Break Up With Your Bank Series

how-to-break-up-with-your-bank

If you’ve been reading along with the Break Up With Your Bank series, you’ve learned Why You Need To Break Up With Your Bank, and know about better options for checking and savings accounts. In this post I’ll walk you through the actual steps of breaking up with your bank and getting set up with one that treats you better.

Chances are, you’ll approach a breakup in your financial life a little differently than you do for your love life. The order of the steps for breaking up with a bank aren’t quite the same as they are for a human partner. In this case, it’s okay to start seeing a new institution before you let your old one know you’re through. In fact, that’s the best way to do it.

You’re ready. But how the heck do you go about closing your old accounts? I know it’s scary, but here, I’ll walk you through the steps for opening new bank accounts and closing your old ones. So let’s do this…

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get-a-better-savings-account

In the last post in the Break Up With Your Bank series, I discussed the benefits of opening a no fees, no frills checking account with an online bank or credit union. In this post, we’ll cover why you should open a high interest savings account too.

Are you still using the savings account you opened with you were a teenager, or during your first year in college? Many young people open accounts at popular banks like Wells Fargo or Bank of America, often because there’s a branch close to home or because it’s the bank their parents use. As a teen, I opened a US Bank account where my parents do their banking and then changed over to Wells Fargo when I moved to San Francisco after college. The savings accounts I had in those years had a few things in common: 1) Too little savings, and 2) A near zero interest rate.

Interest rates are pretty low across the board right now, ranging from 0.01% on the low end and reaching upwards of 1% if you’re able to get a great deal on a new account with an online bank or credit union*. The difference between 0.01% and 1.00% might seem pretty insignificant–especially if you’re a student or are working an entry-level position and don’t have much—or anything—in savings.

It might not seem worth the hassle it will take to close your existing account and do the research on opening a new account for a few dollars in interest this year. I get it. You’re busy and it feels like almost everything else is more important than opening a savings account when you aren’t really able to save right now anyway. I know you don’t want to take the time to do it. Do it anyway. I did, and here’s why it was a good decision…

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In this post I’ll walk you through the process for opening a high-yield, no fee checking account with great benefits like no ATM fees.

In my last post, Why You Need to Break Up With Your Bank, I described the abysmal interest rates and exploitative fees you might be tethered to with your current checking and savings accounts. By now you might be convinced that the accounts you opened when you started college, or perhaps even before that, aren’t doing you any favors. And you’re ready to make a change. But what comes next?

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why-you-need-to-break-up-with-your-bank

This post explains how your big bank may be taking advantage of you through abysmal interest rates and exploitative fees and why you need to consider a breakup.

You guys, it’s time to have one of those oft dreaded breakup talks. No, not with your boyfriend, girlfriend, partner, or spouse. Well, maybe, but I can’t help you there. This break up talk is about you and your bank. If you’re banking with one of the biggest, most popular banks in America, you might be in an exploitative, almost abusive, relationship without even realizing it. This post will will talk you through some of the pitfalls of banking with large banks like Wells Fargo and Bank of America, and will help you identify whether you should explore alternative options.

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