5 Banking Moves to Make Before 2023 Begins

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

KEY POINTS

  • Before the year ends, it's good practice to get your financial affairs in order.
  • Before Jan. 1, consider reviewing statements, moving more money into your savings, and beefing up your bank accounts' security features.

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.

Our Picks for the Best High-Yield Savings Accounts of 2024

APY
up to 4.60%
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn
$0
APY
5.00%
Rate info Circle with letter I in it. 5.00% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn
$5,000
APY
4.25%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn
$0

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.

These savings accounts are FDIC insured and could earn you 11x your bank

Many people are missing out on guaranteed returns as their money languishes in a big bank savings account earning next to no interest. Our picks of the best online savings accounts could earn you 11x the national average savings account rate. Click here to uncover the best-in-class accounts that landed a spot on our short list of the best savings accounts for 2024.

Two of our top online savings account picks:

Rates as of Jun 21, 2024 Ratings Methodology
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SoFi Checking and Savings Capital One 360 Performance Savings
Member FDIC. Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor

APY: up to 4.60%

APY: 4.25%

Min. to earn APY: $0

Min. to earn APY: $0

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