Why I Open a New Bank Account Every Year
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I work in personal finance, so I'm constantly studying banks, rates, and whatever new fintech pops up each month. But I rarely open a new account just for fun -- I only move my personal money when there's a real, meaningful reason to switch.
Right now, the banking world is evolving fast. Fintechs keep pushing features forward while traditional branch banks scramble to keep up. That means new APYs, new promos, and really useful tools hitting the market all the time.
Long story short: there's a lot worth paying attention to. And it's why I still end up opening at least one new bank account every year.
Higher APYs are worth chasing right now
The past couple of years have been great for savers with high interest rates, strong APYs, and plenty of banks competing for deposits.
But now that the Fed has started cutting rates, we're watching APYs drift downward across the board.
Some banks react quickly, dropping their yields the same week the Fed moves. Others lag on purpose, holding their APYs higher to attract new customers while they still can.
Opening a new high-yield savings account lets me capture those higher rates. For example, if a bank is offering 4.20% APY while my old one is drifting toward 3.00%, that difference can mean hundreds of dollars per year on a medium-sized emergency fund.
If earning more interests you, I just moved my own savings to a LendingClub LevelUp Savings account where I earn 4.20% APY with $250+ in monthly deposits and don't have to worry about any account fees.
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LendingClub LevelUp Savings
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- Competitive APY
- No fees
- Easy ATM access
- Unlimited number of external transfers (up to daily transaction limits)
- Requires you to make monthly deposits to earn the best APY
- ACH outbound transfers limited to $10,000 per day for some accounts
- No branch access; online only
The LendingClub LevelUp Savings account has a lot to offer. At the top of the list is its high APY, though you must deposit monthly to earn the best rate. Next is zero account fees, a strong and straightforward perk. Finally, you get a free ATM card, which you can use to withdraw from thousands of ATMs nationwide. Interested? You can open an account with $0.
Sign-up bonuses can mean $200-$400 upfront
Some of the quickest cash I make all year comes from welcome offers.
Some banks will pay you a flat cash bonus just for opening an account and meeting a simple deposit requirement. Others might bump your APY for the first few months if you join during a promotional window.
Either way, it's real money they pay me to open an account and test out their bank. If I'm already considering switching, grabbing an extra $200 to $400 bonus while I'm at it is a nice boost.
I don't chase every bank bonus. But when I see a promo that pairs a great APY with a decent welcome offer, that's usually all the motivation I need to open a new account and let it earn for the year.
Better apps and features
A lot of traditional banks are still stuck in 2008, with clunky apps, slow transfers, and a lot of "junk fees" that hit you by surprise.
If you're still dealing with that stuff, you owe it to yourself to test-drive a modern online bank and see how much smoother your financial life can be.
Today's best banks build tools that actually help you save and stay organized. Features like:
- Easy and clean mobile apps
- Instant linking to your existing accounts for faster transfers between banks
- Fee-free ATM networks
- Early direct deposit
- Smart savings automations and budgeting tools
- No fees or account minimums
Half the reason I switch accounts each year is because another bank rolls out something that's simply better.
Moving money is easier than ever
Switching banks used to feel like a whole project. But these days it's basically a 10-minute errand you can do on your phone.
Open the new account, move your cash, update a couple deposits, and you're off earning more by tonight.
If you're ready to give your money a better home, take a quick look at all of our top-rated banks for 2026 and lock in a stronger setup for the year ahead.
Our Research Expert
Joel O’Leary is a full-time Personal Finance Writer at Motley Fool Money, covering credit cards, bank accounts, investing, mortgages, and other personal finance topics. Joel has been writing about personal finance since 2018, previously leading editorial content for the How To Money podcast and serving as a resident writer at Budgets Are Sexy. He bought his first rental property at age 18, funding the down payment with savings from his high school job at McDonald’s -- a testament to his lifelong passion for smart money decisions. His work aims to make personal finance accessible and actionable for everyday readers. When he’s not writing, Joel enjoys surfing and spending time with his family.