Switch Banks for Better Savings Rates?

Savings account interest rates are painfully low.

When you're earning almost nothing, it can be tempting to switch banks for a slightly higher return.  However, will you really come out ahead?

Consumerism Commentary highlights some of the key issues to consider when chasing rates.  It may not be as profitable as you think, so do the math before you move.  You'll have to spend time opening the account, and your return may be eroded by delays and fees.

If you don't get any meaningful benefit from switching (Flexo mentions a few hundred dollars per year as a rough guide), make better use of your time.

Further reading:

• Share your story: You Know You're a Rate Chaser When...