Use This Checklist To See Whether Your Bank is Costing You a Lot of Money

Where you put your money matters. On the surface, it might seem like most banks offer similar products, meaning you’ll have a similar experience across the board. However, this isn’t the case. Many banks actually cost a lot of money to do business with — both on and beneath the surface.

It’s important to safeguard your funds. If your bank is guilty of any of the items on this checklist, it could be seriously costing you. 

1. Your Bank Doesn’t Offer a Competitive APY

Earning interest isn’t the only reason to put your money in the bank, but it’s a big one. The money in your savings account essentially serves as a loan to the bank, and you’re paid for this service in interest.

As of Jan. 16, 2024, the national average savings account interest rate is 0.47%. To be honest, this isn’t very competitive. For example, if you put $1,000 in a savings account at this rate, compounded daily, and didn’t touch it again for a year, you would earn a meager $4.70.

You deserve to earn a competitive APY on your money. That’s why we like Jenius Bank, which offers a APY¹ — more than 11 times² the national average. Comparatively, this means if you put $1,000 in a Jenius Bank account and didn’t touch it again for a year, you could earn an estimated $52 in interest, instead of the $4.70 noted above.

Generating more in interest doesn’t require you to do any extra work, beyond choosing the right bank. Consider opening a Jenius Bank account if you want to maximize interest earnings.

2. Your Bank Charges Excessive Fees

Banks are known for charging fees — including those hidden in the fine print. This might include account-opening fees, monthly maintenance fees, minimum balance requirements to avoid monthly service fees and overdraft fees, just to name a few.

For example, while the cost of overdraft fees varies by bank, it’s typically around $35 per transaction, according to the FDIC. Maintenance fees at some of the most prominent U.S. banks can also range from around $5 to $12 per month. This means you would be paying $60 to $144 per year just to keep your money in the bank.

On the other hand, a Jenius Savings account charges zero fees. That’s right — as a customer, you’ll never have to pay a fee of any kind.

3. Your Bank Lacks Fraud Monitoring

Your money should be safe in the bank, but it doesn’t always work that way. In 2022, banks and lenders made nearly 250,000 fraud, identity-theft and other reports to the Federal Trade Commission.

Unfortunately, these incidents can happen at any financial institution. However, some work harder than others to prevent them.

For example, Jenius Bank provides 24/7/365 fraud monitoring. As a customer, you can rest easy knowing the bank is monitoring fraud night and day, every day.

4. Your Bank Has Difficult-to-Reach Customer Service

When you have a question about your account, you want it answered — and rightfully so. This should be simple, but many banks make it anything but that.

Time is money. Limited hours to get a hold of a customer service representative might save the bank money, but it can come at your expense.

Whether it takes a long time to get help with a costly issue on your account or you have to take time out of your work day to deal with a banking concern, this is unacceptable. When you open a Jenius Savings account, you’ll get 24/7 access to U.S.-based customer support, so you can get assistance you need — on your schedule.

5. Your Bank Has Excessive Personal-Loan Rates

People take out personal loans for a variety of reasons. If you need a personal loan, you should be able to get one that isn’t attached to a sky-high APR.

Of course, many different factors go into the APR you’re offered on a personal loan. This typically includes your credit score, credit history, income, loan size and loan term. As of the third quarter of 2023, the national average personal loan APR is 12.17%, according to Experian.

The Bottom Line

The bank you choose to work with is a big deal. It’s important to find one that supports your financial growth, instead of hindering it. A bad bank can cost you a ton of money in the long run.

Having you as a customer is a privilege, and you should be treated well for providing your business.

If you’re ready to start getting the perks you deserve, it’s easy to get started with Jenius Bank. It takes just a few minutes to apply. Just tell them a bit about yourself — your name, email address and phone number. And don’t worry, your money is FDIC-insured. Get started here to start earning APY on your savings.

Jenius Bank is a division of SMBC MANUBANK.  Member FDIC.  

¹ Variable Annual Percentage Yield (APY) as of 2/13/2024 and subject to change at any time.

² The national average rate is accurate as of 1/16/2024 from the FDIC National Rates and Rate Caps for Savings deposit products.

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