How Often Should You Really Switch Banks? Experts Weigh In

Angela Mae

Fri, Apr 18, 2025, 10:02 AM 3 min read

The majority of Americans (96%) have a bank or credit union account, according to the most recent FDIC data. Not everyone sticks with the same bank for the long haul. Some people stay longer than they probably should, while others might not stay long enough.

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So, how long should you stick with your current bank or credit union? And how often should you switch? Here’s what the experts say.

If you’re satisfied with your current financial institution, stick with it. But if you’re not, that’s probably a sign it’s time for a change.

“There are real differences in financial institutions and the personal finance options they offer,” said Tansley Stearns, president and CEO of Community Financial Credit Union and leader of the Backbone Coalition. “When your current bank isn’t meeting your needs or matching your values, it’s time to switch — and it’s easier than you think.”

Take the time to evaluate what you need from your bank and ask yourself: Am I getting it? If the answer is no, start considering other options.

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There are so many signs that your financial institution is no longer the best option — for you. According to Susan Espinosa, vice president of Member Experience at Skyla Federal Credit Union, here are some of the big ones:

• You’re feeling stuck or limited with your financial institution or its offerings.

• You feel pressured into accepting financial products you don’t want or need.

• You feel pressured into opening a new credit card or adding on extra services.

• Your bank isn’t helping you meet your financial goals.

• The service is consistently bad or you feel like “just another number with no real personalized attention.”

• Other financial institutions offer better interest rates (for credit cards and savings accounts).

“Many folks decide to leave their bank just because they don’t feel valued or supported anymore, and that’s something to seriously think about when evaluating where you keep your money,” said Espinosa.

If you’re ready to switch banks, you’ll want to find one that meets your needs — and ideally gives you a better overall feeling and experience than your current one. Don’t choose the first institution you find. Do a little research.

“You should look for a bank or credit union that genuinely cares about your financial health rather than just their own bottom line,” said Espinosa.