Is Your Bank Costing You Money? 4 Signs It's Time to Switch

If you're tired of the hassle -- and cost -- of your traditional bank, you're not alone.

Millions have already made the switch to online-only banks, the best of which offer savings and checking accounts with no monthly fees, high APYs, and modern, sleek interfaces.

Right now, high-yield savings accounts (HYSAs) from online banks are offering around 4.00% APY or higher. For the average saver, that amounts to hundreds of dollars more per year in interest.

Don't settle for a second-rate bank. Here's how to know if it's time to make a switch.

1. You're paying monthly fees

If you're paying a monthly maintenance fee just to keep your account open, it's time to reconsider. Many traditional big banks charge $5 to $15 per month unless you meet balance or deposit requirements. Fees like this eat into your savings, especially if you're also earning less interest on your money.

Our favorite online banks, on the other hand, offer checking and high-yield savings accounts with no monthly fees, no minimum balance, and no hidden charges.

2. You're earning less than 3.00% APY

The average savings account APY is just 0.41%, according to the FDIC. But did you know you can easily earn 10x that number with an HYSA?

Online-only banks have much lower costs than traditional banks, because they have no physical locations. They can pass these savings on to customers in the form of better interest rates.

3. Your bank's mobile app is outdated

Mobile banking in 2025 shouldn't feel like a chore. If your bank app is clunky, slow, or lacking basic features -- like mobile check deposit, real-time transaction alerts, or easy transfers -- that's a red flag.

Many online banks offer top-rated apps with intuitive dashboards, budgeting tools, and instant support. Some even offer features like:

• Virtual card numbers for secure shopping
• Spending categories and budgeting insights
• Instant external transfers and deposit notifications

These tools can help you manage your money more efficiently and securely.

4. Your savings goals are hard to track

Good banks make it easy to stay on top of your goals. Plenty of online banks offer goal-tracking tools that let you set multiple savings "buckets" inside one account -- buckets for things like "vacation," "emergency spending," or "car repair."

If your bank offers none of that, you may find yourself relying on spreadsheets or other apps to track progress manually -- not a necessity in this day and age.

Make the switch today and earn 9x the average (or more)

If you're still with a bank that offers low rates, charges monthly fees, and lacks modern tools, you're likely leaving money on the table. High-yield savings accounts from online banks offer better returns, fewer fees, and user-friendly apps that make managing your money easier.

Make the switch today -- check out some of the top HYSAs available now and experience the future of banking.