3 Signs You Should Switch Banks Before 2022 Ends

These are signs you shouldn't ignore. 

Of all the things you have on your mind right now, your bank might be the last of them. After all, you have holiday shopping to finish, travel plans to confirm, and a whole list of year-end tasks to address, like assessing your savings and trying to tackle your nagging pile of credit card debt. 

But if your bank isn't serving you well, then it actually pays to make a change before 2022 comes to an end. That way, you can start off the new year with a brand-new bank account -- and a better experience on a whole. Here are three signs the time has come to switch to a new bank.

1. Your savings account or CD interest rate falls short

Over the past few months, banks have increasingly raised the interest rates they're paying on savings accounts. The same holds true for certificates of deposit (CDs). But if you're not happy with your savings account or CD rate since it lags behind what other banks are paying, then it's a sign you should move your money to a new bank.

We don't know how long banks will continue paying interest generously. Prior to 2022, banks were stingy with their interest rates for years on end. So it's important to take advantage of this high interest rate environment -- and not delay a move to another bank that will give you a better return on your cash.

2. Your bank charges lots of fees

Fees help banks make money. But they don't need to be making money off of you. 

If your bank charges a host of fees, whether it's account maintenance fees or expensive overdraft fees, then that alone is a good reason to make a switch. There's no reason you should lose money to fees when there may be a better option.

3. Your bank's customer service leaves much to be desired

Whether you've been let down by your bank's in-person team or online support staff, poor customer service is something you really shouldn't tolerate. And if your bank has been letting you down in that regard, then it's time to take your business over to a bank that does a better job. 

Similarly, if your bank is understaffed, that's another good reason to switch. Maybe your bank's tellers are courteous, friendly, and loaded with knowledge. But if you have to stand in a line for 20 minutes each time you want to speak to one, that's a problem. 

Get ready to find a new bank

You deserve to bank at an institution that pays you a relatively decent return on your money (whether it's in a savings account, CD, or both), doesn't impose unreasonable fees, and offers great customer service. If that hasn’t been the case, then it's time to make a switch.

Talk to friends, neighbors, and colleagues about their banking experiences to get ideas as to where to do your banking next. A little research could help you narrow down your choices and make the right decision.