Should You Move Your Money?
The limits placed on fees that banks charge merchants for debit transactions won't
necessarily result in a stop to the great interest rates paid on checking accounts by small institutions such as community banks. As accounts like this mandate a number of purchases made with debit cards per year for the account holder to be eligible for these rates, you might think that the fees charged enable these institutions to pay high interest rates. If you're thinking of moving your money to a small bank from a big one, you may have been advised to think twice because of the chance that high rates can be discontinued.
Right now, new regulations are placing much strain on the revenue of many banks, with the debit fees for merchants being one of these income streams. If you wish to ensure that your account earns decently, you might want to consider the accounts credit unions offer - you can find comparable interest rates.
No matter what happens to what your money earns in whichever bank you choose, it will be more likely for you to get better deals at credit unions or small community banks compared to putting your money into an international bank. Check out the rates smaller institutions offer, find the best rates, and then move your money.
While it may be difficult or time-consuming to move from one banking institution to a smaller one, it's probably one of very few ways with which you can protect your money from the risky behavior of big banks - the reforms on banking laws can't do that much to change how these big banks invest and work.
Protecting what you've saved and making the most out of your savings can be done by putting your money in a bank that offers good interest rates - since they're using your savings to make themselves money, why not find a bank that gives you the highest returns?
by: Carina Smith
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