5 Banking Moves to Make Before 2023 Begins

Do these things to set yourself up for greater financial success in the new year.

As we reach the last few weeks of 2022, it's the perfect time to think about what we can do to set our finances up for better success in the year ahead. Your future you will thank you for the moves you make now. Here are some banking moves that you can make before 2023 is here.

1. Check the APY rate for your savings account

If you already have a savings account, that's excellent news. Many banks are now offering competitive interest rates for their high-yield savings accounts. Now is an ideal time to verify your savings account's annual percentage yield (APY) or interest rate.

If you're earning much less than what is currently available, it may be time to switch banks or bank accounts to boost your earning potential. Review our list of best high-yield savings accounts to check current APY rates and learn more.

2. Boost your security

It's never a bad idea to ensure your financial accounts are secure. Whether you use your bank's mobile app or website, it can be beneficial to take a few moments to review your security settings and make changes to protect your money better. This may look like changing your password, updating your security questions, or enabling two-factor authentication.

3. Move excess money into your savings account

Do you have too much money in your checking account? While leaving some excess funds as a buffer is a good practice, don't keep all your extra money there. Instead, you should move spare funds into your savings account to earn interest. If you don't do this, you'll miss out on free money, and in today's expensive world, a bit of extra money can go a long way.

4. Review previous bank statements

It's also a good idea to comb through account statements from 2022. Doing this can help you see what spending habits you may want to adjust in the new year, and you can adjust your budget accordingly.

You can also spot unnecessary extra fees you may not have realized you've been paying. Perhaps you're paying monthly maintenance fees or are paying ATM fees because you get cash from out-of-network ATMs. All of these fees add up and cost you money. Once you're more aware, it'll be easier to change your habits to keep more of your hard-earned money.

5. Increase your automated savings contributions

Setting up automated savings contributions is a great way to ensure you meet your yearly savings goals. If you've been saving but have the ability to save a bit more, you may want to consider increasing your savings contributions. It doesn't have to be by a lot. Every little bit boosts your savings account balance and earns you more money in interest.

It's never too late to make financial changes

If you want to improve your financial health, you're not alone. The end of the year is a popular time to think about what life changes we want to make. Remember that it's never too late to change your financial situation. Small changes add up and make a difference! For additional money management tips, check out our personal finance resources.