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When To Switch Checking Accounts, And How To Do It Right

Monday, August 22, 2011 - 1:06 PM
From Forbes
When you’re shopping for a bank account, interest rates are paramount. The interest your money earns is possibly the most important feature of your checking or savings account.

Interest rates can fluctuate over time, so you’ll want to periodically shop around for the best interest rates on your accounts. What happens if you find a significantly better interest rate at another bank? You’ll have to switch banks.

Changing banks isn’t hard, but it can get you in a sticky situation if you’re not careful and thorough, particularly if you use your checking account for any kind of automated bill paying and the like. It’s worth it though, especially if your current account is paying you little or no interest at all – or worse, charging a monthly maintenance fee that actually costs you money each month.

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