3 Reasons to Switch Banks in October

Motley Fool10-01

KEY POINTSInterest rates have fallen by 50 basis points and CDs can lock in rates.Your bank may be offering you a rate 10 times worse than competitors.Switch banks in October to reduce holiday season ...

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Find out why October may be your time to switch banks.","collect":0,"end_time":0,"defaultTopTitle":"fool.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"IE00B19Z3581.USD":"Legg Mason ClearBridge - Value A Acc USD","LU0980610538.SGD":"Natixis Harris Associates US Equity RA SGD-H","LU1201861249.SGD":"Natixis Harris Associates US Equity PA SGD-H","LU1201861165.SGD":"Natixis Harris Associates Global Equity PA SGD","LU0130103400.USD":"Natixis Harris Associates Global Equity RA USD","COF":"第一资本","BK4166":"消费信贷","BK4116":"互联网服务与基础架构","LU0648000940.SGD":"Natixis Harris Associates Global Equity RA SGD","LU1861220207.SGD":"Blackrock FinTech A2 SGD-H","LU1861217088.USD":"贝莱德金融科技A2","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","LU0211331839.USD":"FRANKLIN MUTUAL GLB DISCOVERY \"A\" (USD) ACC","LU1093756325.SGD":"FTIF - Franklin K2 Alt Strat Fd A (acc) SGD-H1","LU1093756168.USD":"FRANKLIN K2 ALTERNATIVE STRATEGIES \"A\" (USD) ACC","BK4513":"直播概念","SWCH":"Switch Inc.","BK4516":"特朗普概念","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","CD":"秦淮数据"},"translate_title":"10月份更换银行的3个理由","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CD":1,"SWCH":1,"US7Y.BOND":0.9,"COF":0.9,"US6M.BOND":0.9,"US5Y.BOND":0.9,"US3Y.BOND":0.9,"US30Y.BOND":0.9,"US2Y.BOND":0.9,"US12M.BOND":0.9,"US10Y.BOND":0.9,"US912797HE00.BOND":0.6,"US912797GW17.BOND":0.6},"content_text":"KEY POINTSInterest rates have fallen by 50 basis points and CDs can lock in rates.Your bank may be offering you a rate 10 times worse than competitors.Switch banks in October to reduce holiday season fees.Chances are good you're missing out on easy ways to put your money to work. Opening a top-ranked certificate of deposit could snag you great rates -- before they fall for years. The best savings accounts will continue to keep rates above average, while competitors dwindle.With rates falling and the holidays approaching, there may be no better time to switch banks. Here's why it may be a smart move to open an account at a new bank before October ends.1. Another bank will help you lock in rates with CDsYou can lock in historically high rates by opening a certificate of deposit (CD).The Federal Reserve dropped interest rates 50 basis points (or half a percentage point) in September, signaling what appears to be the start of a downward curve. When interest rates fall, so does your savings account rate. But you can lock in rates before they fall by opening a certificate of deposit.Our Picks for the Best High-Yield Savings Accounts of 2024Capital One 360 Performance SavingsAPY4.10%Rate infoCircle with letter I in it.See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Sept. 27, 2024. Rates are subject to change at any time before or after account opening.Min. to earn$0Open Account for Capital One 360 Performance SavingsOnCapital One'sSecure Website.Member FDIC.APY4.10%Rate infoCircle with letter I in it.See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Sept. 27, 2024. Rates are subject to change at any time before or after account opening.Min. to earn$0American Express® High Yield SavingsAPY4.25%Rate infoCircle with letter I in it.4.25% annual percentage yield as of October 1, 2024Min. to earn$0Read ReviewMember FDIC.APY4.25%Rate infoCircle with letter I in it.4.25% annual percentage yield as of October 1, 2024Min. to earn$0Discover® Online SavingsAPY4.10%Min. to earn$0Open Account for Discover® Online SavingsOnDiscover Bank'sSecure Website.Member FDIC.APY4.10%Min. to earn$0This is ideal when you have the money to invest in a steady, cash-generating account. A CD gives you a predictable interest rate for months or years. In exchange, you must keep your money deposited until the CD term expires. To open a great CD, you may need to switch banks.2. Your bank's rate is 10 times worse than competitorsThe best savings accounts offer rates 10 times higher than average.You may be surprised to learn that the best savings accounts are offering APYs in the 5.00% range. Though these may shrink as interest rates fall, many online banks continue to offer rates much better than old-school competitors.To illustrate, the typical bank savings rate right now is 0.46% according to the FDIC. SoFi® offers a base annual percentage yield (APY) of up to 4.50%² for savings account customers who direct deposit into SoFi®. You could earn hundreds more each year simply by switching banks.3. Avoid overdraft fees during the holiday seasonMany banks eliminate fees for overdrawing from your checking account.The number-one time I consistently break the budget is during December holidays. Gifts and celebrations eat into savings. Sometimes, I forget to keep up with my checking balance. If you're one of the unlucky ones, your bank charges you up to $39 for the crime of overspending.Bless their shriveled hearts, but these banks are overcharging you. Surprised? You can avoid these fees completely by switching to banks that waive overdraft fees by simply declining your attempts to overdraw. Some even spot you up to a couple hundred dollars -- Chime does this.Banks with sign-up bonuses this OctoberSoFi® offers up to $300 for opening up a checking account and using direct deposit.¹ It's one of the best checking account bonuses we've found. Right now, Capital One gives you $250 for opening a Capital One 360 Performance Savings account and making direct deposits.Some banks offer cash for setting up savings accounts or referring friends. Explore the best bank promos to compare how much you could earn by switching this October.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.28.3","shortVersion":"4.28.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2472323059"}