With the terrible publicity and general outcry against the big banks, it’s a wonder why more people aren’t switching their bank accounts. New York Times business writer Ron Lieber took up the question but was left unsatisfied with any of the answers he found. In the end, he concludes that there are a few perks for moving your money, and not too many reasons not to.
- Banks are making
a more aggressive case for switching. A number of community banks offer 3 or 4 percent interest on deposits if you’re a heavy debit card user. Search for them at checkingfinder.com.
ING Direct, meanwhile, preaches simplicity with its Electric Orange checking account: No minimum balance, interest on deposits and a line of credit in lieu of expensive overdrafts.
PerkStreet’s pitch, meanwhile, is a rewards program that gives debit card users about 1 percent of their spending back in the form of gift cards, far more than most standard bank debit rewards programs pay.
Of course, we also encourage you to search for a community bank or credit union in your neighborhood. But there are a million reasons to move your money and not too many not to.
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