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Switch Banks Yearly for Higher Rates and Savings

9/25/2025

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Summary

Story summary

Many Americans stay with one bank for 19 years, potentially missing better rates.
Experts urge switching banks annually or biennially to chase lower fees and higher rates, including online banks up to 4.5%.
CDs offer competitive rates, with jumbo 6-month CDs at 4.94%.
Early withdrawal penalties can erase interest and principal; ensure banks are Federal Deposit Insurance Corporation (FDIC) insured.

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Story summary

Many Americans stay with one bank for 19 years, potentially missing better rates.
Experts urge switching banks annually or biennially to chase lower fees and higher rates, including online banks up to 4.5%.
CDs offer competitive rates, with jumbo 6-month CDs at 4.94%.
Early withdrawal penalties can erase interest and principal; ensure banks are Federal Deposit Insurance Corporation (FDIC) insured.