Wed, 20 October 2021
How happy are you with your current banking situation? Are you getting real value out of your checking and savings accounts? Or do you feel like you’re getting nickeled and dimed?
Today we’ll go over how to find a better banking option and how to seamlessly move your money!
Why It Matters Where You Bank
These are all important to your financial health and making progress on your goals, however we left the biggest piece of the puzzle last – your day to day bank accounts.
Your check and savings accounts are the backbone to your family’s financial system, but for most of us, it's almost like an afterthought.
Much of this goes back to how we chose our accounts in the first place.
For my husband and I, with our first accounts, it was based on who we were already banking with. And at the time we had bank accounts with two of the major banks, we had opened student checking accounts.
When I say they were basic accounts, that's exactly what they were.
Honestly, we just settled with it for way too long. After getting frustrated with the horrible customer service, ridiculous fees. And not seeing any real progress with our financial goals. We decided it was time to change.
We moved our money to an online bank and credit union and i have to say we are so much happier for it.
We feel that our banking partners are actually partners that they're helping us reach our financial goals faster. And make our lives easier with managing our money.
So if you feel that way about your bank or credit union, fantastic.
However, there are plenty of families that feel like they're banking options are hurting them rather than helping.
According to a recent Magnify Money survey, 68% of consumers are frustrated and feel like their savings isn’t growing. When you consider that 18% of those said they get less than .05% APY, it’s understandable.
What makes it worse are those minimum balances and fees added on their accounts.
Bankrate reported that the average maintenance fee on a checking account that earns interest totaled $196.20/year.
So if you’re feeling squeezed, you probably are. That doesn’t have to be the case though.
With 2021 winding down, now is a great time to set the pieces up for you to have an incredible year in 2022.
In this episode, we’ll go over:
Are you ready?
Let’s get started!
Resources to Easily Manage Your Money
Thank You to Our Sponsor Coastal!
Support for this podcast comes from Coastal Credit Union! If you’re living in the Raleigh Durham area and looking to bank better, come check out Coastal today.
We’ve been Coastal members for a few years have been happy with their services.
Did you know that Coastal offers a Health Savings Account? If you have a high deductible health plan, you need to take advantage of an HSA.
Find out more about what Coastal offers here!
Support the Podcast!
Thank you so much for listening to the podcast! If you enjoyed this episode and found it helpful, here are some ways to support it.
Photo by Adrien Olichon from Pexels
Direct download: SEP_S3E27_Better_Banking_How_to_Move_Your_Money.mp3
Category:personal finance -- posted at: 1:40pm EDT