inu
Finance July 9, 2025
Here’s How Much You Should Aim to Have Invested in Stocks Today if You Want to Retire With  Million and Have 20 Years or Less to Go
Here’s How Much You Should Aim to Have Invested in Stocks Today if You Want to Retire With $1 Million and Have 20 Years or Less to Go
Finance July 9, 2025
The Best Vanguard ETF to Invest 0 In Right Now
The Best Vanguard ETF to Invest $500 In Right Now
Finance July 9, 2025
Should You Follow This 1 Shocking Cryptocurrency Recommendation From a Top Financial Advisor?
Should You Follow This 1 Shocking Cryptocurrency Recommendation From a Top Financial Advisor?
Finance July 9, 2025
//
  • About Us
  • Contact US
  • Privacy Policy
onlyTrustedInfo.comonlyTrustedInfo.com
© 2025 OnlyTrustedInfo.com . All Rights Reserved.