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 bother switching financial institutions when they all charge fees and offer the same services? 

As someone who has changed my primary bank three times in the last year, I get these sentiments. It can be a hassle to move your money to another financial institution, not to mention update all your bills and credit cards to reflect this change. 

But for those with a high tolerance for bureaucratic processes, the switch can be well worth the effort. I'm talking bonuses, higher APYs, and no fees. With those in mind, here are three reasons why you should consider switching banks this month. 

1. Get a bank bonus before it's gone 

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

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

Product	APY	Min. to Earn
American Express® High Yield Savings Member FDIC. APY 3.90% Rate info 3.90% annual percentage yield as of December 9, 2024. Terms apply. Min. to earn $0 Open Account for American Express® High Yield Savings On American Express's Secure Website. Member FDIC.	3.90% Rate info 3.90% annual percentage yield as of December 9, 2024. Terms apply.	$0	Open Account for American Express® High Yield Savings On American Express's Secure Website.
Capital One 360 Performance Savings Member FDIC. APY 3.80% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 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.	3.80% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.	$0	Open Account for Capital One 360 Performance Savings On Capital One's Secure Website.
Western Alliance Bank High-Yield Savings Premier 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 Open Account for Western Alliance Bank High-Yield Savings Premier On Western Alliance Bank's Secure Website. Member FDIC.	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.	$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.

Bank bonuses come with different numbers and terms, but they typically require account activity of some kind. For checking accounts, the most common requirement is to set up direct deposits and receive a certain amount within a bonus period. Bonuses on savings accounts usually ask you to hold 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 fairly 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 switch banks: You're earning 0.01% APY on your savings. If that's the savings rate you've been subjected to, switching to a high-yield savings account could give you an extra pep in your step. 

Here's why: The top high-yield savings accounts are still paying out at rates above 4.00% APY. That's $400 every 12 months on a balance of $10,000. 

For the highest rate, take a look at the LendingClub LevelUp Savings. This account can earn 4.75% APY with $250+ in monthly deposits. It has no fees and no minimum balance requirements. This'll earn you more than letting your money sit in an account with a 0.01%. Click here to learn more about this account and snag an industry-leading interest rate before it's too late. 

3. Avoid fees altogether 

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

Consider free checking accounts before you keep your fee-driven account. Many online-only banks will let you maintain checking accounts for free with no minimum balance or direct deposit requirements. Some of these accounts are even interest-bearing, which grows your money instead of diminishing it slowly. 

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

Again, switching banks can be a hassle. But the benefits -- bonuses, better interest rates, and saving money -- can pay off. Take a look at our curated list of best checking accounts and see how yours stacks up against the industry's best.