Interest on Bank Accounts Too Low? Consider Changing Banks

As the Federal Reserve continues to raise interest rates, more consumers have incentive to switch banks to earn more interest on their checking and savings accounts.

Cash is strewn across the top of a table.
(Image credit: Getty Images)

It’s difficult to see the impact of making a small decision in your financial life. Specifically, many people find it cumbersome to switch from one bank to another, such as to earn more interest on bank accounts. But as millions of consumers grapple with the inertia that keeps them with their same bank, they are leaving billions of dollars on the table.

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Brian Barnes
Founder and CEO, M1

Brian Barnes is the Founder & CEO of M1, a personal wealth-building platform that enables people to invest, borrow, spend, and save money easily and optimally using customization and personalization. Hundreds of thousands of people have entrusted M1 with over $5.5B of assets, and M1 has been recognized and featured in The Wall Street Journal, Barron’s, Money, Motley Fool, Investopedia, and Yahoo Finance.