While local banks offer great interest rates such as through “$300 bonus” promotions, these incentives come with specific requirements. To become eligible most banks demand you to hold a minimum balance, set up direct deposit into your account or make several transactions. You risk being charged fees in addition to potentially losing the bonus if you fail to meet the promotion conditions through the terms of the offer. You need to review the contract terms before accepting the agreement to make sure it benefits you.

Banks generate a huge source of income from overdraft fees which charge users between $30 and $40 per transaction before reordering transactions to extract the highest possible fees from you—though you can avoid this by either setting up a savings account as an overdraft option or selecting a bank that doesn’t charge overdraft fees.

Using multiple banks can help you get more benefits that you would not be able to get if you used only one bank. Perks, such as higher savings rates or lower loan fees, are offered by different banks. This is because you can gain more financial benefits if you divide your money across different banks.

Credit unions are something you should look into if you haven’t already. Credit unions are member-owned and not-for-profit, this means lower fees and better rates on loans and savings accounts. And, for what it’s worth, their customer service is often a lot more personal. But just make sure you do your research.

Every time you use an out-of-network ATM, you’re not just paying one fee—you’re probably paying two: one to the ATM owner and another to your bank. Those $3–$5 charges add up fast. Stick to your bank’s ATMs or look for banks that reimburse ATM fees to keep more money in your pocket.

It might appear that choosing to remain loyal to one bank for life is a financially sound decision but banks provide their most valuable benefits like welcome bonuses and higher interest rates to new customers. It is important to shop around occasionally in order to find better deals and improve financial returns.

It isn't always the case that traditional savings accounts are the smartest place to keep your money. With low interest rates, your savings may erode in value over time after adjusting for inflation. Your money can grow faster and work harder for you through high-yield savings accounts or alternative investment options.

Many bank fees are negotiable. If you’ve been a good customer, you can often have overdraft fees, account maintenance fees, or even late payment fees waived—just by asking your bank. It works more often than you’d think!

Your bank collects a lot of data about your transactions which they may well market to you or even pass on to third parties. It might be worth turning off things like overdraft protection or notification services that are tied to marketing in order to protect your privacy.