Banking Experts: 7 Tricks To Make the Most of Your Accounts Jordan RosenfeldJuly 16, 2025 at 5:01 AM Drs Producoes / iStock.com Modern banking offers more tools than ever, but too many Americans are leaving money on the table by treating banking as an afterthought.
- - - Banking Experts: 7 Tricks To Make the Most of Your Accounts
Jordan RosenfeldJuly 16, 2025 at 5:01 AM
Drs Producoes / iStock.com
Modern banking offers more tools than ever, but too many Americans are leaving money on the table by treating banking as an afterthought. Whether you're underusing digital features or staying in underperforming accounts, it's easy to miss out on the growth and features that could work better for your financial goals.
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We asked three banking professionals how to maximize the accounts you already have — and how to know when it's time to switch.
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Treat Your Bank Account Like a Financial Command Center
Instead of dumping money into your bank account and hoping for the best, it's better to treat it like your financial command center," said Stoy Hall, CFP and founder and CEO of Black Mammoth.
"Most people treat it like a trash bin … They're not using the features already built in to make their money work for them."
Using your accounts strategically means planning where every dollar will go and building toward goals.
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Stop Sleeping on Built-In Tools and Features
Hall finds "underutilization" to be a common problem for many bank users. If you aren't using the numerous automated functions on your accounts, you're missing out on efficiency and the potential growth of your money.
"Apps or digital banking platforms allow members to view their finances in real time, making budgeting a breeze," he said.
Hall pointed out that most accounts allow you to automate savings, provide transaction alerts and some even have cash-back offers, but most people aren't using them.
Use Multiple Accounts to Your Advantage
If your paycheck gets put into one account, or one type of account only, you're also missing out on financial growth and budgeting techniques, Hall said. Whether you think in "buckets or goals," Hall said labeling your money makes it real. "That's financial therapy in action."
He recommended, "Think categories … Make it feel like a game you're trying to win, not a punishment from your broke upbringing."
Second, don't miss out on interest-earning high-yield savings or money market accounts where your money can beat inflation and keep on growing.
Avoid Overdraft Fees Like a Pro
All kinds of banking fees can eat away at your bank balances without you even realizing it. First, use banks that offer overdraft grace periods, Hall recommended. And always keep a buffer in your checking.
"To avoid any overdraft fees … I recommend customers or members make purchases from their credit card instead of their regular checking or savings account," said Brandon Stout, a relationship advisor for an Addition Financial Credit Union branch in Florida.
Know When It's Time To Switch Banks
Banks are not all created equally, so look for red flags that are signs you should be going elsewhere, such as high fees or too many fees, inaccessible or confusing mobile tools and low APY on your interest-earning accounts.
"If your bank is giving you 0.01% interest, charging you $10 a month … Leave. Immediately," Hall insisted.
If you're not sure where to go next, Stout offered, "Choosing a bank or credit union really comes down to what your financial goals and aspirations are."
Gates Little, CEO and president of altLINE and The Southern Bank Company in Alabama, suggested community banks, because they often provide "relationships that can last decades due to the stability of their personnel."
Build a Real Relationship With Your Bank
Hall and Little both emphasized that banking should be personal, not transactional. It's another point in favor of smaller, community-based banks.
"Having a banker who knows you can be a valuable resource as your needs change over time," Little said.
And Stout pointed out, "Many customers prefer a banking partner where they have built a strong relationship built on respect and trust."
Automate, Research and Ask Questions
To make the most of any bank accounts, be sure you:
Automate everything (savings, bill pay, transfers).
Research your bank's features.
Ask the right questions.
At the end of the day, you have to take a proactive approach to your banking to make your accounts work for you.
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