Banks increase fees: Does switching to a current account with interest make sense?

Banks increase fees: Does switching to a current account with interest make sense?

The end of negative interest rates has led to an adjustment of fees at many banks. According to the comparison portal Verivox, 27 percent of fee-based current accounts have become more expensive in the last twelve months. For 27 percent of customers, the annual costs are between 50 and 100 euros, while for one in five the fees are even more than 100 euros. Given these developments, many customers are considering switching to another bank that may offer interest on their current account.

Although the balance of power has shifted slightly in favor of customers and banks are increasingly courting customers and deposits, the actual change of current account often fails due to the perceived laboriousness of the process. It is still worth comparing different offers and carefully checking the conditions of different banks in order to achieve possible savings and advantages. Ultimately, the decision to change should be carefully considered and based on a thorough analysis of your own needs and finances.