I’m a Bank Teller: 8 Banking Habits the Poor Should Learn From the Rich
Written by
Laura Beck
Edited by
Rebekah Evans
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Does it ever feel like the rich have some secret knowledge about money that eludes the rest of us? After over a decade working as a bank teller, Rachael P. has an inside look at the habits and behaviors that separate the haves from the have-nots when it comes to banking.
The wealthy understand that developing the right money mindset is key to growing a fortune over time. It’s not that they’re smarter or luckier, bank teller Rachael said — they’ve simply mastered habits that allow them to make the most of their money.
Here are the eight banking habits the poor should learn from the rich, according to a bank teller.
Also see three things wealthy Americans spend their money on.
Have Dedicated Savings Accounts
“Wealthy folks rarely keep all their money lumped into one checking account,” Rachael said. “They understand the power of separating savings from spending money.”
The rich will typically have automatic transfers routing part of each paycheck into dedicated high-yield savings accounts to keep that money separate and growing.
Use Banking Tools to Their Advantage
Whether linking accounts, using mobile apps or leveraging savings tools, rich people maximize what their bank offers to optimize finances. “Poorer clients tend to ignore a lot of the features built to help them,” Rachael said.
Avoid Overdrafts at All Costs
“I can’t tell you how many times I’ve had to explain overdraft fees to people who didn’t know they were a thing,” Rachael said. “Or folks who just shrug it off as the cost of living paycheck to paycheck.” Wealthy customers are meticulous about tracking balances to avoid those costly fees.
Lean Into Mobile or Online Banking
“It’s 2024, people — using branches for basic transactions is crazy inefficient,” she said. Well-off customers do virtually all their banking through mobile apps and websites to save time and avoid fees.
Max Out Interest-Earning Accounts
“Sure, a measly 0.5% interest rate might not seem worth it if you’re struggling. But to the wealthy, it’s free money!” Rachael said. The rich will move as much cash as possible into high-yield savings and money markets to let it keep growing.
Understand Liquidity and Diversification
Having all money tied up in one type of account is a mistake Rachael sees lower-income folks making often. Wealthy clients spread it around different liquid and invested accounts so it’s working for them in varied ways while staying accessible.
Automate, Automate, Automate
“Ask any rich person’s banker — they live by automatic transfers and payments. It’s a total set-it-and-forget-it system,” Rachael said. Poorer customers tend to forgo automation to their detriment.
Have a Healthy Emergency Fund
“I know everyone has heard this one before and that’s because it’s so true! Having three to six months or more worth of expenses saved can mean the difference between a temporary setback and a catastrophe,” Rachael said. Wealthy folks prioritize an emergency fund, while those living paycheck to paycheck can’t begin to imagine saving that much.
“Start treating your banking with that same level of care and intention and you’d be amazed at the difference it can make,” Rachael said. “No matter your situation, getting wealthy often begins with developing wealthy habits. And there’s no better place to start than changing how you bank.”
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