Are You Using the Wrong Savings Account? Here Are Signs You Need a New One

To have a better future, saving is the key – this is a well-known fact that although sounds simple, it is far from that.

If you’ve been wondering why it’s hard for your money to grow even though you’ve been diligent in setting aside a portion of your salary, has it ever occurred to you that maybe the problem is your savings account?

There are throngs available on the market and the good news is that you can have multiple accounts with no strings attached. Some are just far better than the others, so look for these signs to know if you need to ditch your current account:

Poor Customer Service

Your bank should always be there to help you because as with any other businesses, customer service should be paramount. If you have a problem with your account and it’s always hard to reach the institution, it may be high time to make a switch.

If you find it hard to contact your bank whenever you have a problem, you need to make a switch

After all, your money is in the bank and if they can’t answer your questions or aid in your minor financial problems then that tells a lot about how they handle issues (just imagine how things would go if you encountered a bigger dilemma).

Inconvenient App

Most banks offer online services to their clients for the sake of just having an online presence while others invest in apps for easier access. That’s the point, customers should be able to check and see their accounts online conveniently, especially now that everything’s within the touch of your fingertips.

Banks should provide easy online access to your accounts

So, if you usually encounter problems in your online experience, choose another bank that offers a better interface or app. Again, it all boils down to how they show importance to their clients.

Hard to Save

It’s wrong to point fingers but, if you really can’t save despite all your efforts, maybe the account’s the issue. Specifically, if you always feel tempted to spend your savings, then it’s a very telling sign that you should ditch your current plan.

If you always think you have readily available money 24/7, avoid a checking account

This is truer when you opted for a checking account instead of a savings account. At the back of your mind, you would always know that you have accessible money.

Low-Interest Account

While others intend to just save in a savings account, others look at how much their money would grow as it sleeps in the bank. According to the FDIC, an account should earn about 0.09 percent, but with a high-yield one, you can earn about 20 times that percentage.

Shop around for the bank that gives out 1.5- to 2-percent interest, so you will see your money grow as time goes by.