You know that feeling when you get an email from your bank saying your savings interest rate just got bumped up or they’ve dropped overdraft fees altogether? Yeah, that’s the good stuff. But if your inbox has been radio silent on that front, it might be a giant blinking sign that it’s time to explore a new bank—one that actually keeps up with the times (and your financial goals).
Now, I’m not saying you need to break up with your current bank cold turkey. If it’s still pulling its weight, great! But let’s be honest—having more than one account at different financial institutions (think: a traditional bank, a credit union, and a solid online bank) can seriously level up your money game. Each one brings something different to the table: traditional banks may offer in-person support and loan options, while online banks usually win when it comes to higher savings rates and fewer fees.
So how do you know when it’s time to make a move? Here are a few not-so-subtle hints.
1. You’re Still Paying Fees (Yikes)
If you’re still forking over money for overdrafts or monthly maintenance, it’s time to hit pause. With the rise of digital banking and neobanks in 2025, there’s really no excuse for your checking account to be bleeding money every month.
According to Ramona Ortega, founder of My Money My Future, competition in the banking world is fierce—so paying fees in this economy? That’s like paying for air. Plenty of banks now offer fee-free checking accounts with no hidden charges and zero minimums. If yours doesn’t, well, you deserve better.
2. Your Savings Interest Rate Is Stuck in 2020
Let’s talk savings APY. If your account still earns a fraction of a percent while others are pushing 4% or more, you’re literally leaving money on the table. In 2025, high-yield savings accounts have become the norm—especially with rising federal interest rates.
Pro tip: When the Fed hikes up the rates, your bank should follow suit. If it doesn’t, it might be time to transfer your cash to a more competitive online bank with a high APY.
3. Customer Service Feels Like a Dead End
Trying to get help from your bank shouldn’t feel like a treasure hunt. Whether you’re a fan of live chat, in-app messaging, or actually calling and speaking to a human (crazy idea, right?), your bank should make it easy.
And here’s a big one: if you prefer support in a language other than English—say, Spanish—there are financial institutions that cater to that. Hispanic American-owned credit unions, for instance, are leading the charge in offering bilingual customer service options in 2025.
4. You Might Need a Loan Soon
Here’s the deal: you don’t have to wait until you actually need a loan to set yourself up for success. Building a relationship now with a bank or credit union that offers low-interest personal loans, auto loans, or even small business funding can save you serious money (and headaches) later on.
Ortega puts it simply: “You usually get a better rate when there’s a relationship already established.” Translation? Open that account now, while you don’t need it, and future-you will thank you.
5. You Want to Get More From Your Money
Switching banks can seem like a chore, but the benefits are massive: better returns, no fees, 24/7 access, more flexible loan products, and even tools for budgeting or automatic savings.
Some accounts now come with perks like early paycheck deposits, built-in investment platforms, or AI-powered budgeting tools—all designed to help you build wealth smarter and faster.
🔌 Digital Banks (Online-Only & Mobile-First)
Ally Bank
Ally bank is one of the most trusted digital banks in the U.S., known for its high-yield savings accounts (often over 4.25% APY), no monthly maintenance fees, and intuitive online tools. It’s a go-to choice for savers who want strong returns without the fluff, and its customer support is available 24/7.
SoFi Bank
SoFi combines digital banking with personal finance perks. From high-yield checking and savings to student loan refinancing and investing, SoFi is ideal for anyone looking to manage their entire financial life in one app. It even offers financial coaching and early direct deposit.
Chime
Chime is a mobile-first banking app with no monthly fees, no overdraft charges (up to $200 with SpotMe), and early access to your paycheck. Its automated savings tools and sleek app make it great for budgeting and building better money habits.
Discover Bank
Discover isn’t just a credit card giant—it also operates a powerful online bank. Its savings accounts earn solid interest, and it boasts zero minimums and a large ATM network. Discover’s customer service consistently ranks among the best.
Varo Bank
Varo helps you maximize your savings potential with APYs as high as 5.00%—if you meet certain deposit and activity thresholds. It’s one of the few digital banks offering credit-building tools alongside checking and savings accounts.
Current
Built for a younger, tech-savvy crowd, Current offers up to 4.00% APY through “savings pods,” real-time spending notifications, and fee-free overdraft coverage. Its app-first approach makes managing your money feel less like a chore and more like a game.
Quontic Bank
Quontic takes digital banking to the next level with unique account options—like crypto rewards checking and high-yield savings. It caters to underbanked communities and offers access to over 90,000 ATMs across the country.
🏛️ Traditional Banks (Brick-and-Mortar with Digital Tools)
Chase Bank
Chase is the largest bank in the U.S. with a huge physical presence and a highly rated mobile app. It offers everything from free checking and high-reward credit cards to mortgages, business loans, and investment tools, making it a one-stop shop for all financial needs.
Bank of America
With branches nationwide and a robust digital platform, Bank of America combines convenience with smart tech like its Erica virtual assistant. Its Preferred Rewards program offers extra perks based on your balance, rewarding long-term customers.
Wells Fargo
Wells Fargo offers widespread access with thousands of branches and ATMs, along with a broad suite of services including personal loans, mortgages, and wealth management. Its improved app and financial tools make it easier to track your money in real time.
Capital One
Capital One is bridging the gap between online and in-person banking. Its fee-free 360 accounts are popular for both checking and savings, and Capital One Cafés across the U.S. offer a relaxed atmosphere to talk finance over coffee—literally.
PNC Bank
Known for its innovative Virtual Wallet® product, PNC helps users budget, save, and spend smarter. It operates across much of the eastern and midwestern U.S. and offers a user-friendly mobile app alongside personalized customer support.
U.S. Bank
This institution offers solid all-around banking, especially for those in the Midwest and West. U.S. Bank supports both personal and business customers with a reliable app, full-service branches, and flexible loan products.
Alliant Credit Union
Though technically a credit union, Alliant operates nationally and offers high-yield checking and savings accounts, along with a fee-free structure that rivals digital banks. It’s an excellent hybrid option for those wanting credit union benefits with online convenience.
Ready to Make the Move?
If you’re seeing any of these signs, don’t ignore them. Opening a new bank account in 2025 takes just minutes, and the rewards—both financial and emotional—are worth it. Think of it as spring cleaning for your money: ditch what’s not working and make room for something that truly supports your goals.
Want a roadmap for switching banks without the stress? Check out our step-by-step guide on how to move your money and choose a bank that actually works for you.
Not sure which bank is the best fit for your financial goals? We’ve got your back! At My Bread Money, we’re all about helping you make smarter money moves—from saving more to banking better.