You’ve likely had accounts with the same bank for years. But, have you ever stopped to think if your bank still works for you? With the number of banks that are out there, there are many ways to bank smarter.

Reassess if Your Bank Is Still a Good Choice

You may have had your bank account since you were the age of 18, however, that doesn’t mean your current bank is still a good choice. A lot may have changed with time and many new players that offer better rates and perks may have entered the market. So, if it’s been a while since you opened your account, ensure that you compare the rate offered by your bank with that of other banks and credit unions.

Don’t Write Off Online Banks

Unlike traditional brick-and-mortar banks, online banks save a lot of money on overheads. These savings often get passed on to customers in the form of a high-interest rate. So, make sure to also consider online banks if you are looking to open a new account. Just keep in mind that online banks don’t have physical branches that you can walk into.

Avoid Closing Unused Credit Card Accounts

Credit cards that may have been sitting unused in your wallet for a few years are not necessarily a bad thing. Closing these accounts could, in fact, impact your credit score negatively since they can increase your credit utilization and bring down your credit age.

Look for Banks that Offer Consistently High APRs

Many banks offer high APRs for a promotional period. While there is no harm in opening an account with such a bank, it’s best to look out for banks or credit unions that offer consistently high APRs.

Plan Your Visits to The Bank

Rather than simply walking into your bank’s nearest branch to speak to a representative, try to schedule your visit by calling first to make an appointment. This is likely to get you better service.

If you plan to close your bank account for any reason, ensure you communicate this to your bank in writing. Just letting your bank account remain unused is not the best, especially given that certain banks charge dormant account fees.