3 Reasons to Shop for a New Bank Account Every 3 Months

Banking can be about forging long-term relationships to help smooth out future credit needs. But that doesn't mean you have to miss out on the opportunity to earn more from your money. In fact, if you aren't shopping around for new banking accounts regularly, you could be missing out on some excellent opportunities.

Here are three reasons why you should shop around for new accounts every three months.

1. Higher APYs

Some bank accounts are just places to stash cash -- and in that way, they're no better than socking away cash under the mattress (apart from the security benefits banks offer, which are nothing to scoff at). But from an interest-rate perspective, you could be losing out on easy money. And if you factor in inflation, which has notably reached astronomical levels over the past year, your money could actually be losing purchasing power.

But even if you're the type of person to seek out a high-yield savings account or checking account, that doesn't mean you're always getting the best deal. After all, a lot can happen over the course of three months, impacting the interest rates available on these products. And banks want your business. So it pays to shop around to see what kinds of APYs are available outside of your usual bank.

For example, if you have cash in a high-yield savings account that offers a 4% APY (annual percentage yield), you could earn $200 in interest per year on a $5,000 balance. But if you were to move that to an account with a 5% APY, you'd earn $250 in interest. The caveat here, however, is that these rates can change over time, meaning your returns will change, too. That's why it's so important to regularly shop around for better rates.

2. Sign-up bonuses

Speaking of banks wanting your business: Some will offer sign-up bonuses for new customers, amounting to hundreds of dollars for moving your account to that bank. There may be certain requirements, like receiving a certain amount in direct deposits over a specific time period. So you'll want to make sure that you can stick to that requirement to make this sort of move worth your time.

If you can, though, these bonuses can translate to the same rewards of a relatively high APY. The only difference is that you'd get that cash up front, plus the actual APY associated with that account. For example, let's say a bank is offering a $300 signup bonus if you can maintain a $5,000 balance for three months on an account with a 2% APY. That's like getting a 6% APY up front, plus you'd earn $100 over the course of the year, assuming the balance and interest rate stays the same. Bonus points if you can find a bank that also offers a competitive APY.

3. Guaranteed interest

Checking and savings accounts aren't the only accounts available from most banks -- you may also be able to open certificates of deposit, which allow you to secure a specific APY as long as you don't touch that money for a specific amount of time. CD terms can range anywhere from one month to several years, so you'll need to make sure you can part with that cash for that time. Otherwise you'll forfeit the future interest and have to pay an early withdrawal penalty.

Still, CDs can help you ensure you're getting the most out of your bank accounts, especially as rates fall in the future. For instance, if you get a 3-month, $10,000 CD with a 5% APY, you'd earn $125 in interest. Meanwhile, if you left that cash in a checking or savings account, the interest rate could fluctuate, meaning you could earn less for the same amount of money.

Of course, if rates increase after you open the CD, you could be losing out on money. So be sure to look at the average rates for checking and savings accounts, too, to make sure you're moving your money to the best possible place.

Shopping for new bank accounts can feel like a waste of time. But if you're willing to do a bit of leg work every quarter, you can open yourself up to significant earnings opportunities. And that's well worth the effort.