Breaking up with your bank can be almost as hard as breaking up with an actual person. Not only do you have to get used to a new routine, but you also have to get comfortable trusting a new bank with your money. 

But switching banks has the potential to benefit you in different ways. If these signs apply to you, it may be best to make a change before 2024 comes to an end.

1. You're earning a minimal amount of interest on your savings

The Federal Reserve has cut its benchmark interest rate twice in 2024. You may find that your savings account is paying you less interest now than it was a few months ago.

But you should also make sure the interest rate you're getting on your savings is competitive. Many savings accounts are paying around 4%, so if you're getting nowhere close, it's a sure sign that it's time to change banks. There's no reason to deprive yourself of interest on the cash you have parked, so click here for a list of the top savings accounts and rates today.

Our Picks for the Best High-Yield Savings Accounts of 2024

American Express® High Yield Savings APY 4.00% Rate info 4.00% annual percentage yield as of November 23, 2024. Terms apply. Min. to earn $0 Open Account for American Express® High Yield Savings On American Express's Secure Website. Member FDIC.	APY 4.00% Rate info 4.00% annual percentage yield as of November 23, 2024. Terms apply.	Min. to earn $0
Capital One 360 Performance Savings APY 3.90% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Nov. 21, 2024. Rates are subject to change at any time before or after account opening. Min. to earn $0 Open Account for Capital One 360 Performance Savings On Capital One's Secure Website. Member FDIC.	APY 3.90% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Nov. 21, 2024. Rates are subject to change at any time before or after account opening.	Min. to earn $0
Western Alliance Bank High-Yield Savings Premier APY 4.46% Rate info The annual percentage yield (APY) is accurate as of November 7, 2024 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY. Min. to earn $500 to open, $0.01 for max APY Open Account for Western Alliance Bank High-Yield Savings Premier On Western Alliance Bank's Secure Website. Member FDIC.	APY 4.46% Rate info The annual percentage yield (APY) is accurate as of November 7, 2024 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.	Min. to earn $500 to open, $0.01 for max APY

2. Your bank's CD rates aren't competitive

Since the Federal Reserve is likely to continue making interest rate cuts, now's a good time to open a CD. But if you're not seeing great CD rates from your bank, then it's time to make a switch.

This is an especially important thing to do if you plan to open a longer-term CD -- say, one with a 36-, 48-, or 60-month period until it matures. Click here for a list of the best CD rates today so you can earn more on your money.

3. Your checking account's fees are high

It's not uncommon for banks to charge maintenance fees to checking account holders. But if those fees are higher than usual, you could be throwing your money away. And if your checking account's maintenance fee is more than $15 a month, it's a sign you're paying too much unless you happen to have a premium account with built-in perks, like a high interest rate or other rewards. 

Similarly, many banks have done away with overdraft fees. If yours continues to charge them, then it's time to shop around for a new checking account. 

4. Your mobile banking experience leaves much to be desired

A lot of people do their banking on the go these days. But if your bank's app is hard to use or crashes frequently, that can be a huge inconvenience. And it's reason enough to make a change.

You may want to switch to an online-only bank. A bank that doesn't have physical branches may be more likely to invest in better technology. 

Plus, as a bonus, online banks tend to have fewer expenses than physical banks. Because of this, they're often able to offer better interest rates on savings accounts and CDs and lower or no fees.

5. Your bank's location is no longer convenient to you

There can be benefits to keeping your money at a physical bank, like getting access to ATMs or other in-person services. But if your bank's location is no longer convenient for you, then that alone is a good reason to make a change.

Perhaps you chose a bank that was close to your office, only now you're working remotely or have switched jobs. In that case, you can continue to bank at a brick-and-mortar establishment. But you might as well find one that's easy to get to, and whose hours work with your schedule.

Just as it can be hard to end a relationship, so too can it be difficult to cut ties with your bank. But if these signs apply to you, it pays to look at making a switch before the new year arrives.