“I don’t want to pay these high fees and I want to start saving!”: I just realized I’m being charged high interest. Should I switch banks for better rewards and savings?

Hi Money Minder,

Hey Money Minder, so, I never really bothered to check my credit card statements, but then I saw Bank of America was hitting me with interest on my $9,000 balance (ouch, $215 down the drain)…

My buddy mentioned that some banks actually give you perks like rewards or interest for keeping your money with them.

I’m a newbie at all of this and completely clueless. Am I doing my banking all wrong? Should I switch to Chase, PNC, Citibank, Wells Fargo, or stick it out with Bank of America? Lost in the banking jungle here, please help me out. I don’t want to keep shelling out high fees, I want to start saving!

Thanks for any advice you can give me,
Confused but hopeful Fred.

Response from THE MONEY MINDER: Thank you for reaching out. How can we assist you today?

”Hello There,”

I understand your concern regarding the high fees and interest charges you are facing with Bank of America. It’s great that you are taking steps to improve your financial situation and start saving. It’s essential to pay attention to your credit card statements to avoid unnecessary charges like interest on your balance.

Regarding your friend’s suggestion about banks offering rewards or interest for holding money in their accounts, it’s true that many banks provide various perks for their customers. Switching banks can be a good idea if you find better terms and benefits elsewhere. It might be worth exploring the options offered by Chase, PNC, Citibank, or Wells Fargo to see if they have accounts that suit your financial needs. Compare interest rates, fees, rewards, and other services before making a decision.

In the meantime, it’s crucial to focus on paying off your credit card debt to avoid accumulating more interest charges. Consider creating a budget, cutting unnecessary expenses, and making regular payments to reduce your balance. You can also reach out to Bank of America to inquire about any potential options to lower your interest rate or discuss a payment plan.

Remember, taking control of your finances is a process, and it’s okay to seek guidance and ask questions. Keep educating yourself about different financial products and services that can help you achieve your goals. If you need further assistance or advice, feel free to reach out. Best of luck on your financial journey!

THE MONEY MINDER