This article appeared in SoFi's On the Money newsletter. Not getting it? Sign up here.
Let’s face it, switching banks can be a pain. If you have one main bank, your checking account is probably there, your paycheck lands there, and your bills, payment apps, and other accounts may all be connected there.
Even if you’ve thought about changing banks, it may feel a bit like switching gym memberships or cellphone plans: Whether you’re better off or not, it’s easier to just stick with what you have. With everything else going on, and the hassle and time it would take, it tends to fall low on the to-do list.
The thing is, there are tradeoffs — especially if inertia keeps you from earning a competitive interest rate on your savings. And these days, you don’t have to settle for just one bank. Thanks to online banking, setting up new accounts is pretty simple, making it easier to cherry pick the rates and products you like the best.
So what? A little curiosity can go a long way. And a growing share of people, especially younger folks, are rethinking where they keep their money. One in four U.S. households are now considering changing their main bank — a 10-year high, according to data from RFI Global, a market analytics firm for financial services companies.
If you’ve been toying with the idea of adding or switching banks, here are a few things to consider:
• Interest rates: Online-only banks have a clear edge when it comes to savings accounts. They typically offer high-yield accounts with much higher interest rates than traditional banks, according to Bankrate. (SoFi offers an annual percentage yield, or APY, of up to 4.30%.1)
This gap adds up: Put $5,000 into a savings account earning an APY of 0.01% and after five years, you’d barely have earned enough to buy a hamburger. A high-yield account earning 4.30% would net you almost $1,200 in interest.
(Caveat: The Federal Reserve is lowering benchmark interest rates. That means banks can borrow more cheaply and have less incentive to use strong APYs to attract customers. Translation: High-yield APYs have probably peaked for now.)
• Rewards and incentives: This is the top reason people switch banks, according to the RFI data. (Though competitive interest rates are also high on the list.) “Rewards” can mean anything from cash sign-up bonuses and loan discounts to financial advice and access to special events. Only you’ll know what’s important to you — and what’s worth making a move for.
• Fees: From overdraft and ATM fees to monthly account charges, small costs can quietly chip away at your balance. That doesn’t mean fees are always a dealbreaker — if you’re earning more in interest than you’re paying in fees, the trade-off can make sense. But you should know exactly what you’re paying for and whether you’re getting value in return.
• Convenience: This one’s personal. Some people want a one-stop shop that includes crypto, investing, and budgeting tools. Others value physical branches and ATM access. Think about what you actually use your bank for — and whether you’re getting what you need.
Ultimately, you’re in control. If you’re a SoFi member, we hope we’ve earned a place in your financial life. But if your bank is profiting from your inertia, it may be time to take a closer look. Check your rates, tally your fees, and ask yourself whether your bank deserves your loyalty.
Related Reading
Banks Love Your Loyalty – Do They Actually Reward You for It? (U.S. News & World Report)
How Much Americans Are Losing by Keeping Money in Low-Yield Accounts (Bankrate)
How to Switch Banks: An Easy Step-by-Step Guide (Yahoo)
1 Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.
OTM20251110SW