A bank is a bank is a bank. Where you put your money isn’t as important as how you save it in the first place. Why change financial institutions when they all charge fees and offer the same services?

Having changed primary banks three times in the last year, I have these feelings. It can be complicated to move your money to another financial institution, let alone update all your bills and credit cards to reflect this change.

But for those who are very tolerant of bureaucratic processes, the change may be worth it. I speak bonuses, higher APYs and no fees. With that in mind, here are three reasons why you should consider switching banks this month.

1. Get a bank bonus before it disappears

Banks want your business. The competition for your money is so fierce that many institutions are willing to pay you a one-time bonus for banking with them.

Our picks for the best high-yield savings accounts of 2024

American Express® High Yield Savings Member of the FDIC. APY 3.90% Pricing information Annual percentage yield of 3.90% as of December 9, 2024. Conditions apply. Member of the FDIC.	3.90% Pricing information Annual percentage yield of 3.90% as of December 9, 2024. Conditions apply.	$0
Capital One 360 ​​Performance Savings Member of the FDIC. APY 3.80% Pricing information Check the Capital One website for the most up-to-date pricing. The Advertised Annual Percentage Yield (APY) is variable and accurate as of December 6, 2024. Rates are subject to change at any time before or after account opening. Member of the FDIC.	3.80% Pricing information Check the Capital One website for the most up-to-date pricing. The Advertised Annual Percentage Yield (APY) is variable and accurate as of December 6, 2024. Rates are subject to change at any time before or after account opening.	$0
Western Alliance Bank High Yield Savings Premier Member of the FDIC. APY 4.46% Pricing information Annual Percentage Yield (APY) is accurate as of November 7, 2024 and is subject to change at the Bank’s discretion. Refer to the product website for the latest APY rate. The minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY. Min. earn $500 to open, $0.01 for maximum APY Member of the FDIC.	4.46% Pricing information Annual Percentage Yield (APY) is accurate as of November 7, 2024 and is subject to change at the Bank’s discretion. Refer to the product website for the latest APY rate. The minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.	$500 to open, $0.01 for maximum APY

Bank bonuses come with different numbers and conditions, but they usually require account activity. For checking accounts, the most common requirement is to establish direct deposits and receive a certain amount during a bonus period. Savings account bonuses usually require you to keep a certain amount of money in the account for a few months.

For example, you can earn a $300 bonus on a Chase Total Checking® when you make direct deposits totaling at least $500 in the first 90 days. If you can set up direct deposits, this is a pretty easy bonus to get (use this link to activate this offer and apply for a Chase Total Checking® account).

2. Earn interest at a higher rate

Another reason to change banks: You earn 0.01% APY on your savings. If that’s the savings rate you’ve been subject to, switching to a high-yield savings account could give you an extra boost in your endeavor.

Here’s why: The best high-yield savings accounts still pay rates above 4.00% APY. That’s $400 every 12 months on a $10,000 balance.

For the highest rate, take a look at LendingClub’s LevelUp savings. This account can earn 4.75% APY with over $250 in monthly deposits. There are no fees and no minimum balance requirements. This will earn you more than leaving your money in an account with a rate of 0.01%. Click here to learn more about this account and get an industry-leading interest rate before it’s too late.

3. Avoid Fees Completely

Finally, if you’re paying fees on your checking account, you could be giving your bank more money than it deserves.

Consider free checking accounts before sticking with your paid account. Many online-only banks will let you manage checking accounts for free, with no minimum balance or direct deposit requirement. Some of these accounts even charge interest, making your money grow instead of slowly diminishing.

That said, I understand the importance of paying fees to use a checking account. Most large national banks charge a fee because they offer in-person services that justify the costs. However, if you access your bank account primarily through your mobile device or online, switching to online-only banking could save you money.

Once again, changing banks can be complicated. But the benefits – bonuses, better interest rates and savings – can pay off. Take a look at our curated list of the best checking accounts and see how yours compares to the best in the industry.