12 ways to make your bank smarter and put more cash in your pocket

Banking doesn’t have to be complicated. With thousands of banks offering different products and rates, it’s easy to be overwhelmed. But the truth is that some simple strategies will help you make more money and avoid costly mistakes.

These bank tips show you how to make your money work harder without changing your entire financial life.

How banking tips and strategies can help

Smart banking habits offer real benefits that add up over time.

• Earn more about your savings: A proper account will help you make a lot of money through competitive interest rates
• Pay less: Avoiding unnecessary fees will cost more money in your pocket
• Stay organized: Good banking habits make it easier to track your money and achieve your goals
• Protect your credits: Proper account management helps avoid issues that can hurt your credit score
• Save time: Smart strategies reduce the hassle of managing your money

1. Reevaluate the bank

According to a 2025 Bankrate survey, the average US adult has had the same bank account for decades. Many people are stuck with the bank because they don’t charge or switch it seems like too much work.

But staying loyal to your bank may cost you money. Banks are constantly introducing new products and better rates that could benefit you.

Expert Insights

Do not fall asleep on the switch. The market is constantly changing with new offers, innovative products, features that can spend more money on your pockets and make life easier. Or both. So it pays to raise your antennae and keep an eye on what’s a better deal or that works well for your financial lifestyle.

– Greg McBride, CFA, Bankrate Chief Financial Analyst

Look at the fees you are paying and see if you can avoid them. If your bank requires a minimum balance, check a high-yield checking account because the requirements are low. These accounts often come with free ATM access and a large ATM network.

Ready to find a new bank? Check out the best banks at bank rates and compare options.

2. Don’t assume your bank is giving you the best rate

Just because your bank values ​​your business doesn’t mean you’re paying competitive interest rates.

“We’ve seen you get a lot of money,” said Elizabeth Buffaldi, a certified financial planner in Oakbrook, Illinois.

The Federal Reserve has raised interest rates 11 times since March 2022. This means that many banks currently offer much higher yields in savings accounts and CDs. It’s the perfect time to shop.

The highest savings rates are actually breaking inflation now. This means your money can grow with purchasing power. You can find online banks with high-yield savings accounts that pay rates several times higher than the national average.

3. Don’t be fooled by the high fees

If you see a high annual rate (APY), don’t get too excited until you read the fine print. APY shows what you earn a year, but there may be a catch.

Here’s what you should be aware of:

• Promotional rates that last only a few months
• High minimum balance requirement
• Eating fees for your income
• Different balanced levels differ

Look for a bank that offers consistently good rates as well as flashy promotional offers that disappear quickly.

4. For high-fixed APYs, consider the CD

Today’s top savings accounts and money market accounts can earn APYs of 4% or more. I haven’t seen such a high price in over a decade.

In the current rate environment, one-year CDs in one year generally have a higher yield than five-year CDs.

CDs can lock up today’s high rates, but don’t forget that you usually need a higher minimum deposit than a savings account. Furthermore, if you withdraw money early, you will face penalties that will allow you to dig into your revenue.

If you’re not sure about locking your money, stick to a money market account or a high-yield savings account that allows easy access to your funds.

5. Strategically plan your bank interactions

Planning ahead will save you time and frustration. Not only will you show up at the branch, but please call ahead of time on any important issues. If you need mortgage help, make sure you have a mortgage expert there upon arrival.

Other time saving tips:

• Handle simple transactions online if possible
• Call customer service during off-peak hours for shorter waiting times
• For quick account checks, use the mobile banking app
• Schedule complex needs schedules

A little plan can go a long way to reduce stress in your banking business.

6. If you plan to close your account, we will communicate

Don’t assume that your bank will automatically close your account when you take out all your money. You will need to contact the bank directly to close properly.

Move automatic invoice payments to your new account before closing your account. Do the same with money coming in, such as direct deposits and Social Security payments.

If you don’t close your account properly and auto-payments continue, you may encounter overdraft fees. These fees can hurt your credit and make it difficult to open an account elsewhere. For more information, see Bankrate’s guide to closing your bank account.

7.Closing your account immediately can cost you

There are good reasons to close your bank account. Maybe you’ll move, switch to online banking, or find a better price somewhere. But timing is important.

Some banks will charge an early closure fee if they close immediately after opening an account. For example, if you close your account within 180 days, both local banks will charge $25.

Please read the detailed print before closing your new account. We recommend that you open a new account in the meantime and wait until the penalty period ends.

8. cKeep your money in multiple banks

Using both traditional and online banks allows you to make the most of both worlds.

Many people like traditional banks because they can visit branches to help with complex issues. These banks often have large ATM networks, making it easy to get cash whenever you need it.

However, traditional banks usually don’t pay competitive fees with savings accounts. It is common for online banks to pay more than 4% in high-yield savings accounts, while they pay just 0.01%.

Using both types of banks provides convenience and power.

9. Don’t forget the cards you will never use

If you have a credit card in your drawer, you will face a dilemma. This could damage your credit usage and lower your credit score. However, some banks close underused credit cards.

Set up a small recurring fee like the following to keep your unused credit cards active:

• Insurance payments
• Gym membership
• Streaming Services

Also, cash is not very common and you rarely use a debit card. A small purchase every few months may be enough to keep your bank from closing.

Remember that using a debit card instead of a credit card means missing out on credit card cashback and rewards.

10. Keep your bank account active

Banks may close accounts that have not been used for too long and may charge dormant account fees. The rules vary, but usually it’s enough to use your account once every few months.

Don’t forget to keep your account active as your small regular deposits on your savings increase over time.

If you have an old account that has become dormant, it may have been sent to your state as unclaimed property. Check with your state and make sure your bank has your current address.

Money sitting in an old account can make terrible fees and can bump into fees.

11. Please let the bank know while traveling

I don’t want my cards to fade during my holidays. Although banks have a variety of policies, it is wise to let you know about your travel plans to avoid scam blocking your card.

Many banks can report trips via mobile apps or call on dates and destinations. This simple step will prevent the loss of embarrassing cards when you leave your home.

12. Budgeting helps you save money

Knowing where your money is going is important to reach your savings goals. Your budget shows exactly where you can cut.

To create a budget, you can find the costs to delete, as follows:

• Forgotten subscription
• Services you no longer use
• No need but annual fee

Bankrate Bank calculators can help you make smart money decisions. Try out the savings calculator and see how your money can grow, or your compound interest calculator to understand the power to win profits.

Conclusion

Smart banking does not require a complete financial overhaul. Small changes in how your bank account is processed can lead to significant savings over time.

The key is not to accept anything you have now, but to be proactive and proactive about your banking choices. Whether you are using multiple banks strategically or simply maintain a better tracking of your account, these simple strategies can make a real difference.

Take a look at your current banking situation and choose one or two strategies to try. Small changes today could mean more money in your pocket tomorrow.