If you're wondering if you should switch bank accounts for a higher interest rate, this calculator tells you how much more you earn while taking into account transfer times. The post Should I Switch Bank Accounts? [Calculator] appeared first on Best Wallet Hacks.
If you hold a lot of money at a bank that is paying 0.01% APY, which is fairly standard at one of the “big banks,” it always makes sense to switch to a high yield savings account. It's a no brainer.
But what if you have a kinda high yield savings account, say something at 3%, and you see an offer of 4% – should you switch? What if the other account has a slightly higher APY but also has a bonus?
Should you switch?
This calculator should help you decide.
Current account
New account
Transfer time (days money is in transit, earning nothing)
ACH transfers typically take 1–3 business days. Wires are same-day but often charge a fee.
Move it
You'll come out ahead by switching.
Stay put — final balance
$1,005
$5 interest
Move it — final balance
$1,045
$45 interest
Net gain from moving
+$40
over 12 months
The post Should I Switch Bank Accounts? [Calculator] appeared first on Best Wallet Hacks.
