Save Your Money at Another Bank

Some bankers - especially those who are new to banking - think that once they have a bank, they have to do all their banking through that particular bank. Part of this comes down to a little bit of loyalty; another part of this comes down to laziness on the part of the one doing the banking.

The truth is that just because you have a checking account at one bank, it doesn't necessarily mean that all of your banking needs must be fulfilled at that one bank. In fact, once you make this realization and start shopping around, you may actually save some money.

Checks are a classic example of this. If you buy your check through the bank that you have a checking account with, chances are likely that you are paying too high a price for those checks. If you shopped around, you would find that buying a check directly from a printer is actually cheaper.

For example, a bank may charge you around $20 per box of checks. If you go through companies such as Current or Classic Checks than you end up paying around $8 to $11 per box of checks. The only downside to that, is you will end up having to pay for shipping, but it still ends up cheaper than buying your checks through the bank.

Another example of finding a better deal somewhere other than your main banking institution, is with savings accounts. Many people think they should just take out a savings account with the bank that they have a checking account with.

The problem is that they end up getting a not so competitive interest rate when they do that. With savings rates so low to begin with, it pays to actually shop around rather than being supposedly "loyal" to your one bank. You'll end up generating more money for yourself in the long run.

The same thing goes for certificate of deposit and money market accounts. Always shop around so that you are getting the best deal out there. Typical banks people have checking accounts with, such as Washington Mutual or Bank of America, tend to not have as competitive rates as other financial institutions. This is why it is a good idea to look around. Otherwise, your money is just sitting in an account that is doing nothing for you - other than holding it (which defeats the purpose of a high yield account).

Just because you are going to another bank or outlet for your banking needs, doesn't mean you are cheating on your bank. It just means that you are being a smart banker. Remember, it's your money on the line. You might as well do your homework to get the most you can get.